Cumulative Hypothetical Problem
Cooper offers to purchase Brant's coin collection for $5,000, and Brant accepts Cooper's offer. Assuming that the contract has met all of the requirements for a valid contract, answer the questions raised in each of the following situations.
1. The contract is in writing. Brant is a minor, and Cooper is an adult. Brant gives the coin collection to Cooper and receives the $5,000. Brant then has a change of heart and wants to recover his coin collection from Cooper. Can he do so? Explain. What if Brant was a minor at the time of the sale but did not decide that he wanted the coin collection back until a year after he had turned eighteen?
2. The contract is oral, and both parties are adults. Brant creates a memorandum of the transaction, indicating the names of the parties, the date, and the exact terms of the contract; Brant places the memorandum in his file. Cooper refuses to go through with the agreement. is the contract enforceable against Cooper? Against Brant?
3. The contract is in writing, and both parties are adults. Although Brant represents to Cooper that the coin collection is worth at least $5,000, in fact, Brant has just had it appraised and knows that it is worth only $2,000. Cooper later learns that the collection is worth only $2,000 and wants to sue Brant. What remedies are available to Cooper?
4. The contract is in writing, and both parties are adults. Cooper pays Brant $5,000, but Brant, having had a change of heart, decides to keep the collection and offers to return the $5,000 to Cooper. Cooper wants the coin collection, not the money. In Cooper's suit against Brant, will the court grant the equitable remedy of specific performance? Explain.
5. The contract is in writing, and both parties are adults. Cooper takes possession of the coin collection and promises to pay Brant the $5,000 in three weeks. Brant, in urgent need of money, borrows $5,000 from his friend Viva and assigns his rights to the $5,000 Cooper owes him to Viva in return for the loan. Viva notifies Cooper of the assignment. Cooper pays Brant the $5,000 on the date stipulated in their contract. Brant refuses to give the money to Viva, and Viva sues Cooper. Is Cooper obligated to pay Viva $5,000 also? Discuss.