QUESTION 15Jim. Jim is able to sel the chairs to another buyer, John for a lesser amount because of the falling market. If Jim then sues George for damage, which of the folowinggenerally cannotbe recovered?Oa Punitive damages to punish intantional contract breaches.Ob incidental damages associate with a breach of contract, such as the cost of resale.Oc Compensatory damages to put Jim in the same position he would have been but for the breach by George, measured by the difference between the contractprice with George and the amount paid by John.Od Consequential damages if Jim can prove lost opportunity cost suffered as a result of the breach, such as lost opportunity costs for lost profits, etc, if suchdamages were foreseeable by George at the time the contract was made.

The appropriate choice is option D. The consequential damages will not be covered according to the…

Answered: QUESTION 15 George Buyer, seeing the…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question 1Amy and Bianca intended to form a company called Flexible Co Ltd to engage in trading. Before the company was incorporated, Amy and Bianca signed a lease agreement with Fix-a- deal Co Ltd in the name of Flexible to rent an office in Tsim Sha Tsui. Three months after Flexible’s incorporation, Amy met Cyril who mentioned that he had an office of about the same size to let at a much lower rent. Amy and Bianca went to see the premises and found it very suitable for their business. They wish to repudiate the existing lease and take up a new lease with Cyril.Advise Amy and Bianca. Question 2By reference to relevant section(s) of the Companies Ordinance, explain the effects of incorporation.
(Q): Briefly explain following:1. Legal Contract 2. Professional liability Explain question with own words, examples and detail explanation.
Which of the following remedies may be provided for in a contract? Question 6Answer a. liquidated damages, deposits, down payments b. rescission, specific performance, injunction c. all of the above d. none of the above
10. X has an oral contract with Y for the purchase of Y's lake cabin. X's remedy(ies) is/are if Y breaches: a) Specific performance. b) Injunction. c) Damages. d) Probably no remedy available as this contract had to be in writing before X could take it to court as the Statute of Frauds requires this contract to be in writing.
Case study contract law and offer acceptance. Scenario: Alex posts an advertisement to sell his vintage record collection for $1,000. Beth sees the ad and sends Alex an email expressing interest in purchasing the collection for the advertised price. Before Alex can respond to Beth’s email, he receives a text message from Chris offering to buy the collection for $900. 1. Has Alex made a valid offer to sell his record collection? Why or why not? 2. What constitutes acceptance in this scenario? 3. Is there a contract formed with Beth or Chris? Why or why not? 4. If both Beth and Chris attempted to accept, who would prevail?
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QUESTION 1 Which of the following is a FALSE statement? A. The E-Sign Act completely prevents the use of electronic signatures for contracting on the Internet. B. If an employer wants to preserve the at-will employment status of his or her employees, the employer should insert disclaimers in its codes and handbooks that nothing therein can be construed to create an express or implied employment contract. C. A basic principle of the National Labor Relations Act is that employers cannot terminate employees in order to discourage or encourage union membership. D. “Going public” by a company offering to sell shares of stock to the public typically results in access to broader financial markets from which to obtain capital. QUESTION 2 1. The tort of assault and the tort of battery are: A. Two names for the exact same tort. B. Strict liability torts. C. Independent torts which can occur separately from one another. D. Require proof of each of the separate elements of negligence.…
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Question 18 Smith and Benson make an oral contract for the sale of land at a price of $500,000. After paying Smith $400,000 of the purchase price, Benson takes possession of the land. One month later, Smith wants to boot Benson off the land. His argument is that the parties' oral agreement is unenforceable under the statute of frauds. Which of the following is most correct? OSmith is correct, because the contract is for an amount greater than $500 O Smith is correct, because this is an oral contract for the sale of real estate O Smith is incorrect, because the contract is for an indefinite period of time O Smith is incorrect, because Benson paid part of the purchase price and took possession
LEGAL ASPECTS OF PURCHASING Q.4. a) It is known that a seller is said to be unpaid when the whole price has not been paid or where a cheque was received as a conditional payment but was dishonored” Describe the legal rights such a seller has over his goods. b) Examine the shopping legal rights of a consumer during and after the purchase of the goods or services.

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