The Legal Environment of Business: Text and Cases
10th Edition
ISBN: 9781337535878
Author: Frank B. Cross; Roger LeRoy Miller
Publisher: Cengage Learning US
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Chapter 7, Problem 3CT
Summary Introduction
Case summary:A person D was employed in the company N. The person D, while working on a forklift, moved out of the seat and unintendedly stepped on vehicle’s active gearshift. Due to this, the forklift moved backward causing injuries to the person D. A lawsuit was filed by the person D against the manufacturer of forklift M and the company N, claiming under product liability. The manufacturer M in defense stated that the company N altered the vehicle after delivery and disabled the security switch. The security switch was installed to prevent accidents caused by sudden use of an active gearshift.
To Find: The person D’s success in an action against the company N.
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Solve with explanation and accounting
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
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