Mgmt 597 Assignment One

Topics: Insurance, Contract law, Contract Pages: 2 (361 words) Published: March 19, 2013
Chapter 9.4

Yes! Because in the State that this contract is performed under, Winkel is entitled to the profit share bonus. The original written contract states nothing about the raise or profit-share. Unfortunately because FHC went into an oral modification of the written contract which is permitted in the State, FHC must hold to its oral obligation.

Chapter 10.7

Andrus wins. Where, shortly before expiration date of fire insurance policy with no provision for renewal, insurance agent sent insured a new policy, which contained a provision that insured could cancel the new policy by returning either the policy or the lost policy receipt and that absent that the policy would be automatically accepted through inaction of insured, and insured did not respond, as a matter of law there was no acceptance by insured, there was no contract created, and insured was not liable for unpaid premiums.

Chapter 11.4

Gough was under a preexisting duty to construct the trusses. Chuckrow was never obligated to pay for the reerection of those trusses, and Gough's preexisting duty cannot operate as consideration for Chuckrow's offer to pay. Therefore the contract was not modified, and Chuckrow is obligated only for the original contract price.

Chapter 13.1

A contract may be rescinded for mistake. Where the mistake is mutual, the parties can agree to rescind or the court can reform the contract to meet the original expectations of the parties. Where the mistake is unilateral, the party seeking rescission must not bear the risk of the mistake, and the other party must not have actually or reasonably should have known of the rescinding parties error. Here, the estate asserted the square footage of the property in its offer, and the buyer accepted the estate's assertion. This could be a mutual mistake, however, real property is observable, and there was no intentional deception. The estate could have easily noticed that the property was larger than asserted. The...
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