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Steven, M.Acc.
Steven, M.Acc., Accountant
Category: Homework
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Experience:  Accountant and instructor with a master's degree in accounting.
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If Bob and Sally are friends and Sally promised to sell her

Resolved Question:

If Bob and Sally are friends and Sally promised to sell her television to Bob for $50 where the actual value of the television is $1,000, is there proper consideration to support Sally’s promise?
A

No, because $50 dollars is not a legal detriment.
B

Yes, because the friendship of Bob and Sally is not relevant.
C

No, if the primary motivation for the exchange is their friendship.
D

Yes, if there is an element of exchange in the agreement.
Submitted: 1 year ago.
Category: Homework
Expert:  Steven, M.Acc. replied 1 year ago.

Steven, M.Acc. : Hello!
Steven, M.Acc. : There is an element of exchange in the agreement once Bob gives $50 to Sally. Sally made a promise (to sell the television for $50) that induced Bob to offer a performance (to give up $50 to Sally). Once Bob carries out his performance of giving up $50, Sally is obligated to keep her promise to sell the television.
Steven, M.Acc., Accountant
Category: Homework
Satisfied Customers: 700
Experience: Accountant and instructor with a master's degree in accounting.
Steven, M.Acc. and 9 other Homework Specialists are ready to help you
Expert:  Steven, M.Acc. replied 1 year ago.
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Expert:  Steven, M.Acc. replied 1 year ago.
Hello,

D. Yes, if there is an element of exchange in the agreement.

There is an element of exchange in the agreement once Bob gives $50 to Sally. Sally made a promise (to sell the television for $50) that induced Bob to offer a performance (to give up $50 to Sally). Once Bob carries out his performance of giving up $50, Sally is obligated to keep her promise to sell the television.

The fact that there is seemingly inadequate consideration in this case (i.e., $50 given for a television valued at $1,000) is irrelevant. Courts generally do not question the adequacy of consideration based solely on the comparative value of the things exchanged. Unless an exchange involved undue influence or fraud, the courts are likely to enforce it when adequate consideration is the issue.

Also, Bob and Sally's relationship as friends has little bearing on this case. A possible exception to this is if Bob exerted some sort of undue influence or even duress, causing Sally to make her initial promise to sell the television for $50. Undue influence could occur, for example, if Bob and Sally are roommates, but Bob is the actual tenant. Sally could be unduly influenced to sell the television to Bob for $50, or he could require that she vacate the apartment. Duress could occur, for example, if Bob blackmails or extorts Sally into making her initial offer.
Expert:  Steven, M.Acc. replied 1 year ago.
Hi Alessio,

Thank you for your accept! Please let me know if I can help out in the future.
Customer: replied 1 year ago.
yes of course I ll like to take a tort law test later today
Expert:  Steven, M.Acc. replied 1 year ago.
Great to hear. Message me here to make sure I'm online, and once I respond, you can post your exam as a new question.
Customer: replied 1 year ago.
Under the UCC Article 2, a written modification is required in which one of the following situations?
A

If the contract as modified is within the Statute of Frauds provision of the UCC .
B

If the contract as originally written is within the Statute of Frauds provision of the UCC.
C

A written modification is always required.
D

A written modification is never required so long as both parties agree to the new term(s).
Expert:  Steven, M.Acc. replied 1 year ago.
Hi Alessio,

Section 2-209(3) of the UCC, titled "Modification, Rescission and Waiver," states: "The requirements of Section 2-201 must be satisfied if the contract as modified is within its provisions." In turn, Section 2-201, titled "Formal Requirements; Statute of Frauds," is the provision of the UCC that deals with the written requirements of the Statute of Frauds.

Therefore, the answer is:

A. If the contract as modified is within the Statute of Frauds provision of the UCC.

Please let me know if you have any questions!
Customer: replied 1 year ago.
Which one of the following is an accurate statement concerning a contract under the common law which contains a written provision specifically stating “no non-written modification will be recognized?”
A

It is enforceable and thus the written contract cannot be orally modified.
B

It may be modified only where objectively reasonable grounds exist.
C

It may be modified only if the clause is not specifically signed on the original contract.
D

It is not enforceable and thus the parties may alter their written agreement by oral agreement.
Expert:  Steven, M.Acc. replied 1 year ago.
The common law rule is that even where the contract specifically states that no non-written modification will be recognized, the parties may yet alter their agreement by parol negotiation. Therefore:

D. It is not enforceable and thus the parties may alter their written agreement by oral agreement.
Steven, M.Acc., Accountant
Category: Homework
Satisfied Customers: 700
Experience: Accountant and instructor with a master's degree in accounting.
Steven, M.Acc. and 9 other Homework Specialists are ready to help you
Expert:  Steven, M.Acc. replied 1 year ago.
Thank you for the accept! Is there anything else I can help you with? :)
Customer: replied 1 year ago.
Under UCC 2-209, a merchant may supply a form which requires modification or rescission be in a signed record. Which of the following is a true statement where the contract containing that clause is contained a contract between a merchant and a non-merchant?
A

The clause only becomes effective once the contract is signed by both parties.
B

A clause forbidding oral modification is not permissible in a contract between a merchant and a non-merchant.
C

The clause becomes effective once the merchant signs the contract.
D

The clause must be separately signed by the non-merchant, otherwise the clause is ineffective.
Expert:  Steven, M.Acc. replied 1 year ago.
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Customer: replied 1 year ago.


Under UCC 2-209, a merchant may supply a form which requires modification or rescission be in a signed record. Which of the following is true under the UCC if an oral modification or rescission is made in violation of a clause forbidding any oral modifications of the written contract?
A

The attempted oral modification or rescission voids the contract.
B

The attempted oral modification can operate as a waiver.
C

The attempted oral modification must be supported by consideration.
D

The attempted oral modification must be fair and equitable under the circumstances.
Expert:  Steven, M.Acc. replied 1 year ago.
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Customer: replied 1 year ago.


Which of the following is not an accurate statement with regard to course of performance and its effect on modification?
A

Course of performance may constitute a waiver of Statute of Frauds defense.
B

Course of performance has no effect on modification.
C

Course of performance may be a valid consideration a court can consider under both the common law and UCC Article 2.
D

Course of performance may be basis for enforcement of modification but only if included in a signed writing.
Expert:  Steven, M.Acc. replied 1 year ago.
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Expert:  Steven, M.Acc. replied 1 year ago.
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