Jerry and Kramer enter a contract for Jerry to buy Kramer’s pet
rooster for $ 30. Kramer changes his mind and no longer wishes to
sell the rooster because he bought the rooster only a few months
ago from someone else for $300 and the fair market value of the
rooster is at least $480. Can Kramer cancel the contract?
a. Yes, because the consideration is unreasonable.
b. Yes, because the contract was not in writing and violates the statute of frauds.
d. None of the above.
2. Jerry is angry that Kramer will not sell the rooster. One day, Kramer’s rooster escapes Kramer’s house and runs to a nearby park. Jerry sees the rooster and thinks, “now is my chance!” Jerry grabs the rooster and takes it home. He puts an advertisement on craigslist and sells the rooster for $600. What is Kramer’s best claims against Jerry?
d. Trespass to chattel
3. Today is June 10, 2016. Lilly contracted to purchase 500 boxes of beads from the Marshall Bead Company. The parties agreed that Marshall Bead Company would deliver the products on August 1, 2016. If Marshall Bead Company contacts Lilly and says that they will not be able to deliver on August 1, 2016, when can Lilly sue?
b. After August 1, 2016 if the beads are not delivered
c. Right away
d. At the end of the year
The contract can’t be cancelled because of changing mind. Once two parties agreed upon bearing with a valid offer and subsequent acceptance, a contracted is executed and this is enforced by law. Cancellation of such contract requires valid reason, like breach of trust, unfulfilled act, etc. This was done here; therefore, there is no chance of cancellation.
This is conversion, since someone dominates over a chattel and it is very hard to get the rights back to the original holder. Once it is sold, K may not get the possession of it again; therefore, J has to pay the compensation.
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