Buyer and seller enter into a clear contract. The buyer refuses to purchase for a reason not excused by a contingency. Which statement is correct?

Simon purchased both a call and a put on 280,000 bushels of lentils. Both options have a strike price of $5.00/bushel and a common expiration date. Lentils contracts are based on 5,000 bushels. The price of lentils on the expiration date is $5.38/bushel. A. Ignoring all costs, calculate Simon's total option payoff for these two contracts. B. Assuming that a call costs Simon $0.15 per bushel and a put costs $0.11 per bushel, calculate Simon's total profit or loss on the two positions.

Question 13 A party contracts to guaranty the collection of the debts of another. As a result of the guaranty, the creditor, upon debtor's default, can immediately proceed against the guarantor without further notice. True False Question 14 Hudson National Bank files a financing statement regarding a transaction with EcoVibes. To be valid, the financing statement must contain both the debtor's and creditor's signatures. True False Question 15 The Truth-In-Lending Act applies to all merchants that sell consumer goods. True False

What is the purpose of the "Pair and Set" clause in a Property insurance policy? OA) It obliges the insurer to pay a total loss if any item of a pair or set of items is lost or damaged. OB) It limits the liability of the insurer to not more than 25% of the total value of a pair or set that is lost or damaged. OC) It protects the insurer from having to pay for a total loss when only part of a pair or set is lost or damaged. OD) It warrants that earrings of precious or semi-precious stones are properly set in their mounting, failing which no loss will be paid by the insurer.

Farmer grows and sells blueberries. Maine Wild Blueberry Co. agreed to buy all of Farmer’s crop for the next two years under a contract that left the price to be determined. Farmer delivered all of the blueberries he was able to harvest. However, a dispute arose over the amount of blueberries Maine will accept and the price it has to pay. Is there an enforceable contract? If so, what is the amount of blueberries Maine must accept and at what price? Discuss is detail.

A contract has become more difficult of performance due to some un-contemplated events or delays .The contract Question 11Answer a. becomes voidable. b. is discharged c. becomes void d. is not discharged

What is the test for whether a term is a condition?  pick one answer from the following: The parties have described the term as a 'condition' or 'essential'. The promisee would not have entered the contract unless assured of strict or substantial performance of the relevant promise. Whether the term provides that performance of the contract is conditional on a contingency being fulfilled, such as finance being obtained, or development consent being granted. It was apparent to the promisor that the promisee would not have entered the contract unless assured of strict or substantial performance of the relevant promise.

Why is past consideration no consideration at all?     The adequacy of past consideration is difficult to determine.     Past consideration is considered to be illusory.     Past consideration may involve parties who are not involved in the current contract.     Past consideration was provided before the current contract was made, and the current contract requires a benefit that has not yet been conferred.

Question 4 a) With reference to contract law, identify and explain the elements that need to be present to form a valid contract? b) Under what circumstances can an offer come to an end? Discuss using case law.

A purchaser enters a contract to purchase land from a seller. The contract provides that the settlement date is 1 March but time is not of the essence. Is the following statement true or false? ‘The purchaser is not legally obligated to settle the transaction on 1 March.’ True or False?