Instructionseach question should be answered in, Ask an Expert

Management Studies

INSTRUCTIONS:

Each question should be answered in approximately one to two sentences with the number of the answer corresponding to the number of the question.

FACTS:

A man promises his 18 year old nephew at a time when there were no laws prohibiting drinking and gambling under the age of 21 that if his nephew refrained from drinking and gambling until age 21 he would pay him $5,000. The nephew complied with the uncle’s request and when he went to get his $5,000 on his 21st birthday, the uncle suggested that he keep the $5,000 and invest it on behalf of the nephew which the nephew agreed to. Five years later the uncle dies and his executor won’t give the nephew the money because he says there was no legally sufficient consideration exchanged between the uncle and the nephew to support a contract.

Who is the promisor and who is the promisee?

Did the promisor receive a legal benefit?

Did the promisee incur a legal detriment?

Was there legally sufficient consideration?

Would there be legally sufficient consideration today if I made a similar agreement with my 18 year old son regarding drinking?

View complete question

Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M92533684

Have any Question?Write your Review or question?

Related Questions in Operation Management

1 explain the difference in related and unrelated

1. Explain the difference in related and unrelated diversification. Identify two companies that have achieved earning's growth through related diversification and two that have achieved such growth in unrelated diversifi ...

A las vegas nevada manufacturer has the option to make or

A Las Vegas, Nevada, manufacturer has the option to make or buy one of its components parts. The annual requirement is 10,000 units. To make the parts in-house,the firm must invest $30,000 in capital equipment and estima ...

Forecasting is an important part of a new business process

Forecasting is an important part of a new business process, especially when discussing obtaining investments from outside entities, as you will need to provide a forecast, and justify how ti was created and generated. W ...

Select an idea for a team project that would benefit an

Select an idea for a team project that would benefit an employer. We have selected building a playground for the City of Chula Vista. The supplier of the playground equipment is Playground Structures. Write a 350- to 700 ...

Risk management can change how a project is managed from

Risk management can change how a project is managed from initiation to closure. Examine a project that you have worked on and answer the following questions: 1. What types of risks or opportunities did the project face ( ...

1 determine the sales necessary to equal a dollar of

1. Determine the sales necessary to equal a dollar of savings on purchases for a company that has a net profit of 8% and spends 60% of its revenues on purchases. 2. How could BI benefit a company? Give examples from the ...

1 what are the pitfalls of using coercion as a method of

1. What are the pitfalls of using coercion as a method of implementing change? 2. An appliance retailer purchased a small vacuum cleaner for $98.99. He plans to take a 45% markup. What will the selling price be? 3. MyApp ...

Colonel h wayne wolfe led a squadron of software developers

Colonel H. Wayne Wolfe led a squadron of software developers, most of whom were relatively young and inexperienced. All of the experienced developers were assigned as team leaders. To improve productivity and quality, th ...

What is your response especially if you are a christian to

What is your response, especially if you are a Christian, to the “postmodern critique” of our commonsense assumptions about the reality of the world and the categories within which we process it? How might it affect the ...

1 in 500 words or less summarize what you have learned

1. In 500 words or less, summarize what you have learned about what a distinctive corporate strategy is and why it is important. 2. Insider threats: three categories of insider behavior are; Malicious, Negligent and Acci ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Operation Management Expert