Forward and future contracts are considered trade agreements. a. True b. False
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Forward and future contracts are considered trade agreements.
a. True
b. False
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- Firm A is having financial difficulties. It delivers goods to a carrier for shipment to a foreign buyer, obtains a Bill of Lading (BOL), and negotiates the document to the buyer. In the meantime, a creditor of the seller attempts to put a lien on the goods to satisfy it debt. In this example whose property claim to the delivered goods will prevail? a. Firm A b. The buyer c. the creditor d. They have equal claims and the dispute needs to be submitted to court for final resolution11. In a contract that calls for goods to be delivered, the UCC has a presumption in favor of: Group of answer choices -A destination contract -A shipment contract -A quasi-contract -An oral contract 15. The Uniform Commercial Code defines “good faith” as Group of answer choices -honesty in fact -caveat emptor -whatever the parties agree to -the UCC does not define good faith 22.Ghazi has received a shipment of goods, but determined that 20% of the goods are defective. Under the Perfect Tender Rule, she can -accept the entire order -reject the entire order -keep the conforming goods and return the defective ones -all of the above.1. Seller and Buyer negotiate for the sale of 100 acres of land. They orally agree on a price of $100,000, one half in cash at closing and the other half 90 days after closing. Buyer sends Seller a letter in which all the terms are included and is signed by Buyer. Seller never responds. When the closing date arrives, Seller refuses to transfer title. Buyer sues. Is the agreement enforceable at law? 2. Seller and Buyer negotiate for the sale of 100 acres of land. They orally agree on a price of $100,000, with payment to be made within 10 days and the deed delivered within another 30 days. Buyer sends Seller a letter in which all these terms are included, along with a check for $100,000 that Seller deposits. Seller fails to deliver a deed, and Buyer seeks to enforce the contract. Is the contract enforceable? 3. John is president and sole shareholder of Photo, Inc. Photo, Inc. wishes to borrow money, but to do so, the bank requires John to orally guarantee to repay the loan if…
- Hamid signs a contract with a tour company that reads as follows: Fun Times Travel will provide the customer with airline travel to and from Sharjah and with five night’s accommodations at the Happy Holiday Hotel at Paris. This package includes a half-day city tour and one day’s admission to the museum of the customer’s choice. Also included is one ticket to a major football game and if there are any home games during the trip. Hamid later claims that before the contract was signed, he was told that he would be staying at the Downtown Happy Holiday Hotel, which is much nicer than the Suburban Happy Holiday Hotel where the tour company plans for him to stay. Hamid also claims the tour company told him that meals are included and that he could substitute a second day of museum admission for the baseball ticket, both of which the tour company denies. Can Hamid present evidence of all his claims? Advise him on what could be admitted by the court and why? Explain legal concepts…a. true or false It is not necessary to prove a contract to sell land by a writing when both parties admit in court that they entered into a contract. b. true or false Consideration must be a bargained for legal benefit for both of the parties to the contract. c. true or false A contact exists and can be enforced even where one side's alleged consideration was a past un-bargained for act that benefited the other party.C&D Services contracts with Ace Concessions, Inc. to provide service for Ace’s vending machines. A few months later, C &D wants to sell out to Dean Vending Services, and assign its contract with Ace Concessions to Dean. Can C&D assign the contract without Ace Concessions consent? What will C&D’s risk be in the assignment?
- 16. Why are restrictive covenant clauses controversial? They are controversial because they allow people to create contract terms that restrict their future right to alter those same contracts They are controversial because they allow people to create contract terms below the otherwise legislated minimum standards of work They are controversial because they seem to pit two legitimate interest against each other: the right of trade against the right of contractWhat happens when a party with the right to avoid a contract chooses to not avoid it? a. The contract is ratified. b. The contract is rejected. c. The contract becomes void. d. The contract becomes a quasi-contractIn which type of Contract is there a "lack of meeting of the minds?" a) Bilateral b) Unilateral c) Fraudulent d) Oral 2. Generally where a unilateral mistake is made in a Contract, the Contract will still be enforced, except where the non-mistaken party was aware of the mistake. a) True b) False 3. A home builder misjudges the cost of the windows to be installed in the house. This is: a) Bilateral mistake leading to rescission. b) Unilateral mistake which can be corrected. c) A mathematical mistake which is correctable. d) An error of judgment, not correctable. 4. "Sign or I'll kill you" is an example of: a) Undue Influence b) Misrepresentation c) Duress d) either a or b 5. An attorney who over a period of time convinces an elderly widow to deed…
- Assume that Elkins contracted to build an addition to Cromwell’s plant producing cruise missiles just prior to the Gulf War. The war ended before Elkins started work, and Cromwell tried to cancel the contract. Can Elkins do anything about the loss of his anticipated profit (a) if the contract contained a proper cancellation clause? (b) if the contract contained no clause dealing with cancellation?DEFINITIONS Define or give the meaning of the following: Consent- Acceptance- Natural elements- Option contract Mistake of law DISCUSSIONS When is a contract voidable or annullable? Is it always required that he who alleges fraud or mistake in entering into a contract, must prove hiss allegation? Explain. Give the requisites in order that intimidation may vitiate or annul consent of a party to a contract. May fraud be commuted by a party to a contract though there is no mis interpretation on his part? Explain. Will the acceptance of a business advertisement of a thing for sale produce the perfection of a contract? Explain. PROBLEMS Explain or state briefly the rule or reason for your answer. In a contract containing an option period, when is the offerer not allowed to withdraw his offer even before acceptance by the offeree? When is the offerer allowed to withdraw his offer even after acceptance? S sold his house to B believing that B was C. Can S legally…In September, Amina hired Bryan as a delivery man. Bryan was to commence work on 1 November. On 1 October, Amina wrote to Bryan telling him that, despite their agreement, economic circumstances were such that she no longer required his services. Can Bryan sue Amina? Explain your answers in light of the principles learned on breach of contract. SOlve it with IRAC method