Contracts Keyed to Calamariback
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A fifteen-year-old computer designer owned a computer software company that he had started at the age of ten. In 2005, the company had sales of $41,000,000. One of the software company’s client gave the computer designer a 6-month note for $10,000 to settle an insurance claim between them. The computer designer sold the note to his neighbor for $9,000, and then told his client that the note had been ruined when he left it in the pocket of a pair of jeans that his mother washed.
The client gave the computer designer a note identical to the first. The computer designer sold the second note to his bank for $9,500.
His client had still not paid the note thirty days after it was due.
Will the computer designer be able to assert an action against the client for failure to pay on the note?CorrectIncorrect
On January 5, a brother lent $1,000 to his sister. The two agreed that the brother would repay the loan at the rate of $100 per month, payable on the first day of each month. On February 1, at the sister’s request, the brother agreed to permit payment on the 5th. On March 1, the sister again requested additional time, and the brother responded “Don’t keep bugging me, just change the date of payment to the fifth, but if you do, make the payments by cashier’s check.” The sister said OK, and continued to make payments on the 5th of each month until April 6th, when the brother sold the loan to a bank. However, the brother, being forgetful, neglected to tell the bank about the agreement permitting payment on the 5th. On April 6th, bank wrote to the sister “Your debt to your brother has been assigned to us. We hereby inform you that all payments must be made on the first day of the month.”
Can the sister insist that the payment date for the rest of the installments is the 5th, instead of the 1st?CorrectIncorrect
A homeowner hires a particularly skilled painter to create a mural for her foyer. She chose the painter based on previous murals he had created, and because his artwork was particular to her taste. Without the homeowner’s knowledge or consent, the painter delegates the mural to his apprentice, who is not nearly as skilled.
If homeowner sues for breach of contract based on the delegation, will she prevail?CorrectIncorrect