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Samual’s Contract with Marvin

Posted on | by Kelvin

 

Prompt: Samual is an elderly man who lives with his nephew Marvin. Samual is dependent on Marvin for support. Marvin advises Samual to invest in Marvins drycleaning business venture, or Marvin will no longer support him. Samual liquidates his other investments and signs a contract with Marvin, to whom Samual gives the funds. Can Samual set aside this contract? Explain.o Requirements: Threaded format; 75 wordsPrompt: Medico gives Health Source copies of Medicos financial statements for the previous year. The statements show an inventory of $10 million. On June 15, Medico discovers that the previous years inventory is overstated by $500,000, but does not inform Health Source. On July 1, Health Source, relying on the financial statements, buys Medico. On July 10, Health Source discovers the inventory overstatement. Can Health Source succeed in a suit against Medico?Explain.

 

 

 

Sample Answer

 

Thread 1: Samual’s Contract with Marvin

Samual may have grounds to set aside the contract with his nephew Marvin due to potential undue influence. Given their relationship of dependency, Marvin’s pressure on Samual to invest in his drycleaning business could be seen as exploiting Samual’s vulnerability. If Samual can prove that he was coerced or manipulated into signing the contract, a court may rule in his favor.

Thread 2: Health Source’s Suit Against Medico

Health Source may have a valid claim against Medico for fraudulent misrepresentation. By providing inaccurate financial statements, Medico misled Health Source into purchasing the company under false pretenses. The discovery of the inventory overstatement after the acquisition strengthens Health Source’s case. If Health Source can demonstrate that it suffered damages due to Medico’s misrepresentation, the court may rule in favor of Health Source.

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