Smith and Roberson's Business Law
16th Edition
ISBN: 9781285428253
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Chapter 20, Problem 9Q
Summary Introduction
Case summary:
Person S is a representative of person T agrees to purchase stainless steel from person R. Person R later revealed to person S and person T that he is acting as an agent for person U.
To discuss: The rights of each party on the occasion of a contract breach.
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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?
Robert in Chicago entered into a contract to sell certain machines to Terry in New York. The machines were to be manufactured by Robert and shipped F.O.B. Chicago not later than March 25. On March 24, when Robert is about to ship the machines, he receives a letter from Terry wrongfully repudiating the contract. The machines cannot readily be resold for a reasonable price because they are a special kind used only in Terry’s manufacturing processes. Robert sues Terry to recover the agreed price of the machines. What are the rights of the parties?
Discuss and explain whether there is valid consideration for each of the following promises:a. A and B entered into a contract for the purchase and sale of goods. A subsequently promised to pay a higher price for the goods when B refused to deliver at the contract price. b. A promised in writing to pay a debt, which was due from B to C, on C’s agreement to extend the time of payment for one year. c. A orally promised to pay $150 to her son, B, solely in consideration of past services rendered to A by B, for which there had been no agreement or request to pay.
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Smith and Roberson's Business Law
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- 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_forwardThe Thoelkes were owners of real property located in Orange County, which the Morrisons agreed to purchase. The Morrisons signed a contract for the sale of that property and mailed it to the Thoelkes in Texas on November 26. The next day the Thoelkes executed the contract and placed it in the mail addressed to the Morrisons’ attorney in Florida. After the executed contract was mailed but before it was received in Florida, the Thoelkes called the Morrisons’ attorney in Florida and attempted to repudiate the contract. Does a contract exist between the Thoelkes and the Morrisons? Discuss.arrow_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
- 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_forwardThe H owned and operated a successful small bakery and grocery store. They spoke with L, an agent of Red Owl Stores, who told them that for $18,000, Red Owl would build a store and fully stock it for them. The H sold their bakery and grocery store and purchased a lot on which Red Owl was to build the store. L then told H that the price had gone up to $26,000. The H borrowed the extra money from relatives, but then L informed them that the cost would be $34,000. Negotiations broke off and the H sued. Can H win the case? Explain.arrow_forwardA offered to sell his automobile to B for P50,000. After inspecting the automobile, B offered to buy it for P50,000. This offer was accepted by A. The next day, A offered to deliver the automobile, but B, being short of funds, secured a postponement of the delivery, promising to pay A the price “upon arrival in this port of the steamer Helena.” The steamer, however, never arrived because it was wrecked somewhere off the coast of Samar. (a) Is there a perfected contract in this case? Why? (b) Is the promise to pay made by B conditional or with a term? Why? (c) Can A compel B to pay the purchase price and to accept the automobile? Why?arrow_forward
- 3 - A breach of contract occurs when either party violates the agreed upon promise. TrueFalsearrow_forwardThe contract of sale is an onerous contract. a. True b. Falsearrow_forwardOn March 1, Lucas called Craig on the telephone and offered to pay him $190,000 for a house and lot that Craig owned. Craig accepted the offer immediately on the telephone. Later in the same day, Lucas told Annabelle that if she would marry him, he would convey to her the property he then owned, which was the subject of the earlier agreement. On March 2, Lucas called Penelope and offered her $25,000 if she would work for him for the year commencing March 15, and she agreed. Lucas and Annabelle were married on June 25. By this time, Craig had refused to convey the house to Lucas. Thereafter, Lucas renounced his promise to convey the property to Annabelle. Penelope, who had been working for Lucas, was discharged without cause on July 5; Annabelle left Lucas and instituted divorce proceedings. What rights, if any, have— a. Lucas against Craig for his failure to convey the property? b. Annabelle against Lucas for failure to convey the house to her? c. Penelope against Lucas for discharging…arrow_forward
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