Debt collection in the form of vintage goods and challenging the contract afterwards

[njayyy89]

What is the name of your state (only U.S. law)?

 

[njayyy89]

Hi there,

I'm following a Business Law course and am really new to this field. I'm in the process of solving this issue, where the Manager of a stereo company agreed to claim a debt from one of the creditors in the form of $3000 and some vintage items to cover a sum of $4000. However, later on, the director came to know about this and asked the manager to return the vintage goods and get $1000 instead. Since the Manager got into an agreement with the creditor for settling the debt, now his company needs to challenge the contract.

So now my questions are:

1) How should I advise the company as to the application of the rules of consideration to this dispute?


2) if there would have been any difference if the the creditor did not offer the vintage goods and the Manager had simply agreed to accept $3000 in settlement of the debt?

 

[justalayman]

Unless you are a licensed attorney you shouldn't be giving anybody legal advice.


If this is homework, you need to contemplate the question and determine what you believe to be the best correct answer. I'm sure your instructor would want it that way.

 

[FlyingRon]

Here's a dime. Go call your mother and tell her there are serious doubts about you becoming a lawyer.

FA is not what your professor had in mind for legal research.

 

[adjusterjack]

the Manager of a stereo company agreed to claim a debt from one of the creditors in the form of $3000 and some vintage items to cover a sum of $4000. However, later on, the director came to know about this and asked the manager to return the vintage goods and get $1000 instead. Since the Manager got into an agreement with the creditor for settling the debt, now his company needs to challenge the contract.

Read this:

https://en.wikipedia.org/wiki/Apparent_authority