Business Law #8

The case study should be at least two pages in length and   include at least two outside sources. Be sure to use APA formatting for all   citations and references. Read carefully and answer fully.

Calvin had been an avid coin collector for many years, and   the most valuable coin in his collection was an uncirculated, mint condition,   1943 Lincoln penny made of copper (most pennies made during World War II were   made of zinc because copper was needed in the war effort). That penny had a   value of between $60,000 and $95,000.

In August of 2017, Calvin had a serious stroke that left   him unable to speak or walk, but his doctor assured his family that Calvin   would recover over time with intensive therapy.

Calvin was a widower and did not have any children, but he   had several nephews who visited him from time to time as he recovered. None   of the nephews had any real interest in Calvin’s coin collection. One of   Calvin’s nephews, Billy, who visited Calvin more often than the other   nephews, sometimes listened to Calvin talk (talking was a part of Calvin’s   therapy) about his mounting medical bills and his coin collection, but Billy   never showed much interest in the medical bills or the coin collection.

In October, as Calvin’s recovery progressed slowly, Billy   visited Calvin and told Calvin that he had been reading about coin   collecting, and he realized that Calvin’s collection, especially the 1943   Lincoln copper penny, was valuable, and Billy suggested that Calvin should   consider selling the 1943 Lincoln copper penny and use the proceeds to pay   his medical bills. Calvin resisted the idea at first, but Billy continued to   urge Calvin to sell the penny so that he would not have to worry about the   medical bills. Finally, when Billy told Calvin that he would arrange the sale   of the penny for a commission of just 5% of the sale price of the penny,   Calvin began to think that selling the coin might be a good idea. He was   still a little confused about how the sale would work and what Billy would do   to make sure that the penny would be sold for the best price. Calvin told   Billy that he thought that the penny was worth almost $100,000, but Billy   assured Calvin that the market had changed recently, and that the penny was   now worth $40,000 to $45,000. Eventually, Calvin allowed Billy to sell the   penny for the best price he could get and to take a 5% commission for   arranging the sale of the penny. Billy then sold the penny to a friend for   $40,000, took his 5% commission, and paid the remainder of the sale price to   Calvin.

A few months later, as Calvin continued to recover, he   read a story in a coin collecting magazine about how an uncirculated, mint   condition, 1943 Lincoln penny made of copper had just sold at auction for   more than $100,000, and Calvin began to wonder if Billy had taken advantage   of him. Calvin consulted a lawyer and asked the two questions below.

  • Did he (Calvin) have the mental capacity to enter        into the contract when he agreed to let Billy sell the penny? What would        he (Calvin) have to prove to show a court that he did not have the        necessary mental capacity when he authorized Billy to sell the penny?
  • Did Billy exert undue influence over Calvin to cause        Calvin to enter into the contract that allowed Billy to sell the penny?

What do you think? Does Calvin have a case to set aside   the contract with Billy on either of these theories?

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