BUSINESS LAW
17th Edition
ISBN: 9780357007594
Author: Mann
Publisher: Cengage Learning
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Chapter 13, Problem 22CP
Summary Introduction
Case summary:
Studios E entered into a contract for the construction of park ride with company T. Company T entered into the subcontract with company P to furnish and install all water treatment for the price of $959,131 and were paid $897,719. Project term was from April 2016 until June 2017. However, company P’s license was under suspension from October 2016 to March 2017. In addition, company P’s license had expired in January 2017. Company P had brought suit against studios E and company T.
To discuss: Who should prevail.
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International Underwater Contractors, Inc. (IUC), entered into a written contract with New England Telephone and Telegraph Company (NET) to assemble and install certain conduits under the Mystic River for a lump sum price of $149,680. Delays caused by NET forced IUC’s work to be performed in the winter months instead of during the summer as originally bid, and as a result, a major change had to be made in the system from that specified in the contract. NET repeatedly assured IUC that it would pay the cost if IUC would complete the work. The change cost IUC an additional $811,810.73; nevertheless, it signed a release settling the claim for a total sum of $575,000. IUC, which at the time was in financial trouble, now seeks to recover the balance due, arguing that the signed release is not binding because it was signed under economic duress. Is IUC correct?
Please fully explain an agent, employee, and an independent contractor. Then, compare and contrast the differences between an agent and an independent contractor.
Buyer Beatrice has entered into an exclusive
buyer single agency agreement with Broker
Nate. The agreement states that the broker will
first look to the seller for payment of earned
commission via the cooperating broker
arrangement as published in the listing for the
property on the local MLS. On one hand,
Beatrice is glad that she probably won't have to
pay the broker's fee, but on the other hand,
she's worried that if Nate is being paid by the
seller, his loyalty might be with the seller.
Is Beatrice's concern warranted?
Although Nate is operating as a single agent for
Beatrice, her concerns might still be warranted
since compensation representation and
loyalty.
Beatrice does not need to worry until it is
actually determined from whom Nate's
compensation will come.
Beatrice does not need to worry because
compensation does not
equal loyalty or an agency relationship.
Beatrice's concerns are valid. If she wants Nate
to only consider her interests, she should not
allow him to receive…
Chapter 13 Solutions
BUSINESS LAW
Ch. 13 - Prob. 1COCh. 13 - Prob. 2COCh. 13 - Prob. 3COCh. 13 - Prob. 4COCh. 13 - Prob. 5COCh. 13 - Prob. 1QCh. 13 - Prob. 2QCh. 13 - Prob. 3QCh. 13 - Prob. 4QCh. 13 - Prob. 5Q
Ch. 13 - Prob. 6QCh. 13 - Prob. 7QCh. 13 - Prob. 8QCh. 13 - Prob. 9QCh. 13 - Prob. 10QCh. 13 - Prob. 12CPCh. 13 - Prob. 13CPCh. 13 - Prob. 14CPCh. 13 - Prob. 15CPCh. 13 - Prob. 16CPCh. 13 - Prob. 17CPCh. 13 - Prob. 18CPCh. 13 - Prob. 19CPCh. 13 - Prob. 20CPCh. 13 - Prob. 21CPCh. 13 - Prob. 22CPCh. 13 - Prob. 23CPCh. 13 - Prob. 1TSCh. 13 - Prob. 2TSCh. 13 - Prob. 3TS
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