Topic: Business Law Discussion on Consideration

Topic: Business Law Discussion on Consideration

Order Description

Assignment:
Reading: Chapter 15. (attached)
Listen to the lecture:
www2.lebow.drexel.edu/support/podcast/2.0/BLAW201OnlineCh15Consideration.m4v

Question 1:
Genardi owed Wong a debt of $5000, which was long overdue. Fry, a friend of Genardi, wrote as follows to Wong: “I know how badly you need the money and that you’ve waited for it a long time. But give yourself no concern. I am writing to promise that I’ll pay Genardi’s debt to you within the year if he doesn’t. Heaven knows you’re entitled to it.” Wong was much pleased by the receipt of this letter. Bearing this in mind, for one year she patiently bided her time and took no action whatever to collect the debt from Genardi. At the end of this period, the debt remained unpaid. Genardi and Fry both refused to pay. Under the facts presented, does Wong have a case against Fry? Explain fully.

Question 2:
On April 1, 2008, Creese loaned $6,000 to Dasher in exchange for Dasher’s promise to make repayment, together with 8 percent interest, one year from that date. (A) Suppose that on May 1 2008 Dasher pays $5000 cash to Creese, in return for Creese’s promise to cancel the entire debt. May Creese claim anything more from Dasher? (B) Suppose that on May 1, 2009 Dasher sent his check for $5000 to Creese, who cashed the check after seeing upon it the stipulation: “Payment in full of all debts owed by Dasher to Creese.” May Creese claim anything more from Dasher? (C) Suppose that on May 1, 2009 Dasher holds Cohick’s promissory note payable to Dasher in the sum of $5000, and then Dasher endorses and surrenders this note to Creese, in return for Creese’s promise to cancel the entire debt. May Creese claim anything more from Dasher?

Each question can be 275 words each. Attached is the reading material and the above link is to the lecture.

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