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Future ASSIGNMENT 1st. Adams

 
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PostPosted: Thu Mar 23, 2017 10:45 am    Post subject: Future ASSIGNMENT 1st. Adams Reply with quote

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On Jan. 23, 1974, Mr. Adams, V.P. of Washington Bank & Trust Co., met with Bruce Bickham. They reached an greement: Bickham agreed to do personal and corporate banking business w/bank, and bank agreed to loan Bickham money at 7-1/2% interest per annum. Bickham had 10 years to repay loans. January 1974 to September 1976, bank made several loans to Bickham at 7-1/2% interest. In September 1976, Adams resigned from bank. Bank notified Bickham that general economic changes made it necessary to charge higher rate of interest on both outstanding and new loans, Bickham sued bank for breach of contract. Was the contract bilateral or a unilateral contract? Does Bickham win?
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