![BUSINESS LAW (LOOSE)-W/ACCESS >CUSTOM<](https://www.bartleby.com/isbn_cover_images/9781305768697/9781305768697_smallCoverImage.gif)
BUSINESS LAW (LOOSE)-W/ACCESS >CUSTOM<
16th Edition
ISBN: 9781305768697
Author: Mann
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 12, Problem 8Q
Summary Introduction
To discuss: Whether person B bound by her acceptance of the offer.
Expert Solution & Answer
![Check Mark](/static/check-mark.png)
Want to see the full answer?
Check out a sample textbook solution![Blurred answer](/static/blurred-answer.jpg)
Students have asked these similar questions
Marge sold her car to Rupert, her very good friend on credit for $100,000. He paid down $30,000, but after a few months, and having not seeing Rupert, Marge decided to take back the car. Lucky for her, she did not give Rupert the papers for the car. She saw Henry with the car, who told her that Rupert sold it to him and promised to give him the papers soon;
i. Can Rupert keep the car? why or why not.
ii. Can Marge get back the car? why or why not.
iii. Would the situation be different if Marge had given Rupert the papers
for the car?
iv. What type of contract did Rupert and Henry enter into?
Is there provision for payment of interest on delayed gratuity and what penalties exist for non-compliance with the Gratuity Act?
Martha sells goods to James for $25,000. Martha assigns her right to receive the $25,000 to XYZ Finance James refuses to pay XYZ the $25,000. James makes two arguments for not paying. First James claims that XYZ has no privity of contract and that XYZ is not a third-party beneficiary of its contract with Martha. Second – James claims that the goods were worthless. Assume that the goods were worthless. You are the judge. Who wins and why? Address both arguments that James makes.
Chapter 12 Solutions
BUSINESS LAW (LOOSE)-W/ACCESS >CUSTOM<
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
Knowledge Booster
Similar questions
- Aaron bought a television set for personal use from Penny. Aaron properly signed a security agreement and paid Penny $125 down, as their agreement required. Penny did not file, and subsequently Aaron sold the television for $800 to Clark, his neighbor, for use in Clark’s hotel lobby. a. When Aaron fails to make the January and February payments, may Penny repossess the television from Clark? b. What if, instead of Aaron’s selling the television set to Clark, a judgment creditor levied (sought possession) on the television? Who would prevail? c. What if Clark intended to use the television set in his home? Who would prevail?arrow_forwardIn 2012, Angela took out a $15,000 loan against the cash surrender value of her whole life insurance policy. The funds were required to help pay for remodeling and redecorating her home. As a consequences of taking out the loan Angela had to report $3,000 of policy gain in 2014. She repaid $5,000 of the loan at the end of 2015, as well as paying the $600 of loan interest due for the year. What were the tax consequences to Angela and the policy as a result of the 2015 payments? A. She will be able to deduct $5,600 from her taxable income for 2015 ad the ACB of the policy will increased by $2,000. B. She will be able to deduct $3,000 from her taxable income for 2015 and the ACB of the policy will increase by $2,600. C. She will not be able to claim any deduction from her taxable income for 2015 and the ACB of the policy will increase by $5,650. D. She will be able to deduct $3,600 from her taxable income for 2015 and the ACB of the policy will increase by $2,000arrow_forwardHenry entered into a contract with Classic Motors to purchase a specific vehicle. The contract provided for a purchase price of $30,000.00 with a down payment of $10,000.00 and the balance of $20,000.00 on terms. Classic Motors was to repair the broken windshield and install a new CD player. Henry was to be notified once the work was completed so he could come and pick up the car. Classic Motors cashed the cheque and prepared the car as promised. Shortly before contacting Henry the car was stolen from the lot. Henry has demanded the return of his $10,000.00 down payment. What is the legal position of the parties?arrow_forward
- Gaby Gonzalez obtained two CDs at second Federal savings and Loan association (second) with her daughter, Juana Martinez, as beneficiary. right before Gonzalez died, she told her cousin, rafael Gonzalez, where to find her CDs. The CDs had a line through Martinez’s name and rafael Gonzalez’s name added in the section for beneficiary with the notation, “revised beneficiary . . . rc” after Gaby’s death, rafael withdrew some funds to pay funeral expenses and legal fees from one of the CDs. several years later, Rafael discovered that second had paid the CDs to Hector Gonzalez, who was the administrator of Martinez’s estate. Rafael sued second, claiming as the beneficiary that it should have paid him. who was entitled to the proceeds of the CDs?arrow_forwardMiguel, a 16-year old mechanic’s apprentice, borrowed $3,000 from his next door neighbour, Jono, by telling him that he was 20 years old and had a good, stable income. The loan was payable in three equal fortnightly payments. After the first payment, Miguel stopped paying Jono. Jono wanted to bring a legal action against Miguel but when he discovered his real age, he decided instead to initiate an action in tort for deceit against the latter. Will Jono likely be successful in his action in tort for deceit against Miguel? Explain please.arrow_forwardAbigail 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_forward
- 4. Markus owed Landers $5,000, and since Markus had fallen on hard times, Landers cut the debt in half. Some months later, Markus was successful in getting a good paying job, and wrote a cheque payable to Landers for $2,500 with his thanks. Landers wrote back suggesting that Markus now pay the remaining $2,500. What is Markus' obligation?arrow_forwardCarol White ordered a $225 pair of contact lenses through an optometrist. White, an emancipated minor, paid $100 by check and agreed to pay the remaining $125 at a later time. The doctor ordered the lenses, incurring a debt of $110. After the lenses were ordered, White called to cancel her order and stopped payment on the $100 check. The lenses could be used by no one but White. The doctor sued White for the value of the lenses. Will the doctor be able to recover the money from White? Explain.arrow_forwardMr. 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_forward
- Rowe 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_forwardPeter Andrus owned an apartment building that he had insured under a fire insurance policy sold by J.C. Durick Insurance (Durick). Two months prior to the expiration of the policy, Durick notified Andrus that the building should be insured for $48,000 (or 80 percent of the building’s value), as required by the insurance company. Andrus replied that (1) he wanted insurance to match the amount of the outstanding mortgage on the building (i.e., $24,000) and (2) if Durick could not sell this insurance, he would go elsewhere. Durick sent a new insurance policy in the face amount of $48,000 with the notation that the policy was automatically accepted unless Andrus notified him to the contrary. Andrus did not reply. However, he did not pay the premiums on the policy. Durick sued Andrus to recover these premiums. Discuss who wins? Provide justification for your argument/position.arrow_forwardAndrews and Brown hired a bookkeeper, Jenice, and gave her general authority to issue company checks drawn on SunTrust Bank so that Jenice can pay employees’ wages and other company bills. Jenice decides to cheat her employers out of $10,000 by issuing a check payable to the Bayside Distributors, one of the suppliers of seafood and fresh local produce. Jenice does not intend for Bayside to receive any of the money, nor is Bayside entitled to the payment. Jenice endorses the check in Bayside’s name and deposits the check in an account that she opened at Wells Fargo Bank in the name “Bayfood Dist. Co.” Wells Fargo accepts the check and collects payment from the drawee bank, SunTrust. SunTrust charges [Name of Restaurant] account $10,000. Denice transfers $10,000 out of the Bayside account and closes it. [Name of Restaurant] discovers the fraud and demands that the bank return the money. Evaluate which party or parties bear the loss.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
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259929434/9781259929434_smallCoverImage.gif)
Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134527604/9780134527604_smallCoverImage.gif)
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
![Text book image](https://www.bartleby.com/isbn_cover_images/9781305947412/9781305947412_smallCoverImage.gif)
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
![Text book image](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780135191798/9780135191798_smallCoverImage.jpg)
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134728391/9780134728391_smallCoverImage.gif)
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134237473/9780134237473_smallCoverImage.gif)
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON