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Contracts - Consideration- Requirement Of Consideration For Modification Of A Contract, David Macdonald
Contracts - Consideration- Requirement Of Consideration For Modification Of A Contract, David Macdonald
Michigan Law Review
Landlord leased space to tenant in a building which was to be erected. The agreement and subsequent modifications pro- . vided that the landlord should pay the broker's commission and architect's fees, and have the power to cancel the lease prior to a specified time. The litigation arose over another attempted modification in the form of a letter from the tenant in which the tenant promised to indemnify the landlord for the broker's commission and architect's fees if the landlord should cancel the lease as it had the power to do under the agreement. In compliance with the tenant's request, …
Bills And Notes-Discharge-Intentional Destruction Due To Mistake As A Discharge, Richard S. Weinstein S.Ed.
Bills And Notes-Discharge-Intentional Destruction Due To Mistake As A Discharge, Richard S. Weinstein S.Ed.
Michigan Law Review
The holder of sixteen bonds issued by defendant destroyed the bonds believing them to be worthless after they had been in default as to both principal and interest for six years. Ten years later the defendant went into bankruptcy for reorganization and the holder learned that under the plan of reorganization the bonds were exchangeable for $400 in cash and $600 in preferred stock. When defendant refused to recognize the indebtedness even though the holder tendered an indemnity bond against wrongful payment, the holder instituted suit to recover the value of the bonds. The lower court denied relief to the …
Taxation-Federal Income Tax-Automobile Received As Prize In Sales Agency Drawing Not Income, Arthur M. Wisehart S.Ed.
Taxation-Federal Income Tax-Automobile Received As Prize In Sales Agency Drawing Not Income, Arthur M. Wisehart S.Ed.
Michigan Law Review
An automobile agency, as a means of publicizing its new models, advertised that it would give a new car to one of the persons visiting its showroom on a certain day. When plaintiff visited the showroom on the day specified, an employee of the agency took her name, wrote it on a slip of paper, and deposited it in a barrel. Plaintiff's name was drawn from the barrel and she received the automobile. Plaintiff did not include the value of the prize in computing her gross income for tax purposes, and a deficiency was assessed against her. Unsuccessful in her …