Assignment Put the right anwer in the [brakets]. BUSINESS RELEASE ASSIGNMENT Jos

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Assignment Put the right anwer in the [brakets].

BUSINESS RELEASE ASSIGNMENT

Joseph Drew, doing business as Sports Fanatic, 842 Colorado Blvd., Pasadena, CA, entered into a contract to sell a football to Robert Mortimer (1287 S. Los Robles Ave., Pasadena, CA). The written contract was executed on August 24, 2017. Mortimer had done business with Drew in the past. The transactions had involved Mortimer informing Drew of items he was interested in and Drew acquiring them for resale to Mortimer. The price for the football was $4,400, payable within 30 days of delivery. Drew obtained the football in September 2017 and made the ball and supporting documentation available to Mortimer for inspection on October 10, 2017. However, on November 15, 2017, Mortimer notified Drew that the football was not the original and refused to accept delivery or pay. Mortimer stated that Drew had not provided adequate proof of authenticity (provenance) for the football and, as a result, Mortimer could not determine that it was the original. The football that Mortimer wanted was from the 1989 Super Bowl. Along with the football, Drew had presented affidavits from the 49ers stating that this was the actual game-winning ball. Drew is willing to walk away from the deal as long as Mortimer reimburses his expenses of $567. Draft a release and settlement agreement for Drew to present to Mortimer. Use and modify, as required, the following form agreement.

AGREEMENT FOR RELEASE OF CLAIMS AND RESCISSION OF CONTRACT

This Agreement for Mutual Release of Contractual Claims and Rescission of Contract is entered into on [date of release] , at [name of city] , [name of state] , by and between [name of first party] , of [address of first party] , referred to in this Release as [“First Party”] , and [name of second party] , of [address of second party] , referred to in this Release as [“Second Party”] . RECITALS This Agreement is made and delivered with reference to the following facts: A. On or about [date of contract] , the parties entered into a [written/oral] contract pursuant to which [statement of material provisions of contract under which claims arose] , referred to in this Release as “the Contract.” B. After the parties entered into the Contract, [description of any pertinent acts or omissions occurring after parties entered into contract] . C. A dispute has arisen between the parties concerning their rights and obligations under the Contract. [First Party] contends that [statement of contentions of [first party] concerning rights and obligations under contract] and [Second Party] contends that [statement of contentions of defendant or second party] . D. The parties have reached a settlement and compromise of the dispute between them consisting of a mutual release of claims and rescission of the contract. This Agreement is given and accepted for the purposes of compromising disputed claims and avoiding the expense, inconvenience, and uncertainty of litigation. Nothing contained in this Agreement, nor any consideration given pursuant to it, shall constitute or be deemed an admission of any act, omission, liability, or damages of any party. E. As part of the consideration for this Agreement Release, [name of party paying consideration] has paid [name of party receiving consideration] the sum of [text dollar amount of payment] dollars , the receipt of which is acknowledged .

RELEASE OF CONTRACTUAL CLAIMS AND RESCISSION OF CONTRACT 1.

The parties mutually agree that the above-mentioned contract entered into between the parties on [date of agreement] , shall be and is rescinded, terminated and cancelled as of [date of cancellation] . 2. Each party to this Agreement, now and forever releases and discharges the other party from any and all claims, demands, losses, expenses, damages, liabilities, actions, and causes of action of any nature that in any manner arise from or relate to the formation, existence, performance, or breach of the Contract identified above. 3. Each party represents and warrants that he or she has considered the possibility that claims, liabilities, injuries, damages, and causes of action that he or she does not presently know or suspect to exist in his or her favor may develop, accrue, or be discovered in the future, and that he or she voluntarily assumes that risk as part of the consideration for this Agreement. 4. Each party represents and warrants that he has [consulted with and relied upon legal counsel of his own choosing OR had the opportunity to consult legal counsel of his own choosing but has voluntarily elected not to seek legal advice] concerning the parties' settlement and the execution of this Agreement. Each party further represents and warrants that he is relying solely upon his own investigation, knowledge, information, belief, and judgment, or the advice of his own attorney, and not upon any statements, opinions, or representations of any other party or his attorneys, employees, or agents, in settling his claims and executing this Agreement. The undersigned each affirm that they have read this agreement to release contractual claims and rescind the above-identified contract, understand all of its terms, and execute it voluntarily and with full knowledge of its significance.

[[[DATES OF AND SIGNATURES]]

Explanation / Answer

“Assumption made here is November 30, 2017 is the date when agreement for release is signed

AGREEMENT FOR RELEASE OF CLAIMS AND RESCISSION OF CONTRACT

This Agreement for Mutual Release of Contractual Claims and Rescission of Contract is entered into on [November 30, 2017] , at [Pasadena] , [CA] , by and between [Joseph Drew] , of [Sports Fanatic, 842 Colorado Blvd., Pasadena, CA] , referred to in this Release as [“First Party”] , and [Robert Mortimer] , of [1287 S. Los Robles Ave., Pasadena, CA] , referred to in this Release as [“Second Party”] . RECITALS This Agreement is made and delivered with reference to the following facts: A. On or about [August 24, 2017] , the parties entered into a [written] contract pursuant to which [statement of material provisions of contract under which claims arose] , referred to in this Release as “the Contract.” B. After the parties entered into the Contract, [description of any pertinent acts or omissions occurring after parties entered into contract] . C. A dispute has arisen between the parties concerning their rights and obligations under the Contract. [Joseph Drew] contends that [Along with the football, Drew had presented affidavits from the 49ers stating that this was the actual game-winning ball] and [Robert Mortimer] contends that [that Drew had not provided adequate proof of authenticity (provenance) for the football] . D. The parties have reached a settlement and compromise of the dispute between them consisting of a mutual release of claims and rescission of the contract. This Agreement is given and accepted for the purposes of compromising disputed claims and avoiding the expense, inconvenience, and uncertainty of litigation. Nothing contained in this Agreement, nor any consideration given pursuant to it, shall constitute or be deemed an admission of any act, omission, liability, or damages of any party. E. As part of the consideration for this Agreement Release, [Robert Mortimer] has paid [Joseph Drew] the sum of [Five Hundred Sixty Seven Dollars, $567] dollars, the receipt of which is acknowledged.

RELEASE OF CONTRACTUAL CLAIMS AND RESCISSION OF CONTRACT 1.

The parties mutually agree that the above-mentioned contract entered into between the parties on [August 24, 2017] , shall be and is rescinded, terminated and cancelled as of [November 30, 2017] . 2. Each party to this Agreement, now and forever releases and discharges the other party from any and all claims, demands, losses, expenses, damages, liabilities, actions, and causes of action of any nature that in any manner arise from or relate to the formation, existence, performance, or breach of the Contract identified above. 3. Each party represents and warrants that he or she has considered the possibility that claims, liabilities, injuries, damages, and causes of action that he or she does not presently know or suspect to exist in his or her favor may develop, accrue, or be discovered in the future, and that he or she voluntarily assumes that risk as part of the consideration for this Agreement. 4. Each party represents and warrants that he has [consulted with and relied upon legal counsel of his own choosing OR had the opportunity to consult legal counsel of his own choosing but has voluntarily elected not to seek legal advice] concerning the parties' settlement and the execution of this Agreement. Each party further represents and warrants that he is relying solely upon his own investigation, knowledge, information, belief, and judgment, or the advice of his own attorney, and not upon any statements, opinions, or representations of any other party or his attorneys, employees, or agents, in settling his claims and executing this Agreement. The undersigned each affirm that they have read this agreement to release contractual claims and rescind the above-identified contract, understand all of its terms, and execute it voluntarily and with full knowledge of its significance.

[[[DATES OF AND SIGNATURES]]

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