Homework assignment for Week4 1. Ann owed $2,500 to Barry for services Barry ren
ID: 1135651 • Letter: H
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Homework assignment for Week4 1. Ann owed $2,500 to Barry for services Barry rendered to Ann. The debt was due June 30, 2011. In March 2012, the debt was still unpaid. Barry was in urgent need of ready cash and told Ann that if she would pay $1,500 on the or debt at once, Barry would release her from the balance. Ann paid $1,500 and stated to Barry that all claims had been paid in full. In August 2012, Barry Library nt Code of uct demanded the unpaid balance and subsequently sued Ann for $1,000. Result? Please explain. ent Affairs 2. Johnson and Wilson were the principal shareholders in Matthew Corporation, located in the city of Jonesville, Wisconsin. This corporation was engaged in the business of manufacturing paper novelties, which were sold over a wide area in the Midwest. The corporation was also in the business of binding books. Johnson purchased Wilson's shares of the Matthew Corporation and, in consideration thereof, Wilson agreed that for a period of two years he would not (a) manufacture or sell in Wisconsin any paper novelties of any kind that would compete with those sold by the Matthew Corporation or (b) engage in the bookbinding business in the city of Jonesville. Discuss the validity and effect, if any, of this agreement. Please explain. This is a two part question, and both parts must be addressed. Student Ser- gle Drive 365 fish ett Discover Media 3. Mark, a minor, operates a one-man automobile repair shop. Rose, having heard of Mark's good work on other cars, takes her car to Mark's shop for a thorough engine overhaul. Mark, while overhauling Rose's engine, carelessly fits nferZoom dgesExplanation / Answer
1. Ann had already repaid the debt $1500 for which Barry had agreed to in the month of March which was before due date. If proper documents are kept then Ann cannot be charged for any offence.
2. Agreement between Johnson and Wilson is valid as both agreed for a certain condition( Wilson agreed not to enter in paper novelty business). However, Wilson is only agreed not to enter in the City of Jonesville for bookbinding business and not to enter in paper novelty business for first two years.Wilson can start bookbinding in any other city.
3. Rose cannot recover anything as Mark is a minor. She went to him in good faith. However, court can ask Mark to shut his business as he is not allowed to start this business.
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