Book Title
10th Edition
ISBN: 9781337605656
Author: CROSS
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Question
Chapter 12, Problem 2BS
Summary Introduction
Case summary:The person T is a buyer and the person M is a manufacturer of file cabinets. M enters into a contract with T for a delivery of some cabinets at $40 per unit. After two out of five promised installments, M raised the price to $50. T agreed to pay $50 per cabinet in writing.
To find: The legality of the person M to collect the additional cost on the next delivery.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
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.
demand specific performance
initiate rescission
accept compensatory damages
settle for liquidated damages
Benigno Buyer writes Francene Farmer a letter that states he is willing to purchase 1,000 pounds of apples at a price of $.50 per pound. A. How can Francene accept this contract? B. If Francene writes back stating, “Your terms are agreeable, provided you purchase a minimum of 1,200 pounds of apples.” What is the effect of Francene’s statement? Will it matter whether or not Benigno is also a merchant? C. Assume that the wholesale price of apples is $1 per pound at the time that the offer is made. If Francene accepts it, will she be likely to successfully assert a defense of unconscionably if she later refuses to honor the contract’s terms?
Illinois Accident and Health Producer General - Shayaan Shaikh
Offer, acceptance, and consideration are necessary elements of:
OA.
OB.
OC.
OD.
a warranty
a representation
a contract
insurable interest
Time Remaining
Flag fo
Knowledge Booster
Similar questions
- 1. A contract to sell real estate is generally not enforceable unless it is in writing. a) True b) Falsearrow_forwardAlf sells prestige used cars. In the window of his office showroom Alf displays a whiteboard. On January 20 Alf wrote on this board: • “2015 Ferrari, just arrived, mint condition, £50,000. Special offer • 2015 Porsche, just arrived, like new, £40,000”. Question Which TWO of the following statements are correct? A In relation to the Ferrari the statement on the whiteboard is an invitation to treat B In relation to the Ferrari the statement on the whiteboard is an offer C In relation to the Porche the statement on the whiteboard is an invitation to treat D In relation to the Porche the statement on the whiteboard is an offer Question On January 21 Benz came into the showroom and offered Alf £400,000 for the Ferrari. Alf told Benz that he would consider his offer and get back to him. On January 22 Alf phoned Benz and said he would definitely accept £450,000 for the Ferrari. Benz requested time to think about his decision. Alf agreed he would hold the offer to Benz open, and not accept an…arrow_forwardMake sure you do it correarrow_forward
- chapter 4 7. On April 2, merchandise costing $15,400 reaches the retailer located in New Orleans. The invoice is dated March 22 and has terms of 8/10 EOM. The invoice is paid on April 10. How much should be remitted? (Present your answer with a comma separator, dollar-sign, and rounded to the penny (i.e. $1,234.56).)arrow_forwardFresh Grow Farm enters into a contract with Gourmand’s Restaurant for a sale of a certain quantity of specified vegetables. After Fresh ships the produce but before Gourmand’s receives it, the buyer declares bankruptcy. Fresh can stop delivery of the goods in transit a. only if the quantity is at least a truckload. b. regardless of the quantity. c. only if the quantity is at least 50 percent of the contract amount. d. only if the quantity is in a single “unit.” If the seller is not a merchant, and the goods are being held by the seller for the buyer to pick up, the risk of loss passes to a buyer on identification. True False To protect a buyer from surprise, a warranty can be limited only by general, ambiguous language. True Falsearrow_forwardFacts: You offered to sell your automobile to Wil for P100,000.00. After inspecting the automobile, Wil offered to buy it for P80,000.00. This offer was accepted by you. The next day, you offered to deliver the automobile, but Wil being short of funds, secured postponement of the delivery, promising to pay the price “upon arrival of the steamer”. The steamer however never arrived because it was wrecked by a typhoon and sank somewhere off the Coast of Samar. Question: Is there a perfected contract in this case? Why or why not?arrow_forward
- Jim offered to buy James’s Porsche motor vehicle. Jim gave James 2 weeks for an answer. Two days after, Jane offered to sell her Porsche motor vehicle to Jim for which he was very excited to purchase because she had the latest model. Jim called James and told him personally that he is no longer interested in purchasing his Porsche. James is very upset, because he was keen to sell. He is of the view that Jim cannot withdraw his offer because the two weeks has not elapsed. He knows that you are a business law student at Open Campus and sought your advice on the matter. Advise James. Will your answer be the same, if Jim failed to communicate to James within the two weeks that he no longer is interested in purchasing James’s Porsche motor vehicle and James accepted on the last day of the end of the two weeks? Required to use the IRAC* method to answerarrow_forwardJim offered to buy James’s Porsche motor vehicle. Jim gave James 2 weeks for an answer. Two days after, Jane offered to sell her Porsche motor vehicle to Jim for which he was very excited to purchase because she had the latest model. Jim called James and told him personally that he is no longer interested in purchasing his Porsche. James is very upset, because he was keen to sell. He is of the view that Jim cannot withdraw his offer because the two weeks has not elapsed. He knows that you are a business law student at Open Campus and sought your advice on the matter. Advise James.Will your answer be the same, if Jim failed to communicate to James within the two weeks that he no longer is interested in purchasing James’s Porsche motor vehicle and James accepted on the last day of the end of the two weeks?arrow_forwardMohammed wants to sell his bike and he gives an advertisement. In the advertisement it is mentioned that a fastest bike is available for sale at 5000 OMR. Omar is interested in this offer and Mohammed says that it can be driven at the speed of 500km/hour in the normal roads. Omar is mesmerized by the offer and agrees buy. Question a. Is the contract in this case enforceable by law? Expluin why or why not?arrow_forward
- Zelda wants to sell her old red truck. In an effort to sell it quickly, Zelda mails a letter to her long time pal Maude offering to sell the truck to Maude for $15.000. Three days after Zeida sends that letter to Maude, Zelda's boyfriend, Trevor, informs Zelda that the truck is actually worth $30.000 However, just minutes after Maude posts (.e.. puts in the mail) a letter with the postmaster accepting Zelda's offer, Zelda calis Maude telling her the new price for the old red truck is $30,000. Does Zelda have to uphold the deal and sell Maude the truck for $15,000? O No, the fair market value of the truck is $30,000 and that's what Maude must pay for it. O No, Zelda doesn't have to sell to Maude at all, if she does not wish to do so. O Yes, Zelda must sell the truck to Maude for $15,000. OYes, Zelda must still sell the truck to Maude, but at a price greater than $15,000 but less than $30,000. O No. Maude must split the difference in price with Zelda and pay $22.500 for the truckarrow_forwardWith a banker’s acceptance, certain conditions, such as delivery of the merchandise, may be specified before payment is made; True or Falsearrow_forwardRecord the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,868.82; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $94.73 for shipping. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $148.68. Required: 1. For Ford Education Outfitters. Round your answers to the nearest cent. PLEASE SEE ATTACHED IMAGESarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
BUSN 11 Introduction to Business Student EditionBusinessISBN:9781337407137Author:KellyPublisher:Cengage Learning
Essentials of Business Communication (MindTap Cou...BusinessISBN:9781337386494Author:Mary Ellen Guffey, Dana LoewyPublisher:Cengage Learning
Accounting Information Systems (14th Edition)BusinessISBN:9780134474021Author:Marshall B. Romney, Paul J. SteinbartPublisher:PEARSON
International Business: Competing in the Global M...BusinessISBN:9781259929441Author:Charles W. L. Hill Dr, G. Tomas M. HultPublisher:McGraw-Hill Education
BUSN 11 Introduction to Business Student Edition
Business
ISBN:9781337407137
Author:Kelly
Publisher:Cengage Learning
Essentials of Business Communication (MindTap Cou...
Business
ISBN:9781337386494
Author:Mary Ellen Guffey, Dana Loewy
Publisher:Cengage Learning
Accounting Information Systems (14th Edition)
Business
ISBN:9780134474021
Author:Marshall B. Romney, Paul J. Steinbart
Publisher:PEARSON
International Business: Competing in the Global M...
Business
ISBN:9781259929441
Author:Charles W. L. Hill Dr, G. Tomas M. Hult
Publisher:McGraw-Hill Education