The Legal Environment of Business: Text and Cases (MindTap Course List)
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 14, Problem 3CT
Summary Introduction

Case summary: The person JF purchased a baseball card from the person MS. The card was delivered in Nebraska and was kept in a safe-deposit box by the person JF. After 2 years, the person JF sent the card for authentication to PSA, a grading agency, which found the card as ungradable. The person JF informed the person MS, who replied that the card should have been returned within the seven days to the 1-month time period of its receipt. The person JF sent the card to ASA, another grading agency, for the second opinion and got the same feedback. The person JF then filed a suit against the person MS in the state court for damages. The person JF won the case and the person MS made an appeal to the supreme court.

To Find:The award given by the court to a buyer who prevails in such a dispute.

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QUESTION 2Thokgamo is the owner of an optometry practice in Maun. She agreed to purchase an eye testing machine from Noah and signed the contract without reading its terms. The contract contained an exclusion clause for all kinds of defects in the machine. The machined proved to be totally defective. Thokgamo attempted to terminate the contract and also maintained that the contract is in conflict with what she and Noah had agreed on orally.Required: Advise Thokgamo about her chances of winning the case. Provide justifications for your points.
1. 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…
11. In a contract that calls for goods to be delivered, the UCC has a presumption in favor of: Group of answer choices -A destination contract -A shipment contract -A quasi-contract -An oral contract   15. The Uniform Commercial Code defines “good faith” as   Group of answer choices -honesty in fact -caveat emptor -whatever the parties agree to -the UCC does not define good faith   22.Ghazi has received a shipment of goods, but determined that 20% of the goods are defective. Under the Perfect Tender Rule, she can   -accept the entire order -reject the entire order -keep the conforming goods and return the defective ones -all of the above.
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