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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Question
Chapter 14, Problem 1BS
Summary Introduction
Case summary: Person P, emailed person W on 1st may, informing that he has a convertible car in perfect condition and will sell it before 9th June. Since, P got no response from W, he sold the car to someone else. W accepted the offer on 29th may and sued P for breach of contract.
To find: The breach of contract in the given case.
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Suppose that bank A buys a car for client B, and resells the car to the client. The bank and the client are both aware of the sales price to the client and mutually agree, but the cost of the car to the client is not disclosed to the client and is known only to the bank and the car dealer. Does this transaction meet the requirements of a valid Murabaha contract? Explain your answer.Multi Line Text.
Oliver, while he was so drunk that he didn’t know what he was doing, bid successfully at an auction for the purchase of a house. It was clear to the auctioneer that Oliver didn’t know what he was doing. However, after Oliver sobered up, he confirmed the contract with the auctioneer. He then subsequently refused to complete the contract. Is Oliver bound to the contract? Required: Answer this question using the IRAC * method.
The following are exceptions to the general rule that only persons who sign the negotiable instrument are liable thereon, except:
a. Agent who fails to disclose his principal
b. Written promise to accept a bill before it is drawn
c. Acceptance of a bill on a separate paper
d. Persons signing under a trade name
Chapter 14 Solutions
The Legal Environment of Business: Text and Cases (MindTap Course List)
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