The Legal Environment of Business: Text and Cases (MindTap Course List)
10th Edition
ISBN: 9781305967304
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
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Chapter 12, Problem 3CT
Summary Introduction
Case summary:Company N manufactures and sells athletic footwear which includes its lines of the shoes AF. Company A is a limited liability company that produces and markets athletic footwear that includes the line of shoes, S and SB. Company N filed a case against company A in federal district court for the violation of the trademark of product AF. Company A filed a counterclaim against N stating that the trademark of product AF was invalid. N issued a contract of covenant agreement. N vowed that it would not raise any claim against the company A for colorable imitation. Later on, N filed a motion for dismissal of his own claims and the counterclaims of A.
To f ind :The contracts that are similar to covenants not to sue.
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3. A contract is a written, spoken or tacit (understood) agreementbetween two or more people, which is intended to be enforceable bylaw. Name FIVE elements of a contract that you should include for yourbusiness.
Spring agreed to buy Summer's car. Because the actual purchase was not to take place for several months, they drew up a lengthy agreement that specified all of the rights and obligations of each of the parties that they could think of. They took this two-page, single spaced document to an attorney for review. The attorney suggested a few changes. They had the documented retyped and they signed it. The contract is referred to a
a. An executed contract
b. A formal contract
c. An implied contract
d. A simple contract
Kindly explain the following for remedies for breach of contract
1.Damages
2.0rder of payment
3.Specific Performance
4.Injunction
5.Rescission
Chapter 12 Solutions
The Legal Environment of Business: Text and Cases (MindTap Course List)
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- 6 - A contract must always contain explicit written terms in order for it to be legally upheld. TrueFalsearrow_forwardExplain the difference between a contractual breach and a lawful (tort) breach. Give examples of each. Discharge of a contract IS MOST COMMONLY ACHIEVED BY PERFORMANCE. Failure to do so may result in either party suing the other(s) for breach in court. Reflect on the options one will have when analyzing their options to sue. Under the law when a mistake has taken place when would the courts become involved? Under torts explain what is meant by an unconscionable transaction. Define the purpose of damages being awarded.arrow_forwardDEFINITIONS 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…arrow_forward
- 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 contractarrow_forwardQuestion 1Amy and Bianca intended to form a company called Flexible Co Ltd to engage in trading. Before the company was incorporated, Amy and Bianca signed a lease agreement with Fix-a- deal Co Ltd in the name of Flexible to rent an office in Tsim Sha Tsui. Three months after Flexible’s incorporation, Amy met Cyril who mentioned that he had an office of about the same size to let at a much lower rent. Amy and Bianca went to see the premises and found it very suitable for their business. They wish to repudiate the existing lease and take up a new lease with Cyril.Advise Amy and Bianca. Question 2By reference to relevant section(s) of the Companies Ordinance, explain the effects of incorporation.arrow_forwardDiscuss any five (5) remedies available to the employees in case of breach of contract. b) With the aid of examples, explain the term vicarious liability.arrow_forward
- Analyze the circumstances in which a contract of service may be brokenby either party of an employment contract. Include in your answer theconsequences if either party breaks the contract. Please give 8 point with explanation in details and example. words 800arrow_forward13. What does it mean to say that a contract term is ambiguous? It means that the term was added unilaterally at some time during the life of the contract It means that the term is vague and subject to multiple, reasonable interpretations It means that its performance will greatly disadvantage one of the parties.arrow_forward1. Life Company processes information furnished by others to transfer title to real estate from a seller to a buyer. In performing this task for a sale of land from Eren to Armin, the furnished information is mistaken. The contract between Eren and Armin that includes the mistake may be rescinded if the mistake concerns a. a detail on which the parties had a true “meeting of the minds.” b. a fact that is important and central to the contract. c. a third party, such as County Title. d. a term in the contract subject to only one reasonable interpretation.arrow_forward
- 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?arrow_forward1. 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…arrow_forwardBriefly discuss the fifteen point of contract to a minor?arrow_forward
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