You have to create 2 scenarios as the one below then solve them using the list of concepts below. The scenarios should not exceed 400 words.
Contracts 1. Each learning community must craft two stories and the resolve the issues presented just as you did the scenario below. I will be looking closely at the variety and number transactions that give rise a contractual analysis. Please refer to the list of terms and concepts I posted for study. Again writing well is important. Be reminded that seldom is good writing achieved on the first attempt. Don’t submit until you are sure the document represents your very best effort. 2. The scenarios should not exceed 400 words but you will not be penalized for going slightly over. Example of scenario In 1992 Manny Rivera and his wife, Maria came from a South American country to visit their relatives in Newark, NJ. Because of the turmoil in their native country that decided not to return even though their vistas had expired. The couple had four children. The girls were born in 1994 and 1997. The boys were born in 2003 and 2005. The older girl graduated summa cum laude from RBS with a degree in accounting and finance. She works for JPMORGAN. The younger girl graduated from Wharton. She works part- time as an exotic dancer in Ironbound and is pursuing a Ph. D in economics at NYU. One of the boys, the older one, has become a bit estranged with his parents after announcing that he was gay. He and the father, in particular have a troubled relationship. The Rivera’s were quite industrious. After being in the country only a few years. Mr. Rivera opened very success bodega in north Newark. Mrs. Rivera operated a beauty/ barber shop which specialized in the doobe curls and the Dominican fade. Things were going well financially for the family. Personally, however their relationship became strained. Mr. Rivera started an affair with Mila Diaz--- in short Mila was Mr. Rivera’s “side”. Maria threatened to leave Manny and file for divorce. To appease Maria, Manny promised to break the off the affair and buy the family a new house in Montclair. Manny entered into an oral agreement with Abdul Brown providing for an option to purchase the property for $450,000. As per the agreement Mr. Brown promised on January 1 to allow Manny three months to raise the 20% down payment and obtain financing. A closing date was set for march 1. Mr. Brown did not drink alcohol but indulged often – almost daily - in smoking weed. In fact, while negotiating with Manny he was somehow smoking his “trees “as he calls them, through an apple. Mr. Patel, a resident of Edison decided he wanted to move to a city where there were less families with the last name Patel because his credit report too often contained information belonging to other Patel’s. Amir Ali and Patel belonged to same country club. He happened to mention his desire to move to Ali. Ali asked if he might be interested in moving to an upscale very diverse community in Essex county. Ali told Patel that one of his brothers from the mosque was looking to sell his house in a Montclair. Patel said great. Ail introduced him to Abdul. Patel offered Abdul $400,00 and indicated it would be a cash transaction which could be consummated soon because there would be no delay waiting for financing. They signed a contract. On February 12, Patel purchased the property with cash. On March 1 Manny told Abdul he was ready to proceed- he had a mortgage commitment and 20% down payment. Abdul told Manny the house was sold over a month ago. Manny threatened to sue. One of the Rivera boys a sophomore at Bar ringer high school. wanted badly to have his own car. He was frugal and saved the all of the salary he received for working in his father’s bodega. His girlfriend Amina told him her cousin nelson had a used car dealership on Broadway. The boy was able to purchase a 2005 Nissan Altima for $5,000 and contracted to make monthly payments of $200 per month until the balance was paid. After making a few payments ,the Rivera boy stopped making payments because he and Amina broke up. He wanted to have sexual relations and Amina refused saying that she wanted to wait until she was married. The boy told the car dealer he wanted out the contract. He then started dating Amina’s best friend Agnes who was willing to appease his demands for intimacy. He promised to marry her and gave her a ring. About , four moths later he moved on to date another girl from Poland. He asked Agnes to return the ring. She refused. After learning that several of his Latin American friends who were considered illegal immigrants even though they and their children had been in the United States for most of their lives were being deported Manny got worried. His daughter, the one attending NYU, suggested that the father speak with a friend of hers at the law school- Ralph Levin. Mr. Levin was a 3rd law student who planned to practice immigration law. Levin filed papers which delayed any decisions concerning deportation for 10 years. Levin billed Manny $8,000. Manny’s daughter, a graduate of RBS said she seemed to remember that Prof. Williams said individuals don’t always have to pay students for doing legal work but she did not remember why. Manny, now relieved that he and his family were now secure in the United States for at least 10 years ignored the invoice. Ironically, one of Mrs. Rivera ‘s client refused to pay for her services after noticing the license certification required to be renewed yearly was dated July 2019. Business law key terms chapter 13: 1.) Bilateral contract: is formed when the promises are exchanged between the parties. . Ex: If a coworker offers you work for you on Saturday and Sunday in exchange for your promise to work for him/her on Monday and Tuesday. 2.) unilateral contract, Whereas a bilateral contract is characterized by a promise for a promise, a unilateral contract is created once performance has occurred. The offeror (the person who makes an offer) promises the offeree (the person to whom the offer is addressed) a benefit if the offeree performs some act, such as building a house, mowing the grass, fixing a car, climbing a flagpole, or programming a computer. The offeror does not bargain for a promise but rather for performance of an act. 3.) implied in fact contract; Implied contract: when the parties manifest their agreement by conduct rather than by words. Ex: I went to the bookstore to get a book, the implied contract is that I will pay for the book. 4.) Quasi contract: are not true contracts, they are legal fictions that courts use to prevent wrongdoing and the unjust enrichment of one person at the expense of another. Ex: Section 72 “ It states that in case there is a person who has been paid or delivered mistakenly or under coercion, then he must repay or must return the same back. 5.) quantum meruit, The Latin term quantum meruit means “as much as he deserves.” It is often used in cases involving the construction of a building and the repair of personal property. As an equi-table doctrine, quantum meruit is based on the concept that no one who benefits by the labor and materials of another should be unjustly enriched thereby; under those circumstances, the law implies a promise to pay a reasonable amount for the labor and materials furnished, even absent a specific contract. 6.) void, Void contract: is not a contract in the eyes of the law. It is a legal term that describes a situation where the parties make an agreement but that agreement is not enforceable by either party. Ex: A agrees to buy B’s motorcycle for $200, 2 days after the formationation of the contract, the motorcycle has been stolen. The contract becomes void because the subject matter is lost. 7.) Voidable contract: is one in which one or more parties have the power to end the contract. A voidable contract will be enforced unless one of those parties elects to disaffirm it. It is voidable on the side of the minors. Ex: A voidable contract included with a minor, made under duress or thorough froud, or made while mentally incapacitated by a illness or under the influence of a controlled substance. By law a person of 18 years old it’s not considered mature enough to enter into a contract or be signed by a minor. 8.) liquidated damages executed . Liquidated damages: A fixed sum agreed on between the parties of a contract to be paid as ascertained damages by the party who breaches the contract (If the sum is excessive, the courts will declare it to be a penalty and unenforceable.) Ex: A liquidated damages provision to be deemed valid, the amount of recovery agreed on must bear a reasonable relation to the probable damage to be sustained by the breach. For example both parties will know exactly what they may have to pay if they break a contract and avoid the losses of a costly lawsuit. 9.) Executory contract: is one that is yet to be performed. The traditional definition of contract, in terms of promises that are commitments regarding the future, stresses the executory nature of most contracts. Ex: Joe wants a car and he is debating buying it. Finally he decided to purchase the car, he walked into the dealership, signed a lease contract agreeing to pay a specified amount each month until the car is paid off. 10.) nominal damages , Nominal damages: is a contract breach but the nonbreaching party suffers no compensable loss, he/she can still recover nominal damages.The award (usually $1) symbolizes vindication of the wrong done by the mere breach of contract. Ex: Bart contracts to buy from Sami 10,000 pounds of boiled peanuts at 50 cents per pound. Later, Sami breaches and delivers nothing. If Bart can buy boiled peanuts for 40 cents per pound on the open market, he can still recover nominal damages, even though he is not harmed by Sami’s breach. 11.) Compensatory damages: specific performanceThe amount of money awarded to the non-breaching party to provide that