Contract Law: Eddie Feliciano Rasmussen Author Notes ✓ Solved

Contract Law Eddie Feliciano Rasmussen Author Notes This resear

In essence Gladys and Sam had statutory obligation to make the monthly mortgage payments if for any reason Sam’s father stopped making the payments he was making on their behalf for their benefit. According to law two legally married people have equal rights and obligations in their marriage and neither of them can negate those responsibilities thus cementing the argument that both could have been liable to pay the mortgage’s monthly payments with Sam’s father stopping to pay the mortgage for them.

But with their separation and consequent Sam marrying Shirley hence resulting in Sam’s father stopping to make the monthly payment a new twist of legal interpretation exhibits itself. Considering that progress had been made towards them owning a house of their own before their separation and now that Gladys had walked out of their house, and with Sam living with another woman in the house meant for them initially, her obligation towards mortgage payment cannot persist because there is a third party beneficially to the original contract with the mortgage company.

If Gladys went to court to protest the company asking her mortgage contribution she can consider two options: the third party beneficially or the novation principle. If she decides to use the former principle, she can go on and contribute the mortgage repayment though she no longer lives there. This will consequently lead her to ask the court to force Shirley to make contribution towards the same because she is a third party benefiting from what her and Sam are paying for; though this will make her a partner of the house being paid for, it will leave her at a disadvantaged position since she does not live in the house to accrue direct benefit of her investment.

And if she decides to use the latter, she can't opt for an out of court settlement with both Sam and Shirley and convince them that since they are the ones directly benefiting from the mortgage payment, it will be reasonable for them to assume payment responsibilities and she should be fully exempted from the contract. Since Gladys and Stanley are both minors, their transaction of sale and purchase with each other have no legal backing whatsoever and it can be said to be null; however, it is clearly evident that there was a transaction between them and at some point Garcia decided to retreat on their sale agreement.

This is a very difficult situation for any judge to determine the rights of the two because there is no legal framework that defines their rights to support Garcia’s intention to recede her sale. It is even more complex factoring that Stanley has already sold the card and made a commendable profit. If it were Stanley making a complaint wanting to recede his decision of sale to the collector, he would have firm legal ground even though he lied about his age when selling, because a minor will always have advantage as it will be expected that the other party will independently verify the consumer’s age.

Therefore the rights of Garcia are limited in relation to her efforts seeking a nullification of her sale of the baseball card. Stanley is the sole winner in this deal as he keeps all his profits since there is no legal framework to compel him to give back the baseball card and the company’s rights are to their advantage given that Stanley does not intend to get back what he sold.

Paper For Above Instructions

Contract law encompasses a variety of principles that govern agreements between individuals and entities, highlighting the significance of obligations, rights, and remedies involved in contractual relations. This paper examines two hypothetical situations involving Gladys and Sam, as well as Garcia and Stanley, to explore the underlying legal principles of contract law, particularly focusing on statutory obligations, the impact of marriage on contracts, and the implications of transactions entered into by minors.

The legal framework surrounding obligations under contracts is essential for understanding the rights and responsibilities of parties involved. In the context of Gladys and Sam, both individuals have a statutory obligation to meet the financial obligations associated with their mortgage. This mutual responsibility is entrenched in the principle that married couples share equal rights and obligations. However, the dynamics of their relationship changed following their separation and Sam's subsequent marriage to Shirley. This change introduces a crucial aspect of contract law: the potential for third-party beneficiaries to emerge in a contractual arrangement.

If Sam's father ceased making mortgage payments, the question arises as to whether Gladys remains obligated to contribute, especially given her separation from Sam. Under contract law principles, "the rights of a third party to a contract may arise if they can demonstrate a benefit derived from its fulfillment" (Palmer, 2006, p. 158). In this scenario, if Gladys were to take legal action against the mortgage company seeking to compel contributions from Shirley, it raises complex issues regarding the enforcement of contract obligations in the presence of changes to the contracting parties and additional beneficiaries.

Furthermore, the doctrine of novation may come into play. Novation refers to the process by which one party is replaced in a contract, transferring obligations to the new party. If Gladys and Sam were to negotiate an agreement that absolves her of mortgage responsibilities, the court may need to consider the fairness of this arrangement, particularly in light of Shirley's newly acquired residence. Legal precedent suggests that courts generally uphold the original intent of contracts while considering the surrounding circumstances (Stark, 2003).

In the second scenario involving Garcia and Stanley, the aspect of minors entering into contracts introduces a significant legal hurdle. Generally, contracts executed by minors are voidable, meaning the minor has the right to cancel the agreement upon reaching the age of majority. Hence, when Garcia attempts to nullify the sale of a baseball card to Stanley, the court must address the legitimacy of Garcia's efforts to rescind the contract despite Stanley having acted in compliance with the requirements of the sale.

Stanley, as a minor, enjoys certain protections under the law which allow him to retain the proceeds from the sale, even if he misrepresented his age. This legal principle provides a protective stance for minors in contractual situations, acknowledging their potential vulnerability and lack of experience. However, the absence of legal mechanisms to return the value of the transaction back to Garcia complicates the resolution of the dispute.

In summary, the intricacies of contract law embody statutory obligations, the implications of marriage, and the rights of minors, providing critical insights into the legal complexities that govern such agreements. Gladys and Sam's case illustrates how family changes and third parties may impact contractual responsibilities, whereas Garcia's situation reflects the unique challenges faced by minors in contractual transactions. These themes underscore the necessity for equitable resolutions within the framework of contract law, ensuring that rights are upheld, and obligations are negotiated in good faith.

References

• Palmer, V. V. (2006). The paths to privity: The history of the third party beneficiary contracts at English law. Clark, N.J: Lawbook Exchange.
• Stark, T. L. (2003). Negotiating and drafting contract boilerplate. New York: ALM Pub.
• Bix, B. (2009). Contract Law. New York: West Academic Publishing.
• Corbin, A. (1993). Corbin on Contracts. New York: West Publishing.
• Restatement (Second) of Contracts. (1981). American Law Institute.
• Schwartz, A. (2001). Contracts: Cases and Doctrine. New York: Aspen Publishers.
• Beck, A., & Dorsey, J. (2008). Contract Law: A Contextual Approach. London: Routledge.
• Eisenberg, M. (2018). Principles of Contract Law. New York: Aspen Publishers.
• Freedman, A. (2010). The Law of Contracts. New York: LexisNexis.
• Posner, R. A. (2003). Economic Analysis of Law. New York: Aspen Publishers.