14 Aug BUSINESS LAWConsideration1. Stefano, a 20-year-old college student pursuing a de

BUSINESS LAWConsideration1. Stefano, a 20-year-old college student pursuing a degree in Business and CulinaryArts, has a part-time job working in a small, but successful Italian restaurantwhere the Chef is teaching him all the tricks of the trade. Stefano is a quicklearner with a strong work ethic, and in appreciation for all that his mentor hasdone for him, Stefano promises, “When I make it big, I promise to pay for that tripto Italy you always wanted to take!” Define illusory promise and explain whetherStefano has made an illusory promise. If yes, what can Chef do to make it abinding contract? If not, what must happen for the Chef to know that Stefano hasachieved enough success that it is time for the trip to Italy?2. Gwen runs a small second hand clothing and furniture shop that takesconsignments. Janice contracts with Gwen to sell all the furniture from herdeceased parent’s home. The consignment contract offers to display furniture for6 months, with a sliding scale percentage payment system that provides Janicewith 50% of the sale price if it sells in the first month, 40% in the second month,and progressively less if it takes more time to sell. Thirty days later, Gwen’sbusiness is so slow she can’t pay her rent, so she decides to downsize to smallerspace and limit her stock to clothing. Gwen notifies Janice along with all customerswith furniture consignments that they must remove all furniture from stock or paya storage fee of $100 per month. Define the pre-existing duty rule and theexceptions to the pre-existing duty rule. Explain whether the pre-existing dutyrule applies and then explain whether any of the exceptions to the ruleapply. Based on your analysis, conclude by stating whether Gwen can changeJanice the $100 a month extra storage fee.3. Vanessa volunteered at the dog shelter all through high school and quit when shewas leaving for college. When she quit, the manager, Joe, said to her "you weresuch a good worker for the past three years, I am going to give you $1000 inappreciation for your work to help with your college expenses." Joe never paysVanessa the $1000. Since Vanessa really needs the money for college, whatadvice would you give her about trying to collect the $1000? What contractprinciples must be considered to determine if it is worth her effort? What ifVanessa relied on Joe’s promise?4. Brendon asks Dylan to fill in for him in his landscaping job, mowing lawns for threecondominium complexes for a week while Brendon takes a vacation. Brendonagrees to pay Dylan $300 if he does so. Dylan gets the jobs done, but whenBrendon returns he does not pay Dylan, claiming he did not give adequateconsideration for the contract because several homeowners complained that thework was not done as well as Brendon did it. Explain the principle of adequacy ofconsideration and whether Brendon is legally obligated to pay Dylan.5. Dusty ran a small neighborhood bar that often hired ex-offenders to help themtransition back into the job market after their release from prison. To help keep hisemployees productive, Dusty maintains a strict “no drug” policy and offered togive $1000 bonus at the end of the year if all employees stayed clean, and no oneever showed up to work under the influence of illegal drugs. What type ofconsideration is Dusty requesting? Is it adequate consideration that creates anenforceable contract?6. Accountant, Lin Jing, agrees to provide her client, ABC Pest Control, with annualservices for $5000, which could include a variety of accounting services. When C.J.Willis, the owner of ABC Pest Control, gets a bill for $5,000 for the preparation ofthe company’s state and federal tax returns, he does not agree that he owes Jingthat much money and sends her a check for $500. He writes "paid in full" on thecheck. Jing cashes the check and then bills Willis for the balance of $4500.00,adding on a monthly service charge of 21%. Define all the element of accord andsatisfaction and apply each element to the facts in this case to reach a conclusionabout whether Willis is legally obligated to pay any more money to Jing.

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