Smith and Roberson’s Business Law
17th Edition
ISBN: 9781337094757
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Question
Chapter 12, Problem 4CO
Summary Introduction
To discuss: The concept of bargained-for exchange and whether this element is present with past consideration and 3rd party beneficiaries.
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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?
Melani sold a silver-looking laptop case to Bente for $2,500. Both honestly believed that the case was made of 95% platinum and 5% ruthenium. Jossie later learned that the briefcase was made of 100% inexpensive sterling silver with gold plating on the handles and corners. Explain whether Jossie can rescind the contract with Melani.
What is the definition of consideration and what general principles apply to its presence in contracts? Define promissory estoppel.
Chapter 12 Solutions
Smith and Roberson’s Business Law
Ch. 12 - Prob. 1COCh. 12 - Prob. 2COCh. 12 - Prob. 3COCh. 12 - Prob. 4COCh. 12 - Prob. 5COCh. 12 - Prob. 1QCh. 12 - Prob. 2QCh. 12 - Prob. 3QCh. 12 - Prob. 4QCh. 12 - Prob. 5Q
Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - Prob. 8QCh. 12 - Prob. 9QCh. 12 - Prob. 10QCh. 12 - Prob. 11QCh. 12 - Prob. 12CPCh. 12 - Prob. 13CPCh. 12 - Prob. 14CPCh. 12 - Prob. 15CPCh. 12 - Prob. 16CPCh. 12 - Prob. 17CPCh. 12 - Prob. 18CPCh. 12 - Prob. 19CPCh. 12 - Prob. 20CPCh. 12 - Prob. 1TSCh. 12 - Prob. 2TSCh. 12 - Prob. 3TS
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- A contract of sale is distinct from other types of contracts because it has two additional requirements for validity. In order for a valid sale agreement to be concluded, the parties must agree oni) the object of sale andii) on the purchase price.arrow_forwardState with reason whether there is any contract made in the following case as per the Indian Contract Act, 1872: “X bids at a public auction”arrow_forwardTrue or False In a contract for the sale of goods, if the seller does not have a place of business and the contract does not mention delivery in any way, delivery is to be made at the buyer's house.arrow_forward
- Which one of the following is a term that is implied by statute? Select one: a. A term required to make the contract between the parties effective b. A term that goods must be of merchantable quality c. Good faith d. A term implied on the basis of past dealings between the partiesarrow_forward3 - A breach of contract occurs when either party violates the agreed upon promise. TrueFalsearrow_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_forward
- The contract of sale is distinct from other types of contracts because it has two additional requirments for validity. In order for a valid sale agreement to be concluded, the parties must agree on i) the object of sale and ii) on the purchase price. Briefly explain what each of these two requirements entail.arrow_forwardThe FAR Matrix provides information pertaining to the location of solicitation provisions and contract clauses in the solicitation. What is the risks to the Government associated with information incorporated into the wrong section of the solicitationarrow_forwardAnticipatory Repudiation. Moore contracted inwriting to sell her 2017 Hyundai Santa Fe to Hammer for$18,500. Moore agreed to deliver the car on Wednesday, andHammer promised to pay the $18,500 on the following Friday. On Tuesday, Hammer informed Moore that he wouldnot be buying the car after all. By Friday, Hammer hadchanged his mind again and tendered $18,500 to Moore.Moore, although she had not sold the car to another party,refused the tender and refused to deliver. Hammer claimedthat Moore had breached their contract. Moore contendedthat Hammer’s repudiation released her from her duty toperform under the contract. Who is correct, and why? (SeePerformance and Breach of Sales and Lease Contracts.)arrow_forward
- Kelly contracted to sell Bradshaw a load of Coal which both parties believed to be in a wharehouse at Newport West. Earlier the same day, there was a massive fire at the warehouse everything, including the coal was destroyed. This contract is void for mistake, as the subject matter is no longer in existence. This contract is voidable for mistake as the subject matter is no longer in existence. Kelly can sell Bradshaw at a later date. The parties can renegotiate this contract. Since the contract was already made, the payment cannot be recovered.arrow_forwardMatthew and Joe were roommates. When they were renting their apartment, each agreed to pay half of the cost of the rent and the cable and electric bills. Two months after moving in, Matthew borrowed Joe's car and was involved in an accident. Matthew promised to pay $2,200 in damages if Joe promised not to file a claim with his insurance company. Joe agreed. However, Matthew never paid him for the damages. He claimed that the agreement was not enforceable because there was no consideration. What is the outcome? Rubricarrow_forwardIf the contract is silent as to the party who is to appropriate the goods__________. Select one: a. goods seller is to be appropriate b. the buyer is to appropriate c. the party who under the contract is first to act is to appropriate d. any party may appropriatearrow_forward
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