Iowa Western Community College Business Law IRAC Form Questions Business law essay questions. answer questions down beloIn IRAC form Issue, rules,analysis,

Iowa Western Community College Business Law IRAC Form Questions Business law essay questions. answer questions down beloIn IRAC form Issue, rules,analysis, conclusion 1. Gwen is considering hiring a painter to paint her house. She runs an advertisement in
a local newspaper seeking a painter. Rico answers the advertisement and visits Gwen’s
house. Rico says he might be able to paint the house this weekend. Gwen promises to
pay him $1,000 if he does so. Rico arrives that weekend and begins painting. What type
of contract do Gwen and Rico have, and can Gwen tell Rico she has changed her mind
once he has started to paint?
5. David would like to buy a business being offered for sale by Adam. David offers Adam
$1 million as a purchase price. Adam says he needs to think about the offer. Three weeks
later, Adam calls David and leaves him a message stating that he accepts. Was a contract
formed? If not, why not? If a contract was formed, at what moment is it formed?
9. Dee has been selling his corn crop to a local ethanol plant each fall. The ethanol plant and Dee
do not have a written agreement. The ethanol plant always pays the current market price for
the corn. Do Dee and the ethanol plant have a contract, and what type of contract is it: express
or implied? Is it formal or informal? If the ethanol plant is taking all the corn Dee produces, is
the contract a requirements contract? When will the contract come to an end?
John is a sixteen-year-old high school student. He lives with his parents, Mary and
Roger, in North Dakota. John attends a school forty miles from his house. The tempera-
tures in North Dakota often dip below -20° F. Roger and Mary cannot provide a car for
John to drive to school. John is on the basketball team, so his schedule precludes him
from riding the bus provided by the high school. John buys a brand-new Mustang from
a local car dealership for $42,000. He wrecks the car. Can John disaffirm the contract,
and does he need to make restitution if he does disaffirm the contract?
Maurice takes his car to a local automotive repair business. Maurice agrees to pay $2,500
to have his antique Ford Pinto painted. The auto repair business starts to prepare the car
for painting but discovers the car actually has been painted several times before. The
owner of the auto repair business calls and asks Maurice if he will pay $3,000 instead of
$2,500 to have the car painted. Maurice agrees. The car is painted. Does Maurice have
to pay $2,500 or $3,000? Why?

Purchase answer to see full
attachment