Al, the owner of Fitness Corp., a manufacturer of gym equipment, calls Bob, the owner of Bob's Gym. During the conversation, Al offers to sell Bob an assortment of 100 dumbells, of different weights and sizes, for $600.00. After the phone call, Al sends Bob an email confirming their conversation. Since Al and Bob never signed a contract, their agreement is unenforceable under the Statute of Frauds. True False
Q: In Salman, the Supreme Court adopted the Ninth Circuit’s interpretation, finding that an…
A: Insider trading can be defined as a practice of indulging in securities trading activities by those…
Q: John works as an engineer for a technological company, and Maria works as a sales executive for a…
A: For financial experts to preserve their credibility and reliability, the criterion of independence…
Q: Bull & Cow Corporation (seller), a U.S. firm, and Carne Ltd., (buyer) an Italian company, contract…
A: The transaction involves the sale of beef, and to facilitate the deal, a letter of credit is issued…
Q: As fiduciaries, corporate officers and directors cannot use their position of trust and confidence…
A: In contemporary society, corporations are widely tolerated. Most Americans understand that…
Q: Mary and Mark live in Illinois. Mary lends Mark $10,000.00. Mark wants some security of repayment…
A: In Illinois, the filing of a security agreement with the Secretary of State is not required to…
Q: Miguel, a 16-year old mechanic’s apprentice, borrowed $3,000 from his next door neighbour, Jono, by…
A: Miguel, a 16 year old child borrowed $3000 dollars from his next door neighbour Jono, bytelling his…
Q: and
A: It is a question of contract/ business law and contract law refers to an agreement between 2 or more…
Q: Peters paid Davis $1000 for carpeting which was installed in Peter's home on March 1, 1974. Peters…
A: A contract is a legally binding agreement between two or more parties outlining the terms and…
Q: Delegation relieves the delegator of liability to perform the contract. Select one: True False
A: Transferring power, responsibility, and responsibilities from one person to another is referred to…
Q: Please provide Reaction to statement below: William refrained from certain behaviors, as requested…
A: The case of William, who refrained from certain behaviors at the request of his uncle in exchange…
Q: The Province of Saskatchewan, Canada hired a courier to deliver an envelope to a land registry…
A: The objective of the question is to determine whether the plaintiff's lawsuit against the courier…
Q: Renee hires Benjamin to buy a rare antique car and stresses that it must have all original parts.…
A: option 1, "breached his fiduciary duty to Renee," is accurate. As a hired agent, Benjamin has a…
Q: James sold his 1965 e-type Jaguar car to Shirley for $18,500. During the negotiations James claimed…
A: An agreement that is mandatory by law is a contract. A promise or a number of promises that are not…
Q: Beryl owns a company that sells boomerangs, and Lucas is a potential customer. Beryl informs Lucas…
A: In the context of the contract, the term fraud represents an act or conduct that has been performed…
Q: Ginny DeWitt borrowed $30,000 from SunTrust Bank to pay for her first year of college and signed a…
A: The following scenario involves a debt dispute between Ginny DeWitt, SunTrust Bank, and First Bank…
Q: Wilson engages Ruth to sell Wilson’s antique walnut chest to Harold for $2,500. The next day, Ruth…
A: In this scenario, Ruth is acting as an agent for Wilson in the sale of the antique walnut chest. As…
Q: Define the term "unconscionable" and describe the effect of an unconscionable contract.
A: Unconscionable: Unconscionable defines that unusually harsh and shocking to the…
Q: St. Charles Cable TV (St. Charles) was building a new cable television system in Louisiana. It…
A: The contract refers to the legal agreement build between two or more two parties. The partner…
Q: Jamie, who works as a conveyancer at your organisation, was acting on behalf of a client who was…
A: Jamie's actions of accepting kickbacks from the developer while recommending their services to a…
Q: Calvin uses fraud to induce Maria to promise to pay money in return for goods he has delivered to…
A: A contract is a legal document that is formulated by the law as proof of the situation or an event…
Q: Formal Requirements Mr. Higgins operated a used car dealership in the state of Alabama. Higgins…
A: A negotiable instrument means a promissory note, bill of exchange, or cheque that is payable either…
Q: Lewis tells a representative of Musical Instruments, Inc., that he will pay for Nora's trumpet if…
A: Contract It is a written or spoken arrangement, particularly one involving work, purchases, or…
Q: Thomas contacted Welsh, a realtor, and asked him to be looking for property that is at least 20…
A: The objective of the question is to determine whether an express contract has been formed between…
Q: Giordana borrows $225,000 for Hearthstone Credit Union to buy a home, which secures the loan. Five…
A: In this given scenario, Hearthstone Credit Union provided Giordana with a loan of $225,000 to…
Q: Deon lost her dog and advertised a reward of $5000 to the finder. This appeared in the local paper…
A: Question is answered below:
Q: Zack was a partner in a management consulting firm that specialized in assisting small businesses in…
A: A partnership is described as a business that is formed through formal agreement and the partners…
Q: James sold his 1965 e-type jaguar car to Shirley for $18,500. During the negotiations James claimed…
A: A valid contract typically requires the following elements: offer, acceptance, consideration,…
Q: If one party to a contract uses any form of unfair coercion to induce another party to enter into or…
A: True.
Q: The buyer and seller were arguing over a small river rock fountain, which before closing had been…
A: The objective of the question is to determine which statement about the disputed fountain is true in…
Q: aby Gonzalez obtained two CDs at second Federal savings and Loan association (second) with her…
A: Bank's liability: A bank brings the obligation to its depositors to recompense on interest/request…
Q: Damages and Equitable Remedies (a) How are damages different than equitable remedies? (b) If…
A: 1. (a) Damages and equitable remedies are separate legal notions used to rectify breaches of…
Q: Textile Inc. sells goods to United Stores in exchange for a note signed by the buyer. Textile sells…
A: Transfer warranties are legal concepts that pertain to the transfer of negotiable instruments, such…
Q: Nolan agreed orally with Train to sell Train a house for $100,000. Train sent Nolan a signed…
A: The Statute of Frauds is a legal doctrine that requires certain types of contracts to be in writing…
Q: Ming entered into a contract with Lee to supply Lee with smuggled cigarettes. Lee received the…
A: In this scenario, Ming and Lee entered into a contract for the supply of smuggled cigarettes which…
True
False
Step by step
Solved in 3 steps
- Abigail is in the business of selling fine antiques. Abigail purchased an antique desk for $5,000 from Jackson, and gave a promissory note for payment. Concerned that Jackson might not accept the note, Abigail had her friend Catalina sign the promissory note as well. Jackson accepted the note as payment. Two weeks later, Jackson sought payment on the note. Abigail told Jackson that she is not responsible for the promissory note because Catalina signed the note too, and Jackson had to seek payment from Catalina first. Abigail also spotted a beautiful set of vintage chairs owned by Max that would be perfect for her store. Abigail wrote a $10,000 check, also signed by her business associate Orville as an accommodation party, to Max to pay for the chairs. Max presented the check to Westville Savings, the bank where Abigail has a checking account, for payment. Westville Savings dishonored the check claiming Abigail had insufficient funds. Who is liable for these negotiable…Broker Juanita is in a single agent relationship with Seller Mike when one of Juanita's sponsored sales associates brings a buyer to the transaction. Select the statement that indicates what Juanita will need to do with respect to her relationship with Seller Mike if the buyer remains in a transaction broker relationship with the sponsored sales associate. No further actions are needed with respect to Mike's relationship. move Mike to a transaction broker relationship by having him sign a consent to transaction disclosure notice move Mike to a transaction broker relationship without informing himAndrews and Brown hired a bookkeeper, Jenice, and gave her general authority to issue company checks drawn on SunTrust Bank so that Jenice can pay employees’ wages and other company bills. Jenice decides to cheat her employers out of $10,000 by issuing a check payable to the Bayside Distributors, one of the suppliers of seafood and fresh local produce. Jenice does not intend for Bayside to receive any of the money, nor is Bayside entitled to the payment. Jenice endorses the check in Bayside’s name and deposits the check in an account that she opened at Wells Fargo Bank in the name “Bayfood Dist. Co.” Wells Fargo accepts the check and collects payment from the drawee bank, SunTrust. SunTrust charges [Name of Restaurant] account $10,000. Denice transfers $10,000 out of the Bayside account and closes it. [Name of Restaurant] discovers the fraud and demands that the bank return the money. Evaluate which party or parties bear the loss.
- Pisey needs $ 8,000 for her pig farm. After Sisey Pisey told her about the $ 8,000 she needed, the bank said she had collateral, such as a house, because borrowing, in principle, requires the bank to have collateral? Sister Pisey says I mortgaged the title deed to get a $ 8,000 loan from the bank. The bank assessed the land and told Pisey to borrow $ 25,000 (by submitting the land title), otherwise the bank would not lend her $ 25,000, not $ 8. $ 000) Do you agree? Sister Pisey said that I only need $ 8,000, $ 25,000 is more than I need! The bank said it was likely to force her to borrow $ 25,000 ... Finally, Pisey gave up the loan, fearing that the bank would not be able to confiscate land worth more than 25,000. Dollars. How do students understand the situation? Delay. As a Business ManagerColumbia University brought suit against Jacobsen on two notes signed by him and his parents. The notes represented the balance of tuition he owed the University. Jacobsen counterclaimed for money damages due to Columbia’s deceit or fraudulent misrepresentation. Jacobsen argues that Columbia fraudulently misrepresented that it would teach wisdom, truth, character, enlightenment, and similar virtues and qualities. He specifically cites as support the Columbia motto: “in lumine tuo videbimus lumen” (“In your light we shall see light”); the inscription over the college chapel: “Wisdom dwelleth in the heart of him that hath understanding”; and various excerpts from its brochures, catalogues, and a convocation address made by the University’s president. Jacobsen, a senior who was not graduated because of poor scholastic standing, claims that the University’s failure to meet its promises made through these quotations constituted fraudulent misrepresentation or deceit. Decision?In a written contract, Sheldon agreed to tutor the children of Mrs. Smith for a certain period of time. However, Sheldon, prior to starting classes, announced that he would not be able to tutor the children due to other commitments of his. In this case, there has been a(n): rescission. negligent breach. anticipatory breach. O malpractice.
- 1.A borrowed P30,000.00 from B to be paid on September 10, 2016, in exchange for the loan, A surrendered his Iphone7 to B as security. On September 11, 2016, B demanded that A pay the P30,000.00 loan. Since A do not have enough money, he just told B that B can just have his Iphone/ as payment for his loan to which B agreed. Is the contract extinguished? Explain . 2. A, B, C and D are the solidary debtors of X for 240,000. X released D from the payment of his share of P10,000. When the obligation became due and demandable, C turned out to be insolvent. Considering the said incidents, what are the liabilitites of A, B, C, and D? 3. Aida, Lorna and Fe borrowed money from Juan, Pedro and Mario P3,000.00. Aida's obligation is due today, September 5, 2019, Lorna is a minor and Fe's obligation is due on September 10, 2019. Can Pedro alone proceed against Lorna alone for the payment of the entire P3,000.00? Explain . 4.Explain and Give an example of the following modes of extinguishing an…Bill was appointed by Melinda to buy a painting at not more than $1 million. Bill eventually bought the painting for $1.2 million. Melinda wished to ratify Bill's act. Which of the following statements is CORRECT? Melinda could ratify if she did so soon after Bill's unauthorised act. Melinda could not ratify because Bill disobeyed her instructions. Bill had actual authority since he was appointed by Melinda to buy the painting. Melinda could still sue Bill for the price difference after ratifying his unauthorised act.Why does the agent have personal liability when the principal is undisclosed?
- A co-worker of Illinois licensee Mona shared a client’s confidential information with her and asked Mona not to tell anyone. Instead of keeping it to herself, Mona gave the information to another licensee. Which statutory duty has been breached? Adhere to the brokerage agreement’s terms Employ reasonable skill and care in performing brokerage services for the client Keep all confidential information provided by the client confidential Serve the client’s best interestsDorian breeds Scottish Fold kittens and informs Stevie that she is a cat breeder. Stevie says she is interested in purchasing one of her kittens. Dorian calls Stevie a month later and says Stevie’s kitten is ready for pickup and Stevie owes her $1,000. Stevie refuses, stating they did not have a valid contract. Dorian states they did have a valid contract. Who is correct?under the NCC, what are the different acts or omissions of the obligor or debtor which will result in the breach of the obligation for which he can be held liable for damages?