According to the CISG, when a contract is for sale of goods by description, a slight breach may be treated as a fundamental breach. True or False. Explain.
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According to the CISG, when a contract is for sale of goods by description, a slight breach may be treated as a fundamental breach. True or False. Explain.
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- In relation to Consideration select the CORRECT statement:Select one:To be valid, the agreed price and the goods sold, must be of equal value.Consideration can be vague or illusory as long as it was communicated to the other partyConsideration is the exchange of something of value (a thing, a promise, money etc), given in return for something else of value (a thing, a promise, money etc)Consideration is not necessary to form a legally binding contractTo be valid, Consideration must involve payment of money, in return for something of value.In the event that a buyer receives a shipment of seriously defective goods, under the CISG, the buyer must notify the seller of the defects within a reasonable time. True or False. Explain.Which of the following is true of a severable contract? Multiple Choice It must be enforced or rejected in its entirety. It contains multiple parts that need to be performed collectively. It has both legal and illegal portions in the contract. It needs complete performance by both parties.
- Which one of the following is a term that is implied by statute? Select one: a. A term required to make the contract between the parties effective b. A term that goods must be of merchantable quality c. Good faith d. A term implied on the basis of past dealings between the parties..Under what circumstances will the common law allow a party to cancel or terminate a contract for the sale or lease of goods?. What constitute misrepresentation and mistakes under the Law of Contract?
- Describe Express and implied contracts. What does it mean when a contract is called void and voidable?Under the Uniform Commercial Code (UCC), which of the following remedies is available to both buyers and sellers? Select one: a. Recovering the total value of goods in the contract b. Recovering profit from the resale of nonconforming goods by the other party c. Damages in the amount of the difference between the contract price and the market price of goods d. Obtaining specific performance of the contractWhich of the following statements regarding discharge of contracts is FALSE? 1) All parties are relieved of their obligations if the contract is discharged. 2) Party A need not pay for any goods received from Party B if Party A willingly accepts the partial performance of the contract by Party B. 3) A contract that becomes more expensive or difficult to perform will not be automatically discharged. O 4) A contract will be discharged if it becomes impossible subsequently to perform the contract.
- Tying contracts, which is prohibited under the Clayton Act, refers to the situation where a producer requires that a buyer: O Can resell the product but only at a higher price than the original purchase price O Cannot buy a similar product from other producers if that buyer wants to continue buying its product O Buy another of its products as a condition for buying the desired product 4 O Cannot ever resell the product boughtA 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.What is the main difference between contracts discharged due to operation of law and contracts discharged due to acts of the parties? Discharge due to acts of the parties never requires court intervention, whereas discharge due to operation of law always does. Discharge due to operation of law reflects at least one party's intent, whereas discharge due to acts of the parties doesn't necessarily reflect either party's intent. Discharge due to acts of the parties is legally binding, whereas discharge due to operation of law is not. Discharge due to operation of law doesn't necessarily reflect either party's intent, whereas discharge due to acts of the parties reflects at least one party's intent. 11 XIR Submit > 17