Jennifer indicates that she is acting as an agent on behalf of an unidentified client when she enters into a contract for the sale of rareworks of art with Beth. This arrangement is best described asO a ully disclosed agencyO an undinclosed agencyO a non-existent agencyO a partially disclosed agency Phil and Quality Products Corporation have an agency agreement. Whether it is reasonable for Phil to believe that he has authority toenter a particular contract on Quality's behalf, is a question ofO special authorityO general authorityO implied authorityO apparent authority

In the above question Jennifer is acting as an agent on behalf of an unidentified client, which she…

Answered: Jennifer indicates that she is acting…

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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Steven, an accountant, returning from his office, calls into a pub for a relaxing drink. He bumps into Paul, an old school friend, whom he has not seen for many years. During the course of the conversation over a number of pints, it emerges that Paul has recently inherited a substantial sum of money and is interested in investing in local businesses. Steven mentions that one of his clients, Precarious Ltd, is seeking financial backing and would make an attractive investment. By chance, he has a copy of the company’s accounts in his briefcase which he gives to Paul. Relying on these accounts, Paul invests £10,000 in Precarious Ltd, but loses everything when Precarious goes into liquidation six months later. In fact, the accounts had been prepared negligently and did not reflect the parlous state of the company’s affairs. Advise Paul.
Richard wants to sell his house, as is (meaning, "no warranties"). for $555,000. His neighbor, Chico. expresses interest in buying the house but wants time to think it over. Chico asks Richard to keep the offer open for five days. Richard gives Chico a written document, without a signature, that states, "Richard will not revoke the offer for five days." Three days later, Richard revokes the offer. Chico argues the offer was not revocable for another two days. Was the offer revocable? Yes, because there was not a valid option. No, because there was a valid option. Yes, because Chico did not sign the offer. O No. because there was a valid firm written offer. O Yes, because an offeror can always revoke.
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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?
It 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.
A man named Bob Smith believes that he is Santa Claus (who delivers presents to all the children around the world on Christmas Eve). In fact, he is not Santa, but he has believed this for many years. He signs his name "Santa." He signs many contracts as "Santa," and he refers to his wife as "Mrs. Claus" even though her name is actually Betty Smith. She puts up with it, because he really does believe he is Santa, and because she loves him and because his wages from his job at Hasbro toys pays the bills. One day he enters a contract with your company to hire you to build him a gigantic workshop in his backyard so he can build his toys and stable his "eight tiny reindeer." In return he will pay you $120,000 for the construction. When his wife learns of this deal, she tries to reject it because it is voidable due to his lack of contractual capacity. Was this contract voidable, or valid and enforceable? Answer the questions.
Identify and state the relevant facts in the case: [*1058] In addition, the Agreement authorizes Defendants to establish and fund a reserve account from Schnucks' payment card transactions to offset its indemnity obligations in an amount not to "exceed ... any current and anticipated Association fees or fines." (Bankcard [**6] Addendum at § 22.1) Schnucks alleges that following the data breach, "First Data received a preliminary case management report from MasterCard outlining the case management fee and the amount of monitoring/card replacement and fraud loss reimbursement it was assessing against Citicorp." (Compl. at ¶ 28) Based on the amount of MasterCard's assessment, First Data then projected the total amount of Visa's assessment (id. at ¶ 29), and established the reserve account by withholding a percentage each day from the funds it collected for Schnucks from its payment card transactions. (Id. at ¶¶ 30-31) Schnucks further alleges that Defendants have breached the Agreement…
On April 1, Orizon LLC sent Jim Stevens a letter via overnight delivery, offering to employ him to audit Orizon, LLC’s financial statements for the current year for $10,000. In the letter, Orizon, LLC stated that Jim had ten days to accept. On April 5, Jim sent Orizon, LLC a fax that stated, "The price for the audit seems too low. Would you consider paying $12,000?" Orizon, LLC received the fax. The next day, Serena Williams heard about the offer to Jim and said to Orizon, LLC, “I will accept that offer!” On learning of Serena’s statement, Jim immediately e-mailed Orizon, LLC agreeing to do the work for $10,000. Orizon, LLC received this e-mail on April 7. 1. Explain in detail why Orizon, LLC and Jim do, or do not, have a contract. 2. If you did not discuss it already, would applying the mailbox rule change your answer in #1? 3. Can Serena accept this offer?
Bob, an engineer, is a new employee at Airbag Industries, which specializes in manufacturing automotive airbags. Before his employment, Bob is required to sign various documents indicating that he would have access to confidential information related to Airbag Industries' business practices, customer lists, and other information that must remain confidential. It further provided that any new developments created by Bob would be the property of Airbag Industries. Further, it provided that if Bob left the company he could not compete against the company in the United States for 10 years. Bob leaves three years later to set up his own airbag company. Explain why protecting their intellectual property is important to Airbag Industries. What intellectual property issues are involved in this scenario?
John works as an engineer for a technological company, and Maria works as a sales executive for a competitor business. Maria reminded John that her profession contains sensitive information, and she cautions him not to reveal anything he learns from her work to anyone. While attending a conference, John overheard two executives from Maria's company discussing a new product launch. He chooses to buy a modest amount of Maria's company's shares, intending to profit from the predicted increase in the company's stock price following the product launch. John double-checked his company's regulations to ensure that there was no conflict of interest or limitation on the purchase. However, as a result of unanticipated factors, the product introduction was delayed, and the stock price of Maria's company fell instead. Instead of the predicted profit, John's investment resulted in a loss. Question : In the view of conflict of interest of ethics in financial analysis, state the key points of the…
Buyer Bert can't believe that Seller Sam has had a last-second change of heart about entering into an agreement to sell his home to Bert. Sam has offered to refund Bert's earnest money and even pay him something in acknowledgment of Bert's inconvenience and disappointment, but Bert's not having it. He wants Sam's house. Choose the remedy for breach of trust that Bert will most likely take. accept compensatory damages demand specific performance initiate rescission settle for liquidated damages 19:19

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