The Awareness of The Monetary Obligations

CONTRACT LAW
Assignment Overview
uncapped penBefore starting your Case Assignment:
Don't worry about including the title page I can do that myself. Just include the 3 pages to answer the scenarios below and the 4th page for the reference page.
Make sure to thoroughly review the required reading. Please see read the readings below.
https://resources(dot)saylor(dot)org/wwwresources/archived/site/textbooks/Foundations%20of%20Business%20Law%20and%20the%20Legal%20Environment.pdf
https://ebookcentral-proquest-com(dot)ezproxy2016(dot)trident(dot)edu/lib/trident/reader.action?docID=3035151&ppg=6
Make sure you fully understand the main elements of a contract and all of the conditions required for a contract to be valid.
Then go through the five scenarios below, keeping the concepts from the readings in mind.
You must cite the assigned readings in your answers.
Case Assignment
For each scenario, answer the questions. You must support each answer with at least one in-text citation to the required background materials. Be clear about how the reading supports your answer. Your paper should be a minimum of 3 pages (excluding title and references pages) in length:
You enjoy going to the horse-racing track on Sundays and have been doing so for the past 10 years. You’ve gotten to know some of the other regulars there. One Sunday, you are complaining to a friend there that you’d like to place a bet on a specific horse to win, but the track is offering such low odds at 3:2. Your friend laughs at your choice and offers to take a $100 bet himself and give you much better odds at 6:1. You ask him to repeat his offer, and you record a video on your cell phone of him making the offer. You also record your acceptance. Your horse wins. You think your friend owes you $600, but he doesn’t pay you the following Sunday or even mention the bet or race. If you file a lawsuit, will you be able to get the court to enforce your wager and make your friend pay you?
You own a plant nursery and landscaping business. You have always hated business paperwork and do not like written contracts, so you usually use oral agreements. One agreement you have is to sell someone a large palm tree for $850. Another agreement is to provide two years' worth of monthly lawn mowing at a customer’s home in exchange for immediate payment of $1,800. Finally, you have an oral agreement to sell an exotic houseplant to one of your customers for $400 (delivery included) to be delivered by the end of this month. Which of these oral contracts (if any) will be enforceable in court, and which ones (if any) will not be enforceable? For each transaction, explain your reasoning.
You are the proud owner of a classic car: a 1986 Chevy Monte Carlo SS. It has low mileage and is in near-mint condition. You keep it garaged and drive it occasionally on weekends and to car shows, where it has won some awards. It was recently appraised to be worth $10,000. One Sunday, an old high school classmate introduces you to Charlie, who says he has always wanted a Monte Carlo SS like yours. Charlie inspects the car carefully. He loves your car. From Charlie’s questions, it is obvious that he is knowledgeable about cars generally and especially older Chevy Monte Carlos like yours. He offers you $15,000 in cash to buy the car. You want to do the deal, but you do not have the title with you and, moreover, it is Sunday, banks are closed, and Charlie cannot get the money until the next day. You and Charlie sit down in the hospitality tent and discuss the deal over a beer. You agree on the $15,000 price—cash—and agree to meet at the 4th National Bank at 11 a.m. the next day, where he will give you cash, and you will give him the car and title. All this is written on a cocktail napkin which you and Charlie sign. The next day, you arrive at the bank at the appointed time with the car and the title. But Charlie never shows. Later that day, you learn from your old high school classmate that Charlie stayed at the hospitality tent and continued to drink beer, and then later whiskey, for an extended period of time. At some point, Charlie eventually passed out, paramedics were called, and he was transported to the hospital, where he remains in detox. Your classmate further tells you that Charlie also suffers from a mental disorder that is controlled by medication, but sometimes Charlie neglects to take his meds and instead “self-medicates” by drinking excessively. So, you have your 1986 Monte Carlo and a cocktail napkin that clearly describes the agreement signed by you and Charlie. Do you think you would be able to complete the transaction and collect $15,000 from Charlie in this situation?
You are a chicken farmer and sign an agreement with a local chicken rotisserie restaurant owner to sell a large quantity of organic chickens to him every month. The written contract is specific as to the price and the number and size of chickens to be delivered each month and states that they will be “good quality” organic chickens. However, when you send the first shipment, the restaurateur says they are not of high enough quality, and he will not pay you. You reply that your chickens meet United States Department of Agriculture (USDA) guidelines for being “Grade A,” which is the highest grade, and they are also certified to meet USDA organic standards. The restaurateur claims a) your chickens are not of the quality he had in mind, b) the contract does not say anything about the USDA, and c) his willingness to pay depends only on his own ideas of what constitutes good quality. What do you think should have been added to the contract to avoid this kind of dispute? Will you be able to get paid for your chickens if you file a lawsuit seeking to force the restaurateur to pay?
You own a public relations consulting business and have a close friend who is opening a bicycle shop. To promote his new business, he wants you to develop signage and a logo, produce television and radio ads, and establish an interactive website. This will be a $15,000 project. However, your friend is adamant about not signing a contract and says, “We are friends! No need to get lawyers involved; we trust each other.” Being familiar with contract law, you know that since you are providing a service rather than selling physical goods, an oral contract will be valid for amounts over $500. However, you know that your friend gets busy at work and might forget the exact terms of your oral agreement. What step or steps might you take to protect yourself from a future disagreement without a formal written contract?
Assignment Expectations
The minimum length requirement for the Module 1 Case Assignment is 3 full pages (excluding title and reference pages). The 3 full pages will include an introduction, a body of work (supported with three scholarly sources), a conclusion, and a References page (see APA 7 template).
Provide a minimum of at least 3 scholarly sources using APA Style.
Provide an APA-formatted title page and use the APA 7th Assignment Template.
Proofread your work!
Upload your paper to the Case 1 Dropbox before the assignment due date.
Also, see the help resource sites below for APA help and student support:
Student Support Resources
Trident's Introduction to APA
Understanding Plagiarism
Grading Note:
At Trident University International, rubrics are used for grading. These rubrics specify the points available for each component of an assignment. Points are earned based on the level of the work submitted. The rubric in the Case Dropbox is used for this Case Assignment.