EBK THE LEGAL ENVIRONMENT OF BUSINESS:
10th Edition
ISBN: 9781337516051
Author: Miller
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Question
Chapter 14, Problem 3CT
Summary Introduction
Case summary: The person JF purchased a baseball card from the person MS. The card was delivered in Nebraska and was kept in a safe-deposit box by the person JF. After 2 years, the person JF sent the card for authentication to PSA, a grading agency, which found the card as ungradable. The person JF informed the person MS, who replied that the card should have been returned within the seven days to the 1-month time period of its receipt. The person JF sent the card to ASA, another grading agency, for the second opinion and got the same feedback. The person JF then filed a suit against the person MS in the state court for damages. The person JF won the case and the person MS made an appeal to the supreme court.
To Find:The award given by the court to a buyer who prevails in such a dispute.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What are covenants not to compete? How do courts decide on the legality of these covenants?
How can parties in a contractual relationship effectively mitigate the risks associated with moral hazards and adverse selection?
What are the implications of breach of contract, and what legal remedies are available to parties in these situations?
Chapter 14 Solutions
EBK THE LEGAL ENVIRONMENT OF BUSINESS:
Knowledge Booster
Similar questions
- A contract will be considered illegal from inception where performance can only be pursued via an illegal act. Contracts falling into this category cannot be enforced. Indeed, if a contract is illegal from the start, all contractual parties will not acquire any rights under that contract, regardless of their intentions at formation of the contract. The contract will be void and treated as if it was never created. critically discuss FIVE (5) CONTEMPORARY CASE LAWS related to illegality focusing on the judgments handed down in those cases as it relates to: What was the issue, The facts of the relevant case, The judgment The reasons for the judge’s decision. Finally, in your opinion do you agree or disagree with the decisionarrow_forwardRegarding legality, the first right granted to minors in contract law cases is the right to dis-affirm. How would you "standardize or structure" the following rule of law regarding dis-affirming for minors? In its current state, it appears to be clear as mud! "Dis-affirming occurs when the minor states, either in a verbal declaration or by their actions, that they no longer intend to be bound by the terms of the contract to which they are a party. Upon reaching the age of majority, the minor may choose to disaffirm the contract they were entered into while in the minority. If they do not disaffirm the contract within a reasonable period of time, they are considered to have ratified the contract."arrow_forwardHow are duties discharged by a party under a contract?arrow_forward
- A contract will be considered illegal from inception where performance can only be pursued via an illegal act. Contracts falling into this category cannot be enforced. Indeed, if a contract is illegal from the start, all contractual parties will not acquire any rights under that contract, regardless of their intentions at formation of the contract. The contract will be void and treated as if it was never created. a) You are required to critically define and discuss the concept of illegality in law from a theoretical standpoint.arrow_forwardIn which type of Contract is there a "lack of meeting of the minds?" a) Bilateral b) Unilateral c) Fraudulent d) Oral 2. Generally where a unilateral mistake is made in a Contract, the Contract will still be enforced, except where the non-mistaken party was aware of the mistake. a) True b) False 3. A home builder misjudges the cost of the windows to be installed in the house. This is: a) Bilateral mistake leading to rescission. b) Unilateral mistake which can be corrected. c) A mathematical mistake which is correctable. d) An error of judgment, not correctable. 4. "Sign or I'll kill you" is an example of: a) Undue Influence b) Misrepresentation c) Duress d) either a or b 5. An attorney who over a period of time convinces an elderly widow to deed…arrow_forwardBUSINESS LAW EXPERT PLS ATTAIN THIS 1. An offer to contract was made to you by email. You decided to accept that offer and replied by email stating your acceptance. When is the acceptance validly communicated? 2. P entered into a 10-year lease of a warehouse. Thereafter, the local authority closed the only street access to the warehouse because of a dangerous building. The street was to be re-opened after the dangerous building was demolished. Discuss whether P could refuse to pay rent and have the contract set aside on the basis of frustration.arrow_forward
- What legal protections are in place to prevent the exploitation of individuals with limited capacity to contract?arrow_forward11. In a contract that calls for goods to be delivered, the UCC has a presumption in favor of: Group of answer choices -A destination contract -A shipment contract -A quasi-contract -An oral contract 15. The Uniform Commercial Code defines “good faith” as Group of answer choices -honesty in fact -caveat emptor -whatever the parties agree to -the UCC does not define good faith 22.Ghazi has received a shipment of goods, but determined that 20% of the goods are defective. Under the Perfect Tender Rule, she can -accept the entire order -reject the entire order -keep the conforming goods and return the defective ones -all of the above.arrow_forward1. According to the 1980 United Nations Convention on Contracts for the International Sale of Goods, an agreement on a price is required for a contract for the sale of goods to be valid? a. Yes, if the contract is done by writing. b. Yes, article 14 of the convention provides for it. c. No, the price is always unilaterally determined by the seller. d. No, article 50 regulates the case of the valid conclusion of a contract for the sale of goods without determination of the price. e. Yes, if the value of the contract is more than € 10.000. 2. Choose a contracting State to the 1980 United Nations Convention on Contracts for the International Sale of Goods that is not bound by article 11, article 29 or Part II of the Convention that allows a contract of sale to be done in any form other than in writing: a. Finland b. United States of America c. Mexico d. Canada e. Belarus 3. Albert is a merchant selling cars. Bob offered € 5.000 for a car which price announced by Albert was € 10.000.…arrow_forward
- Three cases have been presented to your law office. In each case, your client believes the other party has breached the contract. Your clients wish to be discharged from the contracts with no duty to perform contractual duties. Case 1: Client ordered a brand new car from dealer. The car arrived, but was damaged in shipping, with large dents on the left and right sides. Case 2: Client contracted with Builder for Builder to construct a house. The contract specified that the front door and garage door would be painted red. The doors, however, are white. Case 3: Client contracted with Doctor to surgically repair client's right shoulder. Instead, Doctor mistakenly repaired client's left shoulder. In which case (or cases) will your client be discharged from the duty to perform? Cases 1 and 3 Cases 1 and 2 Your client will NOT be discharged from the duty to perform in any of the 3 cases. Cases 2 and 3arrow_forwardConsideration can be defined as “something of value in the eyes of the law”, but consideration is not a critical factor to any contractual obligations and as such, it has to be ignored in any contract. Critically discuss this statement, with the following requirements. Five (5) applicable caribbean case laws on the subject matter. State clearly The issue Basic facts of the Cases The Judgementarrow_forwardWhat are the consequences of a party's failure to mitigate damages following a breach of contract?arrow_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