Reference no: EM131378752
Jill Anderson agreed to purchase William and Teresa Dawson's flower shop for $75,000. Anderson paid the Dawsons $20,000 when the contract was signed. She also agreed to pay the balance of $55,000 at an interest rate of 8.5 percent per year for five years. This agreement meant that she would be making monthly installments of $1,128.41 to the Dawsons.
During the negotiation stages of the contract, Anderson was told that all of the equipment in the store was in perfect condition.
Moreover, the Dawsons told Anderson that she could expect a profit of $75,000 per year. Anderson discovered that the equipment needed extensive repairs and that the financial condition of the business had been misrepresented so that she made considerably less than the $75,000 that the Dawsons had cited. Accordingly, Anderson sent a check to the Dawsons for $6,560.21.
On the reverse side of the check she wrote, "Payment in full for University Flower Shop." This final check would mean that after making installment payments for more than a year and a half, she had paid a total of $50,000 for the flower shop.
In a letter that accompanied the check, Anderson indicated that because she had been misled by the Dawsons about the condition of the equipment and the financial state of the business, the store had actually been worth only $50,000 at the time she purchased it.
The Dawsons disagreed but deposited the check and then brought suit against Anderson for breach of contract. Anderson argued that when the Dawsons negotiated her check, the debt was discharged under accord and satisfaction. Is Anderson correct here? Explain.
Dawson v. Anderson, 698 N.E.2d 1014.
|
Describe the persian empire
: Describe the Persian Empire. How was it able to conquer and maintain so much territory? List at least 3 significant things it did when it was in power that helped it stay in power
|
|
How confident should we be that the firm will achieve
: If so, how can that be done? If the concept is applied, how confident should we be that the firm will achieve the point where marginal cost and marginal revenue are equal?
|
|
For whom did the court find and why
: Koerner sued Aspen and Zimmer, joined as defendants, trying to force them to honor a contract that Aspen and Zimmer had made compensating former Aspen dealers for their past efforts. Zimmer refused to honor the agreement. For whom did the court fi..
|
|
Explain the caste system of the vedic caste system
: Explain the caste system of the Vedic Caste System, being sure to use and define the Sanskrit terms of each class
|
|
Is anderson correct here in given case
: Anderson argued that when the Dawsons negotiated her check, the debt was discharged under accord and satisfaction. Is Anderson correct here? Explain.
|
|
What were the consequences for china
: When Japan defeated China in the Sino-Japanese War of 1894-5, what were they fighting over and what were the consequences for China? What about for Japan
|
|
Describe for other members of strategic planning committee
: Describe for other members of the strategic planning committee the role that capital budgeting should play in corporate strategic management.
|
|
Was evans correct in given situation
: When Rosen sued Evans for $19.75 balance, Evans argued that under accord and satisfaction, the fact that Rosen cashed the $79.00 check meant that it had accepted that amount as full payment. Was Evans correct? Explain.
|
|
Is tippons promise to ohanlon enforceable
: At the end of the day, after she was in her new house, Tippon told O'Hanlon that she'd give him $200 for helping her move. Is Tippon's promise to O'Hanlon enforceable? Why or why not?
|