Qd 214. Louis Dupris, one of largest grain traders in Europe is based in Alsace,France, and recently won a USD 25 million contract to export grain toSingapore. Mr. Dupris prepared the required containers and shipped themto the buyer, hoping to collect the funds in 60 days. While the grain wasbeing transported to Singapore, the price of grain tumbled by 58 percent,causing the importer to refuse taking ownership of the grain containers.Discuss how this drop in price can cause a conflict between the companiesand how this dispute can be resolved.

Dispute resolution includes the methods, techniques, and processes that are used to resolve a…

Answered: Louis Dupris, one of largest grain…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Albert has won two tickets in a raffle to see the latest movie at the cinema. The market price of a ticket is $20. Albert has no friends or family living near by, so he would only be using one ticket. He mentions this to an acquaintance at work, Rashid. Rashid thinks to himself that he would like to see the movie. He starts haggling with Albert over the purchase of the remaining ticket. Assuming that both Albert and Rashid are rational, self-interested people, what price will they eventually agree on? Explain your answer.
1. Happy Farms, Inc. ordered 1,000 gallons of a specialty pesticide, â€œBerry Good,â€ for its berry crop. The total price of the order was $15,000. Happy Farms paid $5,000 up front and promised to pay the balance upon delivery. JA changed the order to a newer product â€œVery Berry Goodâ€ without notice to or consents from Happy Farms. Upon delivery, the head farmer at Happy Farms, Allison Kagan, noted that the product was not the same as she ordered. Later that afternoon, Kagan notified JA that the pesticide was not what she had ordered and refused to pay the balance on the shipment. Happy Farms held the boxes of pesticide, but, to date, JA has not retrieved them. What are JAâ€™s legal options in this situation? 2. Martin Rupe worked as the manager of one of JAâ€™s retail outlets. A customer came in and offered to buy all remaining â€œBerry Goodâ€ pesticide for…
1. Select the rule which determines the quantity of a rice which a consumer will demand.a) Continue to buy so long as there is no consumer surplus.b) Stop buying rice at the level of demand where the consumer surplus rises above the market price.c) Stop buying rice at the level of demand where the marginal utility falls to the price of rice.d) Continue to buy so long as demand for rice is price elastic. 2. In which of these situations might moral hazard arise?a) Insurance companies fail to calculate the risks of accident correctly.b) A company receives an exemption from pollution control legislation.c) A sports team accepts bribes which affect their performance in a game.d) A group of households makes a collective purchase of flood insurance
Great Vegetables, Corp. a wholesale vegetable distributor in the Bronx, buys and prepays for a trailer load of tomatoes for $20,000.00. The tomatoes are sold by Texas Tomatoes, Inc., a selling cooperative of Texas farmers and transported to New York by an independent truck driver from Louisiana. The truck shipment is arranged by an Oklahoma truck broker from his/her office in Oklahoma. When the tomatoes arrive at Great Vegetables, Corp. two weeks later they are rotten. The Texas farmers and the truck broker have not physically done anything in New York. Great Vegetables, Corp. sues Texas Tomatoes, Inc., the truck broker and the truck driver in a New York State court and the summons is served on each of them outside New York State. Explain the reasons why Great Vegetables, Corp. could argue that the New York State court has personal jurisdiction over each defendant.Assume you are the attorney for defendants Texas Tomatoes, Inc. the truck broker and the truck driver. why personal…
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Paul is the owner of a sport store that specialises in extreme sports such as paragliding and wakeboarding. To entice customers to spend more he has recently launched store credit, subject to approval. Which one of the following is a cost of granting credit that Paul must be aware of? Select one: a. Loss of interest b. Insurance cost c. The loss of customer goodwill d. Loss of flexibility
Choose the right answer. 5. (Sale of Goods) Amira bought a big oven yesterday. Today her little sister, Bashira takes the oven to her house to bake a cake, after she receive permission to do so. Tomorrow her friend Cinthia wants to rent the oven and and she already paid RM50 for it. Who has the title to the machine? a. Asmira b. Bashira c. Cinthia d. Amira and Cinthia e. Amira and Bashira 6. (Sale of Goods) Who has possession of the machine? a. Asma b. Bashira c. Cinthia d. Amira and Cinthia e. Amira and Bashira 7. (Sale of Goods) Who has the legal right to the machine? a. Asma b. Bashira c. Cinthia d. Amira and Cinthia e. Amira and Bashira 8. (Sale of Goods) Who has the equitable right to the machine? a. Asma b. Bashira c. Cinthia d. Amira and Cinthia e. Amira and Bashira
Choose the right answer. 7. (Sale of Goods) Amira bought a big oven yesterday. Today her little sister, Bashira takes the oven to her house to bake a cake, after she receive permission to do so. Tomorrow her friend Cinthia wants to rent the oven and and she already paid RM50 for it. Who has the legal right to the machine? a. Asma b. Bashira c. Cinthia d. Amira and Cinthia e. Amira and Bashira 8. (Sale of Goods) Who has the equitable right to the machine? a. Asma b. Bashira c. Cinthia d. Amira and Cinthia e. Amira and Bashira
1.A merchant marks up the cost of cloth by 30% and then gives a discount of 20% on the marked price to all his customers. What is his profit/loss percentage in winter when the meter-scale shrinks by 10% due to cold? 2.Vijay, Saral and Himanshu visited a shop to buy a certain article and each one of them bought one unit of the article. The shopkeeper gave a discount of 20% to Vijay, two successive discounts of 20% and 25% to Saral and three successive discounts of 20%, 25% and 40% to Himanshu. If an overall discount of x* was given by the shopkeeper then what is the value of x? 3. The total number of employees at Mx Corp is 50% more than the total number of employees at Nx Corp. All the employees of Mx Corp and Nx Corp participate in a survey where they are asked the question "Do you think Commonwealth Games 2010 would be a grand success?". The question has to be answered in either Yes' or 'No'. 80% of those who say Yes' are from Mx Corp and 80% of those who say 'No' are from Nx Corp.…
Farmer grows and sells blueberries. Maine Wild Blueberry Co. agreed to buy all of Farmer’s crop for the next two years under a contract that left the price to be determined. Farmer delivered all of the blueberries he was able to harvest. However, a dispute arose over the amount of blueberries Maine will accept and the price it has to pay. Is there an enforceable contract? If so, what is the amount of blueberries Maine must accept and at what price? Discuss is detail.
Using method 1 (combined depreciation and investment cost) determine the probable cost per hour of owning and operating a caterpillar that uses rubber tires.The equipment is a 185-hp diesel engine and the following conditions apply. Factor delivered price = $ 472,550Sales tax = 6.5% of delivered priceUnloading and assembling = $2,175Salvage value = $ 115,000Useful life = $ 6 yr.Hours used per year = 1,675 hrInterest on investment = 9.5%Maintenance and repair = 65% of straight line depreciationDiesel engine = 185 hpOperating factor = 0.60Fuel cost = $5.45/galCrankcase capacity = 9 galHours between oil changes = 135 hr.Oil cost = $14.25/galTires = $ 62,500Tire life = 4950 hr.Tire repairs = 12% of tire depreciation.
Sun Networks is a large company that operating solely as a Television broadcaster. However, four years ago, it started offering broadband and telephone services to its Television customers. Customers taking up the offer were then recognized in the business as ‘Combo customers’ and they had to take up both the broadband and telephone services together with the Television service. Other customers were still able to subscribe to Television alone but not to broadband and telephone services without the Television service.All contracts to customers of Sun Networks are for a minimum two-month period. The Television box is sold to the customer at the beginning of the contract. However, the broadband and telephone equipment is only rented to them. In the first few years after product bundling was introduced, the company saw a steady increase in profits. Then, Sun Networks saw its revenues and operating profits fall. Consequently, staff bonuses were not paid, and staff became dissatisfied.…

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