Gretchen,who Lived in Calgary,entered into a Contract with Matt,who Lives

question 7

Essay

Gretchen,who lived in Calgary,entered into a contract with Matt,who lives in Edmonton.He paid $2500 to her at the outset and she promised that she would edit a book that he was in the process of writing.After completing slightly more than half of the job,however,Gretchen received an offer to act in a play on Broadway.Since acting had always been her dream,she pleaded with Matt to let her go to New York without finishing her project with him.She also pleaded with him to retain the $2500 that she had received from him because she needed a great deal of money to make the move.Since he was fond of Gretchen,Matt agreed.She then sold almost all of her belongings,including her computer,and moved to New York.A week later,however,Matt changed his mind when he learned that Gretchen was acting in Cats,a Broadway production that he disliked very much.He therefore now insists that she must fulfill the rest of her contractual obligations.Is he correct? Explain your answer.

Recognize the legal obligations arising from personal guarantees.

Understand the legal implications of contracts involving minors.

Differentiate between types of evidence admissible under the best evidence rule.

Discern the impact of federal acts on electronic transactions and credit transactions.

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Definitions:

Fine Art

A category of art that is considered to be created primarily for aesthetic and intellectual purposes and judged for its beauty and meaningfulness.

Silver

A precious metal used for investment, industrial applications, and jewelry, known for its conductivity and antibacterial properties.

Reserve Requirement Ratio

The fraction of deposits that banks must hold in reserve and not loan out, as mandated by central banking authorities.

Central Bank

An institution designed to oversee the banking system, regulate the quantity of money in the economy, and provide various financial services to the government.