Law Assignment Question
Instruction: This writing assignment has 3 questions. Please answer all as completely as possible. With the exception of one area, you should not have to do any outside research — but if you do, please cite your source in some way.
Also pay attention to formatting. This counts for a significant chunk of your grade, so please use your best efforts. There is no page requirement, but you should answer each question as completely as possible.Law Assignment Question.
WORDER A PLAGIARISM-FREE PAPER NO
Question 1
This question will require you to draft part of a contract. The contract in question is between you and your friend, John Smith. John needs $500 to pay some bills, and you are happy to loan it to him. However, you are a little worried that John might not pay it back. You want to be clear, in writing, that this is not a gift — that there is consideration. You also want to make sure whatever terms you write up aren’t illusory. In this case, that means you want any terms you write up to clearly obligate John to pay you back; you don’t want him coming back to you in 5 years saying that paying you back was only optional.Law Assignment Question.
Before you write up your contract, think about the following issues:
- Name of offeror
- Name of offeree
- Consideration provided by offeror
- Consideration provided by offeree
- What terms do you want the repayment agreement to include? In other words, are there any time limits, interest payments, fees, etc., that you want to impose to make sure John pays you back, and that will cause him to be in breach if he doesn’t fulfill those terms?
Please note that you should not submit your answers to A through E — these are simply the things I want you to think about before actually drafting the agreement ….
Now that you have thought through the terms of the offer, you need to draft the agreement in a more formal manner. You write the following letter to John. Please fill in the blanks [ ] as appropriate. Make sure that whatever terms you pick are clear to me, and that they are not too vague or arbitrary to be enforce by a court of law.
Also note that you must draft a forum selection clause, so that any dispute is resolved in RI courts.
This answer must be double spaced, times new Roman, 1-inch margins.
- Discussed in A through E above well develop, answer the forum selection clause, and remember formatting.
[your name]
Johnson & Wales University
Providence, RI 02903
April 1, 2021
John Smith
Johnson & Wales University
Providence, RI 02903
Re: Letter of Intent, Loan Agreement
Dear John:
Below is my initial offer for a contract, regarding your request to borrow $500 from me.
I hope to hear from you soon.
Best regards,
[/s/ your name]
Enclosure
Loan Agreement (draft)
Law Assignment Question