In order for a principal to validly ratify a contract made by an agent: a) The agent must have made it clear he was acting as an agent and indicated the identity of the principal. b) The principal must have been able to enter into the contract himself at the time it was ratified. c) The principal must have had the capacity when the agent made the contract. d) All of the above.
Q: Emilio's Italian Restaurant enters into a contract with Vino winery wherein Emilio's agrees to…
A: (A) This is the incorrect choice. The omission of a precise number word does not automatically…
Q: A revocation is the calling back of the offer by the offeror, with the exception of an option…
A: An offer is a proposal made by one party (the offeror) to another party (the offeree) indicating a…
Q: Discuss the cases in which the Doctrine of Caveat of Emptor do not apply.
A: The doctrine of caveat emptor, or "let the buyer beware," is a legal principle that places the onus…
Q: Describe how the second contravention makes out the principal claim
A: Mr Clark Kent, the director of Superman Limited, has been accused of engaging in false and deceptive…
Q: a) With the aid of an example or illustration, distinguish between TWO (2) of the following pairs…
A: (a) Distinguishing Between Terms 1. Sale and Agreement to Sell Sale:A sale is a legally binding…
Q: distinguish fraud in the performance of a preexisting obligation from fraud in the perfection of a…
A: The realm of contractual agreements in legal frameworks is underpinned by principles that govern the…
Q: The Thoelkes were owners of real property located in Orange County, which the Morrisons agreed to…
A: Case: There is the property of Th in Orange Country, which M agreed to buy and the contract was…
Q: explain who might breach a contract because of malpractice
A: A contract is an agreement between two or more persons and that is enforceable in law. It has an…
Q: and
A: It is a question of contract/ business law and contract law refers to an agreement between 2 or more…
Q: Al, the owner of Fitness Corp., a manufacturer of gym equipment, calls Bob, the owner of Bob's Gym.…
A: The contract law provides all contracting parties the right to terminate a contract if there has…
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: Facts: On February 1, 2004, Buyer entered into a contract to buy Seller’s house in Las Vegas for…
A: The enforceability of a modification to an original contract is dependent on specific legal factors…
Q: 1. John has a lending company. In his letter mailed on September 15, he offered to sell his business…
A: The scenarios presented encompass complex legal situations, delving into contract law and the…
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: Mike signed a contract on behalf of The Broke Girls Cantee Ltd. with a local farmer, Mr. McDonald,…
A: In this scenario, Mike entered into a deal with a nearby farmer named Mr. McDonald to buy food for…
Q: Jack is allowed to store his car in a shed on Bert’s large car-wrecker yard. Jack has an oral…
A: In legal terms, Jack's arrangement with Bert is known as a license. A license is a personal…
Q: Statement I: A special power of attorney is an instrument in writing by which one person appoints…
A: The concept of agency refers to assigning another to act on your behalf for a stated purpose. It is…
Q: Even if a right is transmissible if the parties to a contract agree that it is not transmissible.
A: Contracts are legally binding agreements between two or more parties, outlining the terms and…
Q: William purchased a 10-year renewable and convertible term insurance policy with an effective date…
A: ANSWER: OPTION (A) IS THE CORRECT ANSWER.
Q: Lindsay enters into a contract with John to purchase John's sailboat. The parties agree that Lindsay…
A: Business happens when there is selling and buying of goods. In order to avoid discrepancies and…
Q: The primary duty of a principal to an agent is to create a binding contract whereby the…
A: The principal-agent relationship plays a crucial role in various spheres of our lives, facilitating…
In order for a principal to validly ratify a contract made by an agent:
a) The agent must have made it clear he was acting as an agent and indicated
the identity of the principal.
b) The principal must have been able to enter into the contract himself at the
time it was ratified.
c) The principal must have had the capacity when the agent made the contract.
d) All of the above.
Step by step
Solved in 4 steps
- Henk made an oral contract with Joel's garage to work as the manger of the garage for the next two years. Joel wrote Henk a letter stating all of the terms of the oral contract and signed the letter. Joel refuses to honor the agreement so Henk sues for breach of contract. Joel contends that their agreement can’t be enforced because it was a two-year contract and had to be in writing under the Statute of Frauds. Who wins the suit? Why?True or False 1. The power to borrow or obtain a loan is one of the enumerated corporate powers under the Code, it is really an inherent or implied power of every corporation since it flows from its being granted the capacity to contract or to obligate itself as a juridical person under Article 46 of the Civil Code. In addition, the express powers to enter into the accessory contracts of "pledge" or "mortgage" under Section 35(g), must necessary include the power to enter into the accessory contract of loan 2.Cash dividends are declared by the majority of the quorum of the board of directors with the concurrence of the stockholders representing at least 2/3 of the outstanding capital stock 3.It is a well-established principle that the contents of the bylaws that contravene the Constitution and the laws of the land are deemed void; and that in case of contradiction to any of the provisions of the articles of incorporation, the By-Laws' provision/s shall prevail 4.The Supreme Court…‘The capacity to incur liability on negotiable instruments is co- extensive with the capacity to contract.’ Explain the statement and discuss the different cases of incapacity to incur liability as a party to negotiable instruments.
- A8The following are exceptions to the general rule that only persons who sign the negotiable instrument are liable thereon, except: a. Agent who fails to disclose his principal b. Written promise to accept a bill before it is drawn c. Acceptance of a bill on a separate paper d. Persons signing under a trade nameJoseph and Mai each bought shares of Apple stock at $200 per share. About a week later, Joseph called his stockbroker and told him that if Apple was trading below $195, he wanted to sell. The broker was very busy, so he didn’t check but Apple was trading at $194 per share. He told Joseph that it was not below $195, so Joseph did not sell the stock. Mai also called her stockbroker that day also and told him that if Apple was trading below $195, she wanted to sell. Once again, the broker was very busy, so he didn’t check but Apple was trading at $194 per share. He told Mai that it was not below $195. However, Mai saw the price on her computer and knew it was $94. However, Mai did not sell either. Apple dropped to $180 per share by the end of the day and they both sold suffering a large loss. They both sue the brokers. What are the probable outcomes of the suits?
- Martha sells goods to James for $25,000. Martha assigns her right to receive the $25,000 to XYZ Finance James refuses to pay XYZ the $25,000. James makes two arguments for not paying. First James claims that XYZ has no privity of contract and that XYZ is not a third-party beneficiary of its contract with Martha. Second – James claims that the goods were worthless. Assume that the goods were worthless. You are the judge. Who wins and why? Address both arguments that James makes.A pizza parlor owner uses a vending machine company to service his soft drinks.The owner of the company sells his route to Mr X and delegates all of his contractsincluding the one with the pizza parlor. This enrages the pizza parlor owner, because Mr. X was engaged to the pizza parlor owner's sister and left her standing at the altar. He claims that the obligation is non-delegable because it's "personal". Do you agreeIt is assumed that a drawer or maker will recognize his or her own signature and that a maker or an acceptor will recognize whether an instrument has been materially altered. Therefore, with respect to any of these parties who in good faith accepts an instrument, in terms of presentment warranties, a. all of them apply. b. none of them apply. c. only the warranties that the instrument has not been altered and that the person obtaining acceptance has no knowledge of an unauthorized signature apply. d. only the warranty that the person obtaining acceptance is entitled to enforce the instrument applies.
- Ramona Smith spilled orange juice on her computer two days before her term paper was due. Ramona desperately needed a new laptop, so she went online and found a laptop that fit her needs. She emailed the seller, Effie Frost, expressing her desire to purchase the laptop. Effie ernailed Ramona back and said that she (Effie) would sell Effie's laptop to Ramona for $300. An hour later, Ramona and Effie signed the following agreement: "1, Effie Frost, agree to sell my laptop computer to Ramona Smith for Four Hundred Dollars and zero cents. This is the entirety of the agreement. This agreement supersedes any and all other agreements made by the seller and the buyer." Ramona now claims that she should only pay $300 for the laptop because during that initial email exchange with Effie, Effie told Ramona that $300 was the price of the laptop, and she has the email exchange as evidence of the price quote of $300. What legal concept could be used to enforce the contract for $400? O Condition…OweDescribe Express and implied contracts. What does it mean when a contract is called void and voidable?