Read the following case studies and answer the questions. Be sure to use the appropriate legal terminology that you learned this week. Case Study 1 Steve and Bill go out drinking. After Steve has had so many drinks that Bill knows (or should know) that Steve is very intoxicated, Steve says to Bill, "I'll sell you my house for $100,000." Bill accepts. The fair market value of Steve's house is $100,000. Will Steve be able to avoid this transaction? Why or why not? Case Study 2 Steve writes a letter to Bill one day saying, "I will sell you my house for $100,000." Completely unbeknownst to Bill, at the time Steve wrote the letter he was utterly intoxicated. The fair market value for the house is $100,000. Will Steve have to sell his house to Bill? Why or why not? Case Study 3 Mary, a longtime law professor, has been entering into quite a few contracts in recent months. One of those contracts was for the purchase of a riding lawn mower. Unbeknownst to the sales clerk who entered Mary into the contract, Mary is suffering from Alzheimer's, but has not been deemed incompetent by the state. On the day of delivery, the sales clerk delivers the lawn mower to Mary's apartment.
Mary is surprised by the delivery of the mower and has no recollection of ordering it. The clerk shows her the contract. Is this contract voidable and why? FYI: The Reading for this week consisted of the following: Learning Objectives Distinguish between voidable, unenforceable, and void agreements. Explain the requirement of capacity and describe why a person might lack it. Describe mutual mistake, duress, undue influence, and fraud. List the types of contracts required to be in writing. Give examples of illegal agreements. Learning Objectives After studying this chapter, you will be able to: Describe how third parties acquire rights and duties on a contract. Distinguish between assignments and third-party beneficiary contracts. Describe what contractual duties may be assigned and delegated. Describe the different ways a contract may be discharged. Define the different types of damages. Explain when specific performance would be available as a remedy. Looking for original work! Please only respond if you fully understand the assignment above! Thank you :)