Evaluate the Legal Situation Given and Give the Correct Procedures (Coursework Sample)

Engineering Ethics
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Engineering Ethics
Scenario: Cooper offers to purchase Brant’s coin collection for $5,000, and Brant accepts Cooper’s offer. Assuming that the contract has met all of the requirements for a valid contract, answer the questions raised in each of the following situations.
Situation #1:
The contract is in writing. Brant is a minor and Cooper is an adult. Brant gives the coin collection to Cooper and receives the $5,000. Brant then has a change of heart and wants to recover his coin collection from Cooper. Can he do so? Explain. What if Brant was a minor at the time of the sale but did not decide that he wanted the coin collection back until a year after he had turned eighteen?
With the sale concluded to the satisfaction of both parties, it is assumed that change of ownership has already taken place. However, in the case of one of the parties being a minor, complications arise. This is because it is general rule that an agreement is not enforceable if one of the parties is a minor. Thus, in this case, the retrieval of the five thousand dollars by Cooper will totally depend on Brant’s decision. Thus, it is assumed that full exchange has already taken place and that five thousand dollars belong to Brant and that Cooper owns the coin collection. Thus, in the case of a minor, for Cooper to retrieve his coin collection, a new transaction would have to be set up where Brant decides a price to pay for the box. The same would apply if both were adults as the contract was made by a minor at the time and not by the adult.
Situation #2:
The contract is oral, and both parties are adults. Brant creates a memorandum of the transaction, indicating the names of the parties, the date, and the exact terms of the contract; Brant places the memorandum in his file. Cooper refuses to go through with the agreement. Is the contract enforceable against Cooper?
An oral agreement is no less legal binding than a written agreement. If a witness is present, then Brant has more assurance of enforcing the contract against Cooper. A memorandum of understanding signed by both parties also provides evidence of the transaction. However, a memorandum of understanding does not necessarily provide the legal binding to enforce the agreement. This depends on the terms of the contract.
Situation #3:
The contract is in writing, and both parties are adults. Although Brant represents to Cooper that the coin collection is worth at least $5,000, in fact, Brant has just had it appraised and knows that it is worth only $2,000. Cooper later learns that the collection is worth only $2,000 and wants to sue Brant. What remedies are available to Cooper?
In a legal setting, Copper has the option to sue the offence as a case of price gouging. However, since the product is neither a necessity nor sold at the time of an emergency, it would be difficult to sue Brant as more freedom is awarded to sellers on the pricing of their commodities outside this field. Also, it is important to note that in a court setting, Brant can defend himself in the basis of increased cost of storage, transportation or supply. Cooper aalso has the freedom to opt for a consent decree instead of heading for direct prosecution.
Situation # 4:
The contract is in writing and both parties are adults. Cooper pays Brant $5,000, but Brant, having had a change of heart, decides to keep the collection and offers to return the $5,000 to Cooper. Cooper wants the coin collection not the money. In Cooperâ€...