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rvlaw
rvlaw, Attorney
Category: Business Law
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Experience:  NYC Trial Attorney 30+ years; Law professor ; BUSINESS LAW; CONTRACTS; TORTS; Arbitrator
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Sill borrowed $500 from Huber. When the debt became ...

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Sill borrowed $500 from Huber. When the debt became due,sill who was unemployed had only 250 in cash. Sill asked Huber to accept this 250 and a dinner ring worth 150 as full payment. Huber agreed. Is the entire debt now cancled.
Davies was employed in the data processing center division of a bank. Desmond and zwick, owners of a firm that manufactured athletic equipment orally promised davies a position as office manager if she would quit the bank job and work for them. Davies quit her job at the bank but desmond and zwick did not keep their promise to hire her. Can davies legally enforce the promise made by desmond and zwick to hire her.
Submitted: 6 years ago.
Category: Business Law
Expert:  rvlaw replied 6 years ago.

Hi Norton.

Your answers:

1. Yes. Huber had the power to change the nature of the consideration he was willing to accept and to reduce the effective total value of the repayment. The change in the nature of the consideration paid by Sill and the reduction in the amount accepted support the validity of the agreement to cancel the debt at this time.

2. Yes. The principle here is PROMISSORY ESTOPPEL. By virtue of that rule of law, if A makes an offer or promise and B acts in reliance on that promise to B's detriment (quitting the other job), then a contract has been formed.

Rich

rvlaw, Attorney
Category: Business Law
Satisfied Customers: 8386
Experience: NYC Trial Attorney 30+ years; Law professor ; BUSINESS LAW; CONTRACTS; TORTS; Arbitrator
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