Question

Please help with this business law assignment

Homework assignment for Week 4 1. Ann owed $2,500 to Barry for services Barry rendered to Ann. The debt was due June 30, 2011. In March 2012, the debt was still unpaid. Barry was in urgent need of ready cash and told Ann that if she would pay $1,500 on the debt at once, Barry would release her from the balance. Ann paid $1,500 and stated to Barry that all claims had been paid in full. In August 2012, Barry demanded the unpaid balance and subsequently sued Ann for $1,000. Result? Please explain. 2. Johnson and Wilson were the principal shareholders in Matthew Corporation, located in the city of Jonesville, Wisconsin. This corporation was engaged in the business of manufacturing paper novelties, which were sold over a wide area in the Midwest. The corporation was also in the business of binding books. Johnson purchased Wilson's shares of the Matthew Corporation and, in consideration thereof, Wilson agreed that for a period of two years he would not (a) manufacture or sell in Wisconsin any paper novelties of any kind that would compete with those sold by the Matthew Corporation or (b) engage in the bookbinding business in the city of Jonesville. Discuss the validity and effect, if any, of this agreement. Please explain. This is a two part question, and both parts must be addressed. 3. Mark, a minor, operates a one-man automobile repair shop. Rose, having heard of Mark's good work on other cars, takes her car to Mark's shop for a thorough engine overhaul. Mark, while overhauling Rose's engine, carelessly fits an unsuitable piston ring on one of the pistons, with the result that Rose's engine is seriously damaged. Mark offers to return the sum that Rose paid him for his work, but refuses to pay for the damage. Rose sues Mark in tort for the damage to her engine. Can Rose recover from Mark in tort for the damage to her engine? Please explain.

Answer 1