Question 1

If you owe Mr. Storr $900 for goods received and Mr. Storr agrees to take $800 in full satisfaction of the debt, which of the following is true?

Accepted Answer

A)  At common law, such a one-sided promise is always binding and Mr. Storr could sue for the remaining $100. 
B)  Many jurisdictions have passed legislation preventing Mr. Storr from suing you for the difference if he actually takes the $800. 
C)  The issue of consideration is irrelevant when dealing with satisfaction of a debt. 
D)  Under these circumstances, you only have to pay a reasonable price for the goods. 
E)  Even if you take the $800 to him, Mr. Storr can later sue you for the $100 on the principle of quantum meruit. 
A)  At common law, such a one-sided promise is always binding and Mr. Storr could sue for the remaining $100. 
B)  Many jurisdictions have passed legislation preventing Mr. Storr from suing you for the difference if he actually takes the $800. 
C)  The issue of consideration is irrelevant when dealing with satisfaction of a debt. 
D)  Under these circumstances, you only have to pay a reasonable price for the goods. 
E)  Even if you take the $800 to him, Mr. Storr can later sue you for the $100 on the principle of quantum meruit.

Question 2

Explain the nature of the postbox rule.

Accepted Answer

When it is appropriate to resp

If you owe Mr. Storr $900 for goods received and Mr. Storr agrees to take $800 in full satisfaction of the debt, which of the following is true?

Explain the nature of the postbox rule.

Managing Your Legal Affairs

Introduction to the Legal System

The Resolution of Disputes the Courts and Alternatives to Litigation

Intentional Torts

Negligence, Professional Liability, and Insurance Law

Formation of Contracts Continued

Factors Affecting the Contractual Relationship

The End of the Contractual Relationship

Employment

Agency and Partnership

Corporations

Real, Personal and Intellectual Property

Information Technology and the Internet

Sales and Consumer Protection

Priority of Creditors

Filters

Exam 6: Formation of Contracts

If you owe Mr. Storr $900 for goods received and Mr. Storr agrees to take $800 in full satisfaction of the debt, which of the following is true?

Explain the nature of the postbox rule.

Managing Your Legal Affairs

Introduction to the Legal System

The Resolution of Disputes the Courts and Alternatives to Litigation

Intentional Torts

Negligence, Professional Liability, and Insurance Law

Formation of Contracts Continued

Factors Affecting the Contractual Relationship

The End of the Contractual Relationship

Employment

Agency and Partnership

Corporations

Real, Personal and Intellectual Property

Information Technology and the Internet

Sales and Consumer Protection

Priority of Creditors

Filters