A funeral home director enters into a written contract to buy five caskets from CASKETS AND MORE, Inc. for $1000 per casket. Is this contract governed by the UCC, Article 2? a. No, this contract would be governed by common law. b. Yes, it is a contract for goods, so the UCC, Article 2, applies. C. No, this contract would be governed by federal law. d. Yes, but only if the parties agree the UCC, Art. 2 applies.
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- Suppose that the marginal benefit of writing a contract is $125 and the marginal cost of that contract is $100. Based on this information, the optimal contract length should a. be decreased by half. b. be increased. c. be held constant at the contract length where MB = 125 and MC = 100. d. be decreased by two-thirds.Juan Valdez, a coffee farmer in Colombia, sells his coffee to Cafe Emporium, a U.S. firm which specializes in gourmet coffee blends. a. What must be true of this arrangement? Which sentence is true? Juan believes he is better off with this contract, but in reality, the wealthy American buyer is taking advantage of Juan's naiveté. When Juan and other farmers in Colombia sell their coffee beans to foreigners, their nation as a whole gains in the long run, as countries gain from trade. While this arrangement is good for Juan, he would be better off if the government had negotiated the contract for him because the government could have gotten a better price. Juan and other farmers in Colombia who make such transactions are made better off as a result. b. What can be inferred from the fact that Juan has voluntarily entered into a contract with Cafe Emporium? Which sentence is true? Juan is earning zero economic profit selling coffee. Juan has…Decide whether that sentence is true or false? The validity of the contract completely depends on the form of contract. Contract for the benefit of a third party is a contract which is concluded by three parties and the third party shall enjoy benefits from the performance of such obligations; Time of entry into civil contract shall be the time when the offeree‘s letter of acceptance was posted In cases where a third party refuses to enjoy its benefits from a contract for the benefits of a third party, the contract shall still take effect toward the contracting parties. When the individual entering into the contract dies, such contract shall terminate, unless otherwise agreed upon by parties. When the object of the contract does not longer exist, it does not lead to the termination of the contract, unless the object of the contract is a distinctive object. A pledge of property shall take effect as from the time at which the last party signs the document of pledge of…
- What was the result in the text case involving the sale of a specialty metal, Almetals Inc., v. Wickeder Westfalenstahl, GMBH, the plaintiff sued the defendant for breach of contract seeking specific performance. Multiple Choice a) Specific performance was unavailable because real estate was not involved. b) Specific performance was the appropriate remedy because the goods at issue were unique with no known alternative sources of supply. c) Specific performance was unavailable because a requirements contract was involved d) Specific performance was unavailable because the goods at issue were scarce. e) Specific performance was unavailable because a foreign defendant was involved and jurisdiction for specific performance was, therefore, lacking.Which of the following statements is correct? a. In a principal-agent model, the party who proposes the contract is called the principal. b. In a principal-agent model, the party who decides whether or not to accept the contract and then performs under the terms of the contract (if accepted) is called the agent. c. In a principal-agent model, the agent is usually the party with asymmetric (or better) information. d. All of the above.Rod and Todd Flanders have been working jobs in HR that pay $40,000 and $20,000 per year, respectively. They are trying to decide whether to quit their jobs and jointly open a snow cone shack, which they estimate can earn $100,000 per year. According to the Nonstrategic view of bargaining, how will the snow cone shack proceeds be split? Rod and Todd Flanders have been working jobs in HR that pay $40,000 and $20,000 per year, respectively. They are trying to decide whether to quit their jobs and jointly open a snow cone shack, which they estimate can earn $100,000 per year. According to the Nonstrategic view of bargaining, how will the snow cone shack proceeds be split? Rod gets $50,000 and Todd gets $50,000 Rod gets $66,666.67 and Todd gets $33,333.33 they won't quit their jobs. Rod gets $60,000 and Todd gets $40,000
- QUESTION:- Which of the following best describes duress? a. Illegitimate pressure exerted by one person on another person to coerce them to contract on particular terms b. Strong commercial pressure exerted by one person on another person to coerce them to contract on particular terms c. Actual injury by one person or actual damage by one person to the goods belonging to another person to coerce them to contract on particular terms d. None of the other answers is correctMr. Rashid verbally agrees to sell his farm house to Mr. Salman for Rs 3 crores. Later he communicated again to Mr. Salman and said that I don’t want to sell my farm house at the moment. The above contract is an example of Unenforceable contract. Answer as YES OR No? Give reason to support your answer in part a.Is the dynamics of the Law of Contract as per the civil code a myth with relation to a business entity
- 1) Explain the significance of the Prisoner's Dilemma, and how the model might be used to explain some forms of competition when there is uncertainty. 2) Explain the similarities and differences between Keynes' theory of consumption and Friedman's Permanent Income Hypothesis. 3) explain why the Marginal Rate of Substitution is equal to the price ratio for all goods, and its significance. 4) Briefly compare and contrast various models of how duopolists compete. 5) Explain whether the Efficient Market Hypothesis is a helpful theory, and why or why not. 6) Explain why financial theory rests on the mean and variance approach to the risk/return relationship. 7) Describe how Fisher and Modigliani helped explain our pattern of savings throughout our lifetime.Suppose you have two types of users for your software: basic users and professionals. The value each group places on your basic program and your advanced program is given in the table below. Value of Product basic users Professionals basic program $65 $60 advance program $75 $150 You don’t know who exactly your basic and professional users are. How might you price your advanced program so that only your professionals by that version and you maximize profits? Group of answer choices $144 $150 $65 $75Ready Foods contracts to buy two hundred carloads of frozen pizzas from Speedy Distributors. Before Ready or Speedy starts performing, can the parties call off the deal? What if Speedy has already shipped the pizzas? Explain your answers.