Business law 2?

Jerome is an elderly man who lives with his nephew, Philip. Jerome is totally dependent on Philip’s support. Phillip tells Jerome that unless Jerome transfers a tract of land he owns to Philip for a price 15% below market value, Philip will no longer support and take care of him. Jerome enters into the contract. Discuss whether Jerome can set aside this contract.

Answers:
The contact sounds illegitimate to me. The money from the sale of the property will still be Jerome's. I would worry about the next move that Philip will try to take. If as you say Jerome is totally dependent, then I assume that Philip will try to get hist hands on this money. If Phillip were going to use this money for Jerome's expenses, then why wouldn't he want to sell for the highest price possible? I'm sure Jerome would have provided the funds to Phillip for his expenses and they both would have benefited.


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