Courts sometimes step in to protect contracting parties from the consequences of poor negotiation or foolish decision-making, usually requiring near-equity of value in the exchange underlying a contractual bargain. O True False
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- In the case of a contract for sale by sample there is an implied condition of all the following EXCEPT: That the goods will be free from any defect, rendering them un-merchantable, which would not O a. be apparent on reasonable examination of the sample. O b. That the buyer will have a reasonable opportunity of comparing the bulk with the sample C. That the bulk will correspond with the sample in quality O d. That the bulk of items will on average correspond with the sample qualityJill is an American making dresses in Alabama whose business is based on U.S. dollars. Jill has agreed to accept 1,000 Euros for the dresses she sold to a customer in Europe, with payment due in one month. True or false, Jill's profit on this transaction would be less than she anticipated at the time of the agreement, if changes in the conversion rate for Euros into U.S. dollars after the date of the agreement meant that Euros were worth less in U.S. dollars on the day that the customer actually paid her the 1,000 Euros. True or False?Consideration comes in many forms. Financial exchange is the most common but there are many other ways to demonstrate value when bargaining for consideration. Find an interesting case wherein the consideration did not involve money (Do not use Hamer v. Sidway) but was still seen by the court as "legally bargained for consideration" under contract law. Also explain the difference between a gift or gift promise. Why is it important to understand the difference? What is promissory estoppel?
- Fourteen applicants for a city of Providence, Rhode Island, police academy training class each received from the city a letter stating that it was a "conditional offer of employment" subject to successful completion of medical and psychological exams. The 14 applicants passed the medical and psychological exams. However, these applicants were replaced by others after the city changed the selection criteria. Can you identify an offer and acceptance in this case? Can you make out a bilateral or unilateral contract? Why or why not? Provide a rationale or explain how you came to this conclusion. What is the moral of the case? Lessons Learned? Affects to the 14 applicants?Samantha signs a contract to buy a brand-new unit in Kogarah. The contract is subject to an extended settlement period of 120 days. Samantha, through her solicitor, transfers the 10% deposit to the vendor’s solicitor and then speaks with her mortgage broker about obtaining a loan. While all this is going on, Samantha sells her own unit in Oatley. She intends to use the money realised from the sale of the Oatley unit to pay the balance of the purchase price of the Kogarah unit. A problem arises when Samantha’s unit does not sell by the expected date. Samantha needed to secure short-term finance at an almost exorbitant interest rate just so she can buy the Kogarah unit. Samantha consults her solicitor, who advises her that she can sue the buyer of her Oatley unit for breach of contract and ask for damages including the additional interest charges she incurred. Is Samantha’s solicitor correct? Explain plsWhat is the purpose of the "Pair and Set" clause in a Property insurance policy? OA) It obliges the insurer to pay a total loss if any item of a pair or set of items is lost or damaged. OB) It limits the liability of the insurer to not more than 25% of the total value of a pair or set that is lost or damaged. OC) It protects the insurer from having to pay for a total loss when only part of a pair or set is lost or damaged. OD) It warrants that earrings of precious or semi-precious stones are properly set in their mounting, failing which no loss will be paid by the insurer.
- Pick the right option What is the term the Uniform Commercial Code (UCC) gives to a person who seeks to enforce a negotiable instrument that is lost, stolen, or destroyed? -Beneficiary -Non-holderParties to a contract ('the Pre-existing Contract) may terminate the contract by entering a further contract, which discharges the Pre-existing Contract. Group of answer choices True False–Said is the owner of a shop. He places a notice on the window advertising the sale of batteries at half price. What kind of notice? You should provide in your answer: 1- What kind of contract 2- Legal or not 3- Express or implied or Quasi 4- Unilateral or Bilateral 5- Your reflection and comments
- What is the test for whether a term is a condition? pick one answer from the following: The parties have described the term as a 'condition' or 'essential'. The promisee would not have entered the contract unless assured of strict or substantial performance of the relevant promise. Whether the term provides that performance of the contract is conditional on a contingency being fulfilled, such as finance being obtained, or development consent being granted. It was apparent to the promisor that the promisee would not have entered the contract unless assured of strict or substantial performance of the relevant promise.explain the following terms in your own words and understanding and give specific examples. - Obligations - Contracts - Law - Quasi-Contracts - Quasi-DelictsWhy is past consideration no consideration at all? The adequacy of past consideration is difficult to determine. Past consideration is considered to be illusory. Past consideration may involve parties who are not involved in the current contract. Past consideration was provided before the current contract was made, and the current contract requires a benefit that has not yet been conferred.