Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card For Mann/roberts’ Smith And Roberson’s Business Law, 17th
17th Edition
ISBN: 9781337094566
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Chapter 10, Problem 1Q
Summary Introduction
To discuss: Decisions as to the respective claims of Person B and person C.
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Students have asked these similar questions
Offer, acceptance, and consideration are necessary elements of
A
a warranty
a representation
a contract
insurable interest
B.
D
Acceptance must be absolute,and must correspond with the terms of the offer. Discuss .
A buver made an offer on a property on
September 25th. The Seller countered on
September 26th. Both parties signed the
purchase contract on September 28th. The
property closed on December 31st. What is the
effective date of contract?
O December 31st
O September 26th
O September 28th
O September 25th
Chapter 10 Solutions
Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card For Mann/roberts’ Smith And Roberson’s Business Law, 17th
Ch. 10 - Prob. 1COCh. 10 - Prob. 2COCh. 10 - Prob. 3COCh. 10 - Prob. 4COCh. 10 - Prob. 5COCh. 10 - Prob. 1QCh. 10 - Prob. 2QCh. 10 - Prob. 3QCh. 10 - Prob. 4QCh. 10 - Prob. 5Q
Ch. 10 - Prob. 6QCh. 10 - Prob. 7QCh. 10 - Prob. 8QCh. 10 - Prob. 9QCh. 10 - Prob. 10QCh. 10 - Prob. 11QCh. 10 - Prob. 12QCh. 10 - Prob. 13QCh. 10 - Prob. 14CPCh. 10 - Prob. 15CPCh. 10 - Prob. 16CPCh. 10 - Prob. 17CPCh. 10 - Prob. 18CPCh. 10 - Prob. 19CPCh. 10 - Prob. 20CPCh. 10 - Prob. 21CPCh. 10 - Prob. 22CPCh. 10 - Prob. 23CPCh. 10 - Prob. 1TSCh. 10 - Prob. 2TSCh. 10 - Prob. 3TS
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- The offer can be terminated for all of the following reason except Select one: a. Lapse of time Ob. A revocation of the offer by the offeror c. The fulfillment of a required condition d. A rejection of the offer by the offereearrow_forwardRowe advertised in newspapers of wide circulation and otherwise made known that she would pay $5,000 for a complete set consisting of ten volumes of certain rare books. Ford, not knowing of the offer, gave Rowe all but one volume of the set of rare books as a Christmas present. Ford later learned of the offer, obtained the one remaining book, tendered it to Rowe, and demanded the $5,000. Rowe refused to pay. Is Ford entitled to the $5,000?arrow_forwardWolcott and Sarah, both merchants and residents of Gainesville, Florida, aspire to enter into a contract with each other for the sale/purchase of goods. After Wolcott makes an offer to Sarah, Sarah responds with a written confirmation of acceptance; however, this written confirmation of acceptance states additional terms that are not present in Wolcott's offer. Nevertheless, Wolcott's offer did not expressly limit acceptance to the terms of his offer and Sarah's additional terms do not materially alter Wolcott's offer. If Wolcott does not give notification of objection to Sarah's terms within a reasonable time, which of the following will occur? O Due to the Mirror Image Rule, a contract is not founded until both Wolcott and Sarah agree to the same exact terms. ODue to Wolcott's failure to give notification of objection to Sarah's terms within a reasonable time, Sarah's terms will become part of the contract. O Sarah's additional terms constitute a rejection of Wolcott's offer and…arrow_forward
- Mr. A wrote and mailed to Mr. B offering to sell his truck worth $10,500.00. In response, Mr. B replied by mail with a counteroffer of $8,000.00. Days later, Mr. B wrote again to Mr. A and said that he accepted the offer of $10,500.00 and the letter reached to Mr. A. Though there was an acceptance to the offer, but Mr. A decided to sell his truck to other interested party. 1. Is there a binding contract between Mr. A & B? If yes or no, please support your statement.arrow_forwardBarnes accepted Clark’s offer to sell to him a portion of Clark’s coin collection. Clark forgot that his prized $20 gold piece at the time of the offer and acceptance was included in the portion that he offered to sell to Barnes. Clark did not intend to include the gold piece in the sale. Barnes, at the time of inspecting the offered portion of the collection and prior to accepting the offer, saw the gold piece. Is Barnes entitled to the $20 gold piece? Explainarrow_forwardOn April 1, Orizon LLC sent Jim Stevens a letter via overnight delivery, offering to employ him to audit Orizon, LLC’s financial statements for the current year for $10,000. In the letter, Orizon, LLC stated that Jim had ten days to accept. On April 5, Jim sent Orizon, LLC a fax that stated, "The price for the audit seems too low. Would you consider paying $12,000?" Orizon, LLC received the fax. The next day, Serena Williams heard about the offer to Jim and said to Orizon, LLC, “I will accept that offer!” On learning of Serena’s statement, Jim immediately e-mailed Orizon, LLC agreeing to do the work for $10,000. Orizon, LLC received this e-mail on April 7. 1. Explain in detail why Orizon, LLC and Jim do, or do not, have a contract. 2. If you did not discuss it already, would applying the mailbox rule change your answer in #1? 3. Can Serena accept this offer?arrow_forward
- On May 1, Melforth Realty Company offered to sell Greenacre to Dallas, Inc., for $1 million. The offer was made by a letter sent by overnight delivery and stated that the offer would expire on May 15. Dallas decided to purchase the property and sent a letter by registered first-class mail to Melforth on May 10, accepting the offer. Due to unexplained delays in the postal service, Melforth did not receive the letter until May 22. Melforth wishes to sell Greenacre to another buyer, who is offering $1.2 million for the tract of land. Has a contract resulted between Melforth and Dallas?arrow_forwardSheila owned an old roadside building that she believed could be easily converted into an antique shop. She talked to her friend Barbara, an antique fancier, and they executed the following written agreement: a. Sheila would supply the building, all utilities, and $100,000 capital for purchasing antiques. b. Barbara would supply $30,000 for purchasing antiques, Sheila would repay her when the business terminated. c. Barbara would manage the shop, make all purchases, and receive a salary of $500 per week plus 5 percent of the gross receipts. d. Fifty percent of the net profits would go into the purchase of new stock. The balance of the net profits would go to Sheila. e. The business would operate under the name “Roadside Antiques.” Business went poorly, and after one year, a debt of $40,000 is owed to Old Fashioned, Inc., the principal supplier of antiques purchased by Barbara in the name of Roadside Antiques. Old Fashioned sues Roadside Antiques, and Sheila and Barbara as partners.…arrow_forwardPalmer made a valid contract with Ames under which Ames was to sell Palmer’s goods on commission from January 1 to June 30. Ames made satisfactory sales up to May 15 and was then about to close an unusually large order when Palmer suddenly and without notice revoked Ames’s authority to sell. Can Ames continue to sell Palmer’s goods during the unexpired term of her contract?arrow_forward
- a. True or false Under the objective theory of contracts, the intention to enter into a contract is judged by all the observable relevant outward, objective facts as interpreted by a reasonable person. b. true or false A unilateral offer is accepted by the Offeree doing the act requested by the offeror.arrow_forwardOn March 5, 1956, A wrote a letter to B offering to him the lease of a building. On March 6, 1956, at 1:00 P.M., B sent a letter of acceptance which was received by A at 4:00 P.M. that day. But at 2:00 P.M., A had already sent B a letter of withdrawal of the offer which was received by B at 5:00 P.M. Was the contract perfected? Reasonsarrow_forwardSet out & explain any five exclusive clauses found in a contract of sale of business.arrow_forward
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