Lindsay enters into a contract with John to purchase John's sailboat. The parties agree that Lindsay will pick up the boat on July 1. On June 10, Lindsay sends an email to John telling him that she can no longer purchase the boat. On June 15, John sells the boat to Liv. on June 18, Lindsay calls John and said she changed her mind and would like to purchase the boat. John advised that he already sold it to Liv. By selling the boat to Liv before July 1, John has breached his contract with Lindsay. True False
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- Dorian 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?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.John owns a small rental cottage in St Augustine and his mother Brenda lives nearby in a rented apartment. He is concerned about her having a secure home to live in after her retirement so he decides to convey the cottage to her for the rest of her life, after which, ownership will revert to him. What would John's attorney probably have advised him to do to achieve these goals? Establish a Trust with his mother as one of the trustees Convey a tenancy at sufferance to Brenda. Convey a tenancy by the entireties to Brenda, pur autre vie. О Convey a life estate to Brenda with the right of reversion to John.
- Mark Bradshaw, an agent for National Foundation Life Insurance Co. (NFLIC), tried to sell a health insurance policy to Bobby Reed. Bradshaw told Reed that his health insurance coverage would begin upon signing some forms and paying the first premium. On January 7, Reed signed but did not read the forms, which included language stating that Reed understood that Bradshaw could not change any NFLIC policy or make any policy effective, that the policy would not be effective until actually issued by NFLIC, and that it could take up to two weeks for Reed’s application to be processed and the policy issued. NFLIC received Reed’s application, including his payment for the first premium, on January 12. On January 19, NFLIC called Reed’s home and was informed he had a heart attack on January 15. NFLIC declined to issue the policy to Reed. On what grounds did Reed sue Bradshaw? Was Reed’s suit against Bradshaw successful?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…Wolcott and Sarah, both merchants and residents of Gainesville, Florida, aspire to enter into a contract with each other for the sale/purchase of goods. After Wolcott makes an offer to Sarah, Sarah responds with a written confirmation of acceptance; however, this written confirmation of acceptance states additional terms that are not present in Wolcott's offer. Nevertheless, Wolcott's offer did not expressly limit acceptance to the terms of his offer and Sarah's additional terms do not materially alter Wolcott's offer. If Wolcott does not give notification of objection to Sarah's terms within a reasonable time, which of the following will occur? O Due to the Mirror Image Rule, a contract is not founded until both Wolcott and Sarah agree to the same exact terms. ODue to Wolcott's failure to give notification of objection to Sarah's terms within a reasonable time, Sarah's terms will become part of the contract. O Sarah's additional terms constitute a rejection of Wolcott's offer and…
- Smith was approached by a man who introduced himself as Brown of Brown & Co. Brown was not known to Smith, but Smith asked Dun & Bradstreet for a credit report and obtained a very favorable report on Brown. He thereupon sold Brown some expensive gems and billed Brown & Co. “Brown” turned out to be a clever jewel thief, who later sold the gems to Brown & Co. for valuable consideration. Brown & Co. was unaware of “Brown’s” transaction with Smith. Can Smith successfully sue Brown & Co. for either the return of the gems or the price as billed to Brown & Co.?Xavier and Adam enter into a written contract for the sale of DJ equipment. Their contract states that risk of loss shall pass to the buyer at the time the contract is signed. Since this is contrary to Article 2 of the UCC, this clause is unenforceable. True FalseAssume an agent is given authority by the principal to sell a property. The principal only states that the agent may sell the property and the agent is given no further instructions. The agent reasonably believes that it will be necessary to perform $10,000 worth of improvements on the property in order to sell it. Therefore, the agent contracts to have these improvements made. He/she then sells the property. The principal believes that the improvements were not authorized and refuses to reimburse the agent for the expenses associated with the sale. Discuss the rights and liabilities of the principal and agent. Should the principal be forced to reimburse the agent? If the principal continues to refuse to reimburse the agent, what action may be taken by the agent? If the parties were to engage in a lawsuit, who would win? Why? If the answer depends on information not provided in the scenario, specify what further information one would need to render a firm opinion.
- Which of the following statements is TRUE about an ultra vires transaction?Group of answer choices Its effect has been reduced under the Companies Act since it is no longer deemed an invalid transaction. Under common law, the transaction could be ratified by the company. Members, debenture holders (or their trustees) of the company cannot take an action to restrain such transactions under the Companies Act. Under common law, it was a voidable transaction hence the company could decide whether to continue with the transaction or not.On February 18, Clancy, who was in debt, took his stereo to Lucy’s repair shop. Because Lucy and Clancy were old friends, Lucy didn’t give him a receipt. On February 19, hounded by creditors, Clancy sold the stereo on credit to Grover, who was to pick it up on February 21 at Lucy’s, pay Lucy the repair bill, and pay the balance of the purchase price to Clancy. Who is entitled to the radio if, on February 20, Clancy’s creditor appears with the sheriff to seize the stereo from Lucy? Why?Assume that before Rafael takes possession of the plane, Barron has begun to use it in his new business offering air tours of Glacier National Park in Montana. Does his use of the plane for business purposes impact the bank's security interest in the plane?