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
expand_more
expand_more
format_list_bulleted
Question
Chapter 11, Problem 18CP
Summary Introduction
Case summary: Person S bought a diamond ring from person L for $6990. At the time of purchase she received a guarantee from the firm attesting to the value of diamond, trade in value and style. Then person S went to trade ring for another, while the jewellers valued the ring 3000 and 3500 respectively. The she realized the value of diamond depends on the oral representation of person L’s sales person.
To discuss: The decision for recession of the agreement or damages in the sales price amount.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Barnes 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? Explain
David M. Fox was a distributor of tools manufactured and sold by Matco Tools Corporation (Matco). Cox purchased tools from Matco, using a credit line that he repaid as the tools were sold. The credit line was secured by Cox’s Matco tool inventory. In order to expedite payment on Cox’s line of credit, Matco decided to authorize Cox to deposit any customer checks that were made payable to “Matco Tools” or “Matco” into Cox’s own account. Matco’s controller sent Cox’s bank, Pontiac State Bank (Pontiac), a letter stating that Cox was authorized to make such deposits. Several years later, some Matco tools were stolen from Cox’s inventory. The Travelers Indemnity Company (Travelers), which insured Cox against such a loss, sent Cox a settlement check in the amount of $24,960. The check was made payable to “David M. Cox and Matco Tool Co.” Cox indorsed the check and deposited it in his account at Pontiac. Pon-tiac forwarded the check through the banking system for payment by the drawee bank.…
Smith was approached by a man who introduced himself as Brown of Brown & Co. Brown was not known to Smith, but Smith asked Dun & Bradstreet for a credit report and obtained a very favorable report on Brown. He thereupon sold Brown some expensive gems and billed Brown & Co. “Brown” turned out to be a clever jewel thief, who later sold the gems to Brown & Co. for valuable consideration. Brown & Co. was unaware of “Brown’s” transaction with Smith. Can Smith successfully sue Brown & Co. for either the return of the gems or the price as billed to Brown & Co.?
Chapter 11 Solutions
Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card For Mann/roberts’ Smith And Roberson’s Business Law, 17th
Ch. 11 - Prob. 1COCh. 11 - Prob. 2COCh. 11 - Prob. 3COCh. 11 - Prob. 4COCh. 11 - Prob. 5COCh. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - Prob. 5Q
Ch. 11 - Prob. 6QCh. 11 - Prob. 7QCh. 11 - Prob. 8QCh. 11 - Prob. 9QCh. 11 - Prob. 10CPCh. 11 - Prob. 11CPCh. 11 - Prob. 12CPCh. 11 - Prob. 13CPCh. 11 - Prob. 14CPCh. 11 - Prob. 15CPCh. 11 - Prob. 16CPCh. 11 - Prob. 17CPCh. 11 - Prob. 18CPCh. 11 - Prob. 19CPCh. 11 - Prob. 20CPCh. 11 - Prob. 21CPCh. 11 - Prob. 22CPCh. 11 - Prob. 23CPCh. 11 - Prob. 1TSCh. 11 - Prob. 2TSCh. 11 - Prob. 3TS
Knowledge Booster
Similar questions
- 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_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_forwardJones drew a check for $1,000 on The First Bank and mailed it to the payee, Thrift, Inc. Caldwell stole the check from Thrift, Inc.; chemically erased the name of the payee; and inserted the name of Henderson as payee. Caldwell also increased the amount of the check to $10,000 and, by using the name of Henderson, negotiated the check to Willis. Willis then took the check to The First Bank; obtained its certification on the check; and negotiated the check to Griffin, who deposited the check in The Second National Bank for collection. The Second National Bank forwarded the check to the Detroit Trust Company for collection from The First Bank, which honored the check. Griffin exhausted her account in The Second National Bank, and the account was closed. Shortly thereafter, The First Bank learned that it had paid an altered check. What are the rights of each of the parties?arrow_forward
- A offered to sell his automobile to B for P50,000. After inspecting the automobile, B offered to buy it for P50,000. This offer was accepted by A. The next day, A offered to deliver the automobile, but B, being short of funds, secured a postponement of the delivery, promising to pay A the price “upon arrival in this port of the steamer Helena.” The steamer, however, never arrived because it was wrecked somewhere off the coast of Samar. (a) Is there a perfected contract in this case? Why? (b) Is the promise to pay made by B conditional or with a term? Why? (c) Can A compel B to pay the purchase price and to accept the automobile? Why?arrow_forwardElizabeth goes shopping at Marshalls’s on Wednesday and sees a very expensive piece of furniture costing $70,000. It is an antique, so there are no others like it for sale. Elizabrth wants to get her spouse’s approval before buying it. Elizabeth gives Marshalls’s $2,500 to give her the right to buy the antique until Saturday at noon. Elizabeth took pictures of the piece, and she returns with her spouse on Friday to buy the furniture. Marshalls’s apologizes and says they mistakenly sold the piece to another customer and gives the $2,500 back to Elizabeth. Elizabeth sues Marshalls’s for additional damages. What is the probable outcome of Elizabeth’s lawsuit?arrow_forwardOn February 18, Clancy, who was in debt, took his stereo to Lucy’s repair shop. Because Lucy and Clancy were old friends, Lucy didn’t give him a receipt. On February 19, hounded by creditors, Clancy sold the stereo on credit to Grover, who was to pick it up on February 21 at Lucy’s, pay Lucy the repair bill, and pay the balance of the purchase price to Clancy. Who is entitled to the radio if, on February 20, Clancy’s creditor appears with the sheriff to seize the stereo from Lucy? Why?arrow_forward
- Assume that before Rafael takes possession of the plane, Barron has begun to use it in his new business offering air tours of Glacier National Park in Montana. Does his use of the plane for business purposes impact the bank's security interest in the plane?arrow_forwardBroderick owns a beautiful automobile, a 1971 Nissan Newport. Ophelia has offered to buy the car from Broderick on multiple occasions for $20,000, but Broderick has always declined the offer. One night, Ophelia visited the tavern where she knew Broderick usually spent his evenings relaxing. having dinner, and drinking one beer. Upon her arrival, Ophelia ordered a beer for herself and a milkshake for Broderick. Ophelia and Broderick proceeded to make jokes and share a few laughs, and again she offered to buy the car from Broderick. This time, Broderick laughed and agreed. writing out and signing a written agreement to sell the car to Ophelia for $20,000 on several sheets of paper brought to them by an employee of the tavern. Ophelia observed what Broderick was doing, and she smiled and nodded numerous times as Broderick completed writing out the terms and then handed the sheets of paper to Ophelia. Then, Ophelia signed on the signature line for her that Broderick had placed on the form…arrow_forwardThe H owned and operated a successful small bakery and grocery store. They spoke with L, an agent of Red Owl Stores, who told them that for $18,000, Red Owl would build a store and fully stock it for them. The H sold their bakery and grocery store and purchased a lot on which Red Owl was to build the store. L then told H that the price had gone up to $26,000. The H borrowed the extra money from relatives, but then L informed them that the cost would be $34,000. Negotiations broke off and the H sued. Can H win the case? Explain.arrow_forward
- Abigail is in the business of selling fine antiques. Abigail purchased an antique desk for $5,000 from Jackson, and gave a promissory note for payment. Concerned that Jackson might not accept the note, Abigail had her friend Catalina sign the promissory note as well. Jackson accepted the note as payment. Two weeks later, Jackson sought payment on the note. Abigail told Jackson that she is not responsible for the promissory note because Catalina signed the note too, and Jackson had to seek payment from Catalina first. Abigail also spotted a beautiful set of vintage chairs owned by Max that would be perfect for her store. Abigail wrote a $10,000 check, also signed by her business associate Orville as an accommodation party, to Max to pay for the chairs. Max presented the check to Westville Savings, the bank where Abigail has a checking account, for payment. Westville Savings dishonored the check claiming Abigail had insufficient funds. Who is liable for these negotiable…arrow_forwardUpon endorsement, the endorsers become jointly and severally liable with the drawer for the payment of the cheque. O False OTruearrow_forwardDanny sells his second-hand car to BB Auto Traders, a used car dealer. During the verbal negotiations the vehicle is described as a 2017 Civit Honda. After the sale, BB Auto Traders discovered that the car was in fact a 2015 Civit Honda. The registration document stated it was first registered in 2017 and when Danny sold the car, he relied on the information detailed both within the car log book and on the registration document, but it turned out that the logbook was forged by the previous owner and the registration document was inaccurate. Advise Danny on the legal issues that arise in contract law. In doing so, you should interpret the terms of contract, identifying if any terms have been breached and what remedies might arise Would your answer be different if the negotiations between Danny and BB Auto Traders were all undertaken via email? why explain properly.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill EducationManagement (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSONSpreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
- Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSONBusiness Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSONFundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON
Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON