Mr. Grove is a business man. He has lots of contracts that he deals with in his life. Read each of the following scenarios. Decide which ones must be in writing because of the statute of frauds. Explain why each contract is covered by the statute of frauds or why it is not. These should be short answers, two or three sentences.
Mr. Grove's father dies after winning a lemon eating contest. He leaves debts on his lemon grove, including pay for his workers who had to pick a whole lot of lemons in the days before his death. Mr. Grove feels bad and promises to pay all of them for their work, even though the estate does not have enough money.
The contract was held by the owner and is a primary Contract. It must be in writing as promise to pay an estate's debt is covered under statue of frauds. This type of contract is covered under statue of fraud to make it legally enforceable.
Mr. Grove is a business man. He has lots of contracts that he deals with in...
Mr. Grove is a business man. He has lots of contracts that he deals with in his life. Read each of the following scenarios. Decide which ones must be in writing because of the statute of frauds. Explain why each contract is covered by the statute of frauds or why it is not. These should be short answers, two or three sentences. The Clementines were really sweet though, and they owed some money to a couple of people in the...
Rusty Steuben, owner of Minnehaha Marine & Camp, is worried about his business’ future. He has tried various strate- gies for two years now, and he’s still barely breaking even. Two years ago, Rusty bought the inventory, supplies, equip- ment, and business of Minnehaha Marine & Camp, located on the edge of Minneapolis, Minnesota. The business is in an older building along a major highway leading out of town, sev- eral miles from any body of water. The previous owner...
Please read the article and answer about questions. You and the Law Business and law are inseparable. For B-Money, the two predictably merged when he was negotiat- ing a deal for his tracks. At other times, the merger is unpredictable, like when your business faces an unexpected auto accident, product recall, or government regulation change. In either type of situation, when business owners know the law, they can better protect themselves and sometimes even avoid the problems completely. This chapter...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...