The Legal Environment of Business: Text and Cases (MindTap Course List)
10th Edition
ISBN: 9781305967304
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
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Chapter 1, Problem 2RE
Summary Introduction
Case Summary: The automakers of California file a suit seeking to prevent the enforcement of a law by California Legislature that seeks to curb the emissions of carbon dioxide substantially from all automobiles within their territory. The automakers contend that a federal law exists which puts a cap on the emission of carbon dioxide indirectly, by enforcing fuel economy standards nationwide. The manufacturers claim that natural justice is being denied to them by the harsher restrictions placed by the Californian law.
To Explain: The kind of remedy or remedies the plaintiffs are seeking.
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You ordered 1,000 tons of cocoa beans, which will be delivered to your chocolate manufacturing plant in PA in March next year. The current price of cocoa beans, as of today, is $2,260 per ton.
There is an investor company who currently offers two types of risk hedging contracts:
-Forward contract: $2,400 per ton at a fixed cost of $30,000.
-Futures contract: $2,400 per ton at a cost of $50 per ton (therefore, the up-front cost is 1000 tons * $50 per ton = $50,000)
Assume that the price of cocoa beans went down to $2,200 per ton in March 2023. How much would you need to pay for 1,000 tons of cocoa beans under the futures contract?
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The Legal Environment of Business: Text and Cases (MindTap Course List)
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