4. On March 5, 2021, A wrote a letter to B offering him lease of a building. On March 6, 2021,at 1:00PM, Bsent a letter of acceptance which was received by A at 4:0OPM that day. But at 2:00PM, A hadalreadysent B a letter of withdrawal of the offer which was received by B at 5:00PM. When was.the contractperfected?a. At 1:00PMb. At 4:00PMc. At 2:00PMd. The contract has not been perfected

When the party gives his consent on the contract, it is considered perfected contract.

Answered: 4. On March 5, 2021, A wrote a letter…

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

See similar textbooks

Similar questions

Detailed answer
Karen's elderly Uncle Joe gave her written authority to sell the family house. Uncle Joe lived in Maine and Karen lived in Minnesota. After about two months Karen found a buyer for the house and signed an acceptance of the offer on July 21. Later that same day she learned that Uncle Joe had died the day before (July 20). Other members of the family did not want the family house sold and claimed that t acceptance Karen signed was void because Uncle Joe had died prior to acceptance. The buyer of the house claims Karen had the legal authority to sell the house and that the contract is binding. Who is right? Please explain.
Wong engages Chen as his agent to sell his house. Wong's brother tells Chen that Wong will sell the house for $500.000. A purchaser offers to buy the house for $510.000. Chen tells the purchaser, I can accept that offer on behalf of my client The purchaser obtains a bank loan to buy the house. When Wong finds out what Chen has done he is furious and refuses to accept the proposed sale agreement. Which of the following statements is true: (A) Wong is bound to sell the house to the purchaser for $510,000. (B) Wong is not bound by Chen's acceptance' because he did not authorize Chen to make any sale agreement on his behalf. (C) Wong's brother authorized Chen to accept the offer and therefore Wong is bound to sell the house to the purchaser for $510,000. (D) Chen is entitled to apply to the court for an order of specific performance compelling Wong to complete the contract
Initial impossibility of performance renders a contract...
State the basic difference (only in their legal effects) between a contract to sell, on the one hand, and a contract of sale, on the other.
An offer can be defined as an intimation of words and conduct, with a desire to enter into a binding arrangement. It is argued for an offer to be effective, the terms of the offer must be clear, precise and unambiguous. Critically discuss this statement, with the following requirements;Case: Ramsgate Victoria Hotel v Montefiore [1866] 2. State clearly • The issue• Basic facts of the Cases• The Judgement
Briefly explain Termination of Contract.
Gerry a plumber is hired under a written contract to refurbish Bryan's master bathroom and Bryan's first floor half bath for $45,000. Bryan gave Gerry a $5,000 check to start. Upon completion of the project Gerry gave Bryan his final invoice. Bryan refused to pay. What can Gerry do to protect his interest and receive his pay? Would your answer change if the contract was to refurbish all the bathrooms at Bryan's grocery store? If yes what changes would you make?
Jim offered to buy James’s Porsche motor vehicle. Jim gave James 2 weeks for an answer. Two days after, Jane offered to sell her Porsche motor vehicle to Jim for which he was very excited to purchase because she had the latest model. Jim called James and told him personally that he is no longer interested in purchasing his Porsche. James is very upset, because he was keen to sell. He is of the view that Jim cannot withdraw his offer because the two weeks has not elapsed. He knows that you are a business law student at Open Campus and sought your advice on the matter. Advise James. Will your answer be the same, if Jim failed to communicate to James within the two weeks that he no longer is interested in purchasing James’s Porsche motor vehicle and James accepted on the last day of the end of the two weeks? Required to use the IRAC* method to answer
5. List the six (6) types of contracts that must be in writing.
On 20th May, 2021, Mr. Qais offered to sell a camel for OMR 25,000 to Mr. Khalid through phone, for which Khalid agreed. On 23rd May, Khalid received the written and signed contract from Qais. Khalid signed it on 26th May, and then returned it to Qais on 27th May. When did a legally binding contract come into effect? O a. 20th May O b. 26th May O c 23rd May O d. 27th May
A What document would a buyer use to let the seller know that they intend to proceed with the agreement of purchase and sale even though a condition precedent in the agreement has not been fulfilled? O Select one answer. A Notice of Fulfiliment An Assignment Agreement A Notice of Termination AWaiver

SEE MORE QUESTIONS

Recommended textbooks for you

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Management Information Systems: Managing The Digi…

Management

ISBN:

9780135191798

Author:

Kenneth C. Laudon, Jane P. Laudon

Publisher:

PEARSON

Business Essentials (12th Edition) (What's New in…

Management

ISBN:

9780134728391

Author:

Ronald J. Ebert, Ricky W. Griffin

Publisher:

PEARSON

Fundamentals of Management (10th Edition)

Management

ISBN:

9780134237473

Author:

Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo

Publisher:

PEARSON

SEE MORE TEXTBOOKS