MINDTAP BUSINESS LAW FOR MANN/ROBERTS S
MINDTAP BUSINESS LAW FOR MANN/ROBERTS S
17th Edition
ISBN: 9781337094498
Author: Roberts
Publisher: IACCENGAGE
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Chapter 10, Problem 11Q
Summary Introduction

To discuss: Whether a contract exists between person J and person B.

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With a banker’s acceptance, certain conditions, such as delivery of the merchandise, may be specified before payment is made; True or False
A contractor has agreed to build a home for Jane for $300,000. Early in the construction of the home, Jane is informed by the bank that she can only have a $280,000 loan. Jane speaks to the contractor, asking if he would drop his price by $20,000. As it happens, she called the contractor while he was watching his daughter on stage accepting an award for her dance performance. He took Jane's call and being so emotionally overwhelmed at the time by his daughter's success, that he told Jane sure, no problem. However, when it came time for final payment, he told Jane he changed his mind and needs full payment. Jane comes to see you, her lawyer, and asks for your advice. What do you tell her?
Pisey needs $ 8,000 for her pig farm. After Sisey Pisey told her about the $ 8,000 she needed, the bank said she had collateral, such as a house, because borrowing, in principle, requires the bank to have collateral? Sister Pisey says I mortgaged the title deed to get a $ 8,000 loan from the bank. The bank assessed the land and told Pisey to borrow $ 25,000 (by submitting the land title), otherwise the bank would not lend her $ 25,000, not $ 8. $ 000) Do you agree? Sister Pisey said that I only need $ 8,000, $ 25,000 is more than I need! The bank said it was likely to force her to borrow $ 25,000 ... Finally, Pisey gave up the loan, fearing that the bank would not be able to confiscate land worth more than 25,000. Dollars.   How do students understand the situation? Delay. As a Business Manager
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