1. Joshua smith, a graduate or the New Mexico State University in 19110, fancies himself as a multimillionaire. Over the years he has been approached by the NMSU Development office for a contribution to the college of Business. The last time he was approached he promised to make a gift to the college of $35,000,000 knowing full well that he was nearly broke. The gift was to he made on January 3, 2013. The time has come and gone and no money has been sent to NMSU. What remedies might NMSU have? Explain fully. Would it have made a difference if the College of business agreed to name the school after Joshua Smith?
2. The Ace manufacturing company is a producer of Airplane components. It has just received an order from the Boeing Company for 1,000,000 parts. In order to fulfill the order Ace has to order 1, 000,000 widgets from Me Cheatham Manufacturing Company. Cheatham has agreed to supply the widgets at a cost of $1 a widget. Cheatham agrees to deliver said widgets to Ace on January 17, 2017 giving Ace enough time to fulfill the Boeing order. January 17 comes and goes and there is no delivery of parts from Cheatham. Ace communicates with Cheatham who informs Ace that it got a better offer from the Delta manufacturing Company. As a result of the failure of Cheatham to deliver the parts Ace has incurred a late fee of $50,000 from Boeing. What remedies might Ace have? Explain fully.
b. Charles entered into a purchase offer to buy Black acre for $250,000. Charles refuses to go ahead the purchase. What remedies might the seller have?
c. The seller gets cold feet and refuses to sell to Charles. What remedies might the buyer have?
3. Zack is an accountant with a Las Cruces accounting firm. As a condition of his employment he has signed a non-compete clause if he leaves the firm for any reason including being fired. The clause states that if he leaves the firm either voluntary or involuntary he will not practice accountancy for two years within 76 miles of Las Cruces. After having a conflict with the managing partner of the accounting him he leaves the firm.
a. Why would the accounting firm have such a clause in its employment contract?
b. What remedies might the accounting firm have A within two months cook opens his own accounting office in Mesilla Park, NM?
c. James wishes to sell his home in Las Cruces NM. The sale is required because he has just received a job offer for double his current salary The problem is that he needs to move right away The house currently appraises at $250,000. He is shocked that all the real estate brokers in the community are requiring a commission of 6% for the sale of his home ($15,000) A neighbor of James is retired military and has lots of time on his hands. Knowing that James wishes to sell the property as quickly and a cheaply as possible, the Neighbors offer to show the home and if he finds ready and willing and able dischaser he expects to receive a commission of $5,000. Within three weeks the Neighbor procures a ready and willing purchaser. The sale closes on January 15, 2014. James refuses to pay the commission. What remedies if any, might the Neighbor have in collecting the commission?
4. Please comment on the following situations:
a. Marco likes to bet on sport events. He bets with Smith (a fellow office worker) that the Denver Broncos will beat the Philadelphia Eagle's by 21 points in their next game. Not only does the Bronco not win by 21 points but in fact loose by 21. The bet was for $1000.Marco refuses to pay.
b. Wendy is renting an apartment. The base has an exculpatory clause which states that the Landlord n not liable for damages to her apartment or person due to the negligence of the Landlord or its employee.
c. The state of New York has a Usury statute that sets the outer limit of interest rate on a consumer loans. The limit is 36% per year. Jacobus takes ma a loan born the Cheatham Loan Company in the amount of $1,000. At an interest rate of 36%. There is also a loan origination fee of $200.00 which Is paid up front Accordingly Jacobus will net only $80.00.. Unfortunately Jacobus is late on his monthly payments incurring additional fees of $300.00. At the end of the year Jacobus has paid $1,500 in interest and fees. And he still owes Cheatham $955. Cheatham sues to recover the remaining balance on the loan. What defenses might Jacobus have? Explain fully.
d. The City of Minneapolis prohibit shoe stores to be open on Sundays. MT Goldberg an observant Jew therefore forced to be closed on both Saturday and Sunday
5. Janice, a 17 year old senior at Las Cruces High School recently purchased used Pries from the local Toyota dealership. Janice is not the best driver and three weeks after the purchase she is involved in an automobile accident and totals her car. What remedies might Janice haw and against whom?
a. Janice does not get along with her parents (they are too strict and WIN not let her boyfriend bay overnight at the parents' house. Janice moves out and rents and apartment, incurs medical expenses of $2,000 and has run up a grocery bill. Is Janice responsible for these bills? Explain fully. Would it make a difference that she is now 18½. Explain fully.
b. Paul Is madly in love with Charlotte and would like to marry her. Charlotte says ok if you buy me a Corvette. He agrees. Is the promise enforceable?