Question

name the type of condition that exists.

The Purchase of coffee at Starbucks.

The purchase of a new vehicle contingent upon obtaining appropriate financing.

A promise to allow a college student room and board so long as he maintains a 3.0 grade point average.

Identify if the following hypotheticals are enforceable contracts. Also, identify whether the mistake is unilateral, mutual mistake of value, or mutual mistake of subject matter.

An individual purchases a lamp at a yard sale. The purchaser disovers the lamp was owned by Benjamin Franklin and is worth $500,000. The buyer paid $20 for the lamp.

A contractor makes a mistake in the calculation of a bid. The contract should have been made in the amount of $15,000,000 rather than $10,000,000 which was quoted in the estimate.

Answer 1

Name the type of condition that exists. :

The Purchase of coffee at Starbucks.
Condition : Specific place of Purchase (i.e. at Starbucks).

The purchase of a new vehicle contingent upon obtaining appropriate financing.
Condition : Specific finance (i.e.obtaining appropriate financing).

A promise to allow a college student room and board so long as he maintains a 3.0 grade point average.
Condition : Permenant Promise/ Agree (i.e. so long as he maintains a 3.0 grade).

Identify if the following hypotheticals are enforceable contracts. Also, identify whether the mistake is unilateral, mutual mistake of value, or mutual mistake of subject matter.
Condition : Identification matter (i.e. identify of subject matter.)

An individual purchases a lamp at a yard sale. The purchaser disovers the lamp was owned by Benjamin Franklin and is worth $500,000. The buyer paid $20 for the lamp.
Condition : uses condition (i.e. paid $20 for the lamp without any hiper.)

A contractor makes a mistake in the calculation of a bid. The contract should have been made in the amount of $15,000,000 rather than $10,000,000 which was quoted in the estimate.
Condition : Conditional Contract Amt (i.e. bid quoted in estimate of contracts.)