Accord and Satisfaction Self-Quiz

 

 

 

 

 

 

After graduating from the ParalegalTech Institute and working for one of the most prestigious law firms in New York City, Mark decides that he would like to go to law school. Mark applies and is accepted to the New York City School of Law. The school agrees to lend Mark the $10,000 per year in tuition on the condition that he pay the $30,000 back within two years of his graduation. Mark graduates from Law School on June 1st, 2001 and he must pay back the $30,000 by June 1st, 2003. Mark’s father has been a collector of books and had given Mark the collection, which contained a substantial collection of rare and valuable legal books. Mark has the legal books appraised and they are valued at $28,000. Mark offers to donate the books to the law school’s library in lieu of paying back the $30,000 he owes them and the law school accepts Mark’s offer. On June 1st, 2003, Mark fails to deliver the books to the law school and the school files suit against Mark. If the school files suit in a jurisdiction that considers Executory Accords to be substitute contracts, the school can sue Mark for:
Choice 1 The books
Choice 2 The $30,000
Choice 3 Either
Choice 4 Neither
After graduating from the ParalegalTech Institute and working for one of the most prestigious law firms in New York City, Mark decides that he would like to go to law school. Mark applies and is accepted to the New York City School of Law. The school agrees to lend Mark the $10,000 per year in tuition on the condition that he pay the $30,000 back within two years of his graduation. Mark graduates from Law School on June 1st, 2001 and he must pay back the $30,000 by June 1st, 2003. Mark’s father has been a collector of books and had given Mark the collection, which contained a substantial collection of rare and valuable legal books. Mark has the legal books appraised and they are valued at $28,000. Mark offers to donate the books to the law school’s library in lieu of paying back the $30,000 he owes them and the law school accepts Mark’s offer. On June 1st, 2003, Mark fails to deliver the books to the law school and the school files suit against Mark. If the school files suit in a jurisdiction that considers Executory Accords as simply suspending, and not replacing, the obligations under the original contract, the school can sue Mark for:
Choice 1 The books
Choice 2 The $30,000
Choice 3 Either
Choice 4 Neither

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