Hello everyone, I have an Assignment for you today. This assignment must beDONE by Monday, July 20, 2020, no later than 10 pm. By the way, I need this assignment to be PLAGIARISM FREE & a Spell Check

Sherwood sued and ultimately lost. At trial, W alker showed that, at the time of the sale, both parties believed the cow to be barren, and both also knew that the value of a fertile cow was much higher than that of a barren cow. The court determined that mutual mi stake by both parties was the substance of the agreement ( Sherwood v. Walker , 1887). Generally, unilateral mistakes that are errors by one party about a material fact do not void a contract. Courts are reluctant to interfere with a contract when one of t he parties has a correct understanding of the material facts. Misrepresentation: Misrepresentations are similar to mistakes; however, they involve an untruthful assertion by one of the parties about a material fact. In Sherwood v. Walker (1887), neither man made a deliberately untruthful statement. Under the same facts, had W alker told Sherwood that his cow was fertile when he knew for a fact that she was not, this would constitute misrepresentation. There are three varieties of misrepr esentation: innocent misrepresentation, negligent misrepresentation, and fraudulent misrepresentation. The primary difference is the mindset and intentions of the person accused of the misrepresentation. Undue influence: This involves a person who holds a special relationship with another (e.g., doctor –patient, lawyer –client), and this person uses his or her dominant position to take advantage of the other. The persuasive efforts of the dominant person must have interfered with the weaker person’s abilit y to make decisions. Duress: This takes place when one party is forced into an agreement by the wrongful act of another; although there is assent, it is not legal assent. For a court to rescind the agreement, the injured party must show that the duress left no reasonable alternatives to agreeing to the contract. Methods of Discharging a Contract and/or Remedies Conditions: There are three varieties of legal conditions: condition precedent, condition subsequent, and concurrent conditions. These condit ions can be expressed (i.e., those explicitly stated in the contract) or implied (i.e., those inferred from the nature and language of the contract). Discharge by performance: Tender is defined as an offer by a party in a contract to perform, along with being ready, willing, and able to perform a duty specified in that contract (Kubasek, Browne, Herron, Dhooge, & Barkacs, 2016). Tender can trigger events later discussed under material breach. There are two types of performance: complete performance and substantial performance. Substantial performance has three elements, which are as follows: 1. completion of nearly all of the terms of the agreement; 2. an honest effort to complete all th e terms, and 3. no willful departure from the terms of the agreement. Courts will generally view substantial performance as performance, and the courts will discharge the party’s responsibilities under the contract. This may seem unfair; however, courts will often require the party who has not quite fully performed to compen sate the other party for any loss in value caused by the failure to meet all the standards set forth in the contract. Cases of this nature will often turn on what is considered to be substantial performance under the facts. In the textbook, this is precise ly the question in Larry Pettit et al v. Hampton and Beech, Inc. et al ., 101 Conn. App. 502, 922 A.2d 300 (2007). Discharge by material breach: A breach is a failure to perform obligations under contract. Not all breaches result in discharge from the c ontract. BBA 3210, Business Law 3 UNIT x STUDY GUIDE Title Material breaches are substantial breaches of a significant term of a contract that excuse the nonbreaching party from further performance and give the nonbreaching party the right to recover damages. In contrast, minor breaches may entitle the n onbreaching party to damages but not discharge. Anticipated repudiation leads to discharge and allows for the nonbreaching party to immediately sue for breach of contract. The nonbreaching party may allow the repudiating, nonperforming party to change hi s or her mind and still perform. Discharge by operation of law: This occurs when neither party acts or fails to act. In situations involving bankruptcy, the tolling of the statute of limitations, impossibility, frustration of purpose, or commercial impr acticability, a contract may be discharged. For example, the 18th Amendment of the United States Constitution effectively established the prohibition of alcoholic beverages in the United States by declaring the production, transport, and sale of alcohol to be illegal (U.S. Const. amend. XVIII). Any contracts involving activity made illegal by the 18th Amendment were discharged by operation of law. Assignment and Delegation Contracts are typically exclusive agreements between the parties involved. There are two situations in which a third party can gain rights to a contract to which he or she is not a party: an assignment or a delegation. Assignment: Consumer credit card debt is often assigned to third parties for collection. For example, Carl has a de linquent RichBank Visa credit card and owes over $5,000 in principal and interest. Carl receives a letter stating that his debt has been assigned to Blood Stone Recovery Services (BSRS). In this scenario, the original obligor was RichBank, who agreed to extend credit to Carl, the obligee, who promised to pay RichBank back plus interest. RichBank became the assignor when they assigned their rights to the contract to BSRS, the third party and assignee. When an assignor transfers rights to an assignee, the assignor legally gives up all rights to collect on the contract. Therefore, RichBank cannot continue any collection efforts from Carl. If he later sends them a payment, RichBank must reject it because they have no legal right to it. Additionally, the assi gnee acquires the identical rights the assignor had. Therefore, BSRS is only entitled to collect fees plus interest according to the original terms in the agreement Carl signed with RichBank. Delegation: Delegations are similar to assignments with a few key distinctions. Assignments transfer rights to a contract, whereas delegations transfer duties. In delegations, the transferring party —the delegator — remains on the hook if the delegatee fails to fulfill t he contract. References Kubasek, N., Browne, M. N., Herron, D. J., Dhooge, L. J., & Barkacs, L. (2016). Dynamic business law: The essentials (4th ed.). New York, NY: McGraw -Hill Education. Sherwood v. Walker, 66 Mich. 568, 33 N.M. 919, (1887). U.S. Const. amend. XVIII.