In the given case; Seier agreed to pay $10,000 to Peek, latter Seier refused to
ID: 373807 • Letter: I
Question
In the given case; Seier agreed to pay $10,000 to Peek, latter Seier refused to pay stating that worth of stocks are not $10,000. The court disagreed with Seier's argument and refused to determine the value of consideration.
Court didn't listen to Seier's argument because; the note stated it was executed in consideration for value received. Hence the note was compltete and considered correct. Also the stock had value when the note was executed. The court even denied the enquiry further as it was not adequate.
Explanation / Answer
In a paragraph is two answer the following case: “Seier agreed to pay $10,000 to Peek in exchange for all the stock in a corporation. The agreement was placed in writing. Nevertheless, when the time came for payment, Seier refused to live up to his end of the deal. His argument was that the stock was not worth the $10,000 that he had agreed to pay for it. Did the court listen to Seier’s argument and attempt to determine the value of the consideration? Explain. [Seier v. Peek]
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