In late 2011 or early 2012, the plaintiff, Lan England, agreed to sell 258,363 shares of stock
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In December 2014, the plaintiff made a demand for the 2 percent stock, but the defendant refused, contending that the 2 percent agreement was meant only to secure his payment of the additional $25,000. The plaintiff sued for breach of the 2 percent agreement. Prior to trial, the defendant discovered additional business records documenting that he had, before entering into the second agreement, actually overpaid the plaintiff for the purchase of the stock. The defendant asserts the plaintiff could not enforce the second agreement as an accord and satisfaction because (a) it was not supported by consideration and (b) it was based upon a mutual mistake that the defendant owed additional money on the original agreement. Is the defendant correct in his assertions? Explain.
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Related Book For
Essentials of Business Law and the Legal Environment
ISBN: 978-1305075436
12th edition
Authors: Richard A. Mann, Barry S. Roberts
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