2.) Saldo orally offered to sella certain diamond ring toBaldo for P50,000.00. Baldoaccepted the offer and toprove that he was in earnest,he gave Saldo P1,000.00. Theparties agreed that thedelivery of the ring and thepayment of the price wouldbe made 30 days later. Howmuch can Saldo collect fromBaldo on the due date?

Oral contract is the type of agreement where two parties are agreed on the terms through verbal…

Answered: 2.) Saldo orally offered to sell a…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Professor Shott buys a Porsche against the wishes of his much more intelligent wife. Professor Shott soon realizes his mistake when he starts to make the car payments. Jane, a very wealthy 17 year old, offers to buy the Porsche and Professor Shott accepts. Now assume that before she turns 18 Jane gets in an accident and badly damages the Porsche causing $20,000 in damage. Assume she originally paid Professor Shott $50,000 for the car. If Jane now seeks to return the damaged car what is the result? Professor Shott must refund Jane his money minus the amount of the damages. Professor Shott does not have to refund Jane anything. Professor Shott can demand it be repaired before giving Jane a refund. Professor Shott must refund Jane 100% of his money even though he damaged the car.
Smith was approached by a man who introduced himself as Brown of Brown & Co. Brown was not known to Smith, but Smith asked Dun & Bradstreet for a credit report and obtained a very favorable report on Brown. He thereupon sold Brown some expensive gems and billed Brown & Co. “Brown” turned out to be a clever jewel thief, who later sold the gems to Brown & Co. for valuable consideration. Brown & Co. was unaware of “Brown’s” transaction with Smith. Can Smith successfully sue Brown & Co. for either the return of the gems or the price as billed to Brown & Co.?
Stein, a mechanic, and Beal, a life insurance agent, entered into a written contract for the sale of Stein’s tractor to Beal for $6,800 cash. It was agreed that Stein would tune the motor on the tractor. Stein fulfilled this obligation and on the night of July 1 telephoned Beal that the tractor was ready to be picked up upon Beal’s making payment. Beal responded, “I’ll be there in the morning with the money.” On the next morning, however, Beal was approached by an insurance prospect and decided to get the tractor at a later date. On the night of .July 2, the tractor was destroyed by fire of unknown origin. Neither Stein nor Beal had any fire insurance. Who must bear the loss? Why?
Evaluate when a promise is enforceable, the elements of a contract, performance, and the remedies available in the event of breach.
Maia wrote a check that said "Pay to the order of Kevin Mathews $10.97." The next line of the check stated, "One thousand ninety-seven dollars." In applying the rules of interpretation, how much should the drawee pay? a. Nothing; when the instrument is ambiguous it is declared non-negotiable. b. $10.97; numbers control over words. c. One thousand, ninety-seven dollars, or $1,097.00. Words control over numbers. d. Parol evidence would be needed to determine the purpose of the check.
Andrew is an accountant. He agrees with George, a garage proprietor, that he will assist George with his annual tax return if George will service his car for him on the Monday. At the beginning of the negotiations Andrew told George that he absolutely must have the car for the following Tuesday since he needed it to go to an important meeting with a client to pitch for a valuable deal. Andrew assists George, but because the service was not done correctly the car breaks down when Andrew is on the way to the important meeting. Andrew is very late for this meeting and as a result the client switches his work, worth some £25,000, to another accountant. In addition Andrew incurs £500 costs putting right the defective service. Andrew now wishes to sue George for damages for breach of contract. Question 20 Is Andrew’s claim against George for putting right the defective service A a normal loss B an abnormal loss C neither a normal nor an abnormal loss D both a normal and an abnormal loss…
Bob went out with his friends to celebrate his birthday. They went to a bar where they drank copious quantities of alcohol. In the morning, Bob had not slept and was still obviously intoxicated. He found his way to a car dealership near his house and entered into a contract to buy a Mercedes Benz SUV for the cost of $140,000.00. The car salesman could smell alcohol on Bob's breath, he noticed his eyes were bloodshot and "glossy" while they were signing the papers relating to the sale, and when Bob left he could see that he was unsteady on his feet. Bob left the dealership and went home and went to bed. He slept for two days. The car salesman from the dealership called Bob 4 days later to tell him that his vehicle was ready for pick up. Bob had no memory of the buying any car. In these circumstances:A. the contract is void ab initio because Bob lacked capacity to contract due to his intoxicationB. Bob can avoid or repudiate the contract within a reasonable time after he regains capacity…
Assume that before Rafael takes possession of the plane, Barron has begun to use it in his new business offering air tours of Glacier National Park in Montana. Does his use of the plane for business purposes impact the bank's security interest in the plane?
swiper steals Dora's gold watch and sells it to Marni for $100. Marni does not know that Swiper stole the watch from Dora.In a lawsuit by Dora against Swiper and Marni, a. has no recourse against Swiper or Marni b. Dora may not obtain the watch back from Marni c. has the legal right to a return of the watch from Marni d. may demand that Swiper buy her a new watch that looks like the one he stole from her.
Andre writes a check for $2,600, payable to Anthony, and drawn on First National Bank. Anthony indorses the check on the back and gives the check to Simon to repay a loan. Simon indorses the check on the back and takes the check to First National Bank to cash the check and receive the money. If First National Bank dishonors the check, Simon can collect the $2,600 from Anthony: under no circumstances; Anthony is merely an indorser, not a maker. if First National Bank does not pay the check within six months. if Andre refuses to pay and Simon gives timely notice of dishonor to Anthony. if Simon gives timely notice of dishonor to Anthony.
Barnes accepted Clark’s offer to sell to him a portion of Clark’s coin collection. Clark forgot that his prized $20 gold piece at the time of the offer and acceptance was included in the portion that he offered to sell to Barnes. Clark did not intend to include the gold piece in the sale. Barnes, at the time of inspecting the offered portion of the collection and prior to accepting the offer, saw the gold piece. Is Barnes entitled to the $20 gold piece? Explain
Mr. 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.

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