

Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
This is the Exam of Contracts which includes Breach of Contract, Acceptance in Bilateral, Referential Tender, Tender Documents, Rejection of Tender etc. Key important points are: Promissory Note, Binding Contract, General Contract for Project, General Contractor Bid, Solicited Bids, Refused to Pay, Advisory List, Paperwork for Selling, Proper Licenses
Typology: Exams
1 / 3
This page cannot be seen from the preview
Don't miss anything!


Professor John Orcutt Fall Semester 2009 MIDTERM QUIZ - IN CLASS
INSTRUCTIONS:
It is your responsibility to apportion your time appropriately amongst the questions. If you base your time on the possible points per question, the time apportionment should be:
Good luck on the examination!
DO NOT TURN TO PAGE 2 UNTIL THE PROCTOR TELLS YOU TO BEGIN
QUESTION NO.1 (17 points possible -17 minutes suggested):
Jay and Bob are long-time friends. The recent recession hit Jay hard. He lost his job and struggled to find a new job. Luckily for Jay, Bob has been around to help. Bob gave Jay $1,000 per month for the last ten months (or a total of $10,000), which really helped Jay to get by. Jay recently got ajob, and now wants to pay Bob back. Jay prepared the following promissory note:
"Dated October 1, 2009:
To Bob,
Effective June 1,2010, I promise to pay you $10,000 upon demand. Thank you for your help for the last ten months.
[Signed] Jay"
Jay and Bob would like for the promissory note to be enforceable and have asked for you to look at it. Please advise the parties on what, if anything, they should do to ensure the enforceability of the promissory note.
QUESTION NO.2 (18 points possible -18 minutes suggested):
Siegfried raises various exotic animals. One of Siegfried's most prized animals, a white tiger named Montecore, was stolen from Siegfried. Siegfried desperately wanted to recover the animal, so he did two things:
Roy is a wholesaler of exotic animals, including tigers. An individual (who has since disappeared) tried to sell Montecore to Roy. Because this individual did not have the proper licenses and other paperwork for selling a tiger, Roy assumed that Montecore had been stolen. Roy confiscated Montecore and checked the stolen animal advisory list. Roy quickly realized that Montecore belonged to Siegfried and returned the tiger to him.
Three days after returning Montecore to Siegfried, Roy first learned of the reward for returning the tiger. Roy contacted Siegfried and demanded the $50,000. Siegfried has refused to pay Roy the $50,000.
Please analyze whether Roy is entitled to the $50,000 payment.