Smith and Roberson’s Business Law
17th Edition
ISBN: 9781337094757
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Chapter 10, Problem 11Q
Summary Introduction
To discuss: Whether a contract exists between person J and person B.
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With a banker’s acceptance, certain conditions, such as delivery of the merchandise, may be specified before payment is made; True or False
A contractor has agreed to build a home for Jane for $300,000. Early in the construction of
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speaks to the contractor, asking if he would drop his price by $20,000. As it happens, she
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time by his daughter's success, that he told Jane sure, no problem. However, when it came
time for final payment, he told Jane he changed his mind and needs full payment.
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Bill offers to sell his car to Tom for $9,000. Tom replies, “Your price is too high! I will offer to buy your car for $8,000.” Tom’s response is:
A) a counteroffer
B) a rejection of the original offer only
C) the creation of a new offer only
D) a refusal to deal.
Chapter 10 Solutions
Smith and Roberson’s Business Law
Ch. 10 - Prob. 1COCh. 10 - Prob. 2COCh. 10 - Prob. 3COCh. 10 - Prob. 4COCh. 10 - Prob. 5COCh. 10 - Prob. 1QCh. 10 - Prob. 2QCh. 10 - Prob. 3QCh. 10 - Prob. 4QCh. 10 - Prob. 5Q
Ch. 10 - Prob. 6QCh. 10 - Prob. 7QCh. 10 - Prob. 8QCh. 10 - Prob. 9QCh. 10 - Prob. 10QCh. 10 - Prob. 11QCh. 10 - Prob. 12QCh. 10 - Prob. 13QCh. 10 - Prob. 14CPCh. 10 - Prob. 15CPCh. 10 - Prob. 16CPCh. 10 - Prob. 17CPCh. 10 - Prob. 18CPCh. 10 - Prob. 19CPCh. 10 - Prob. 20CPCh. 10 - Prob. 21CPCh. 10 - Prob. 22CPCh. 10 - Prob. 23CPCh. 10 - Prob. 1TSCh. 10 - Prob. 2TSCh. 10 - Prob. 3TS
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Similar questions
- Pisey needs $ 8,000 for her pig farm. After Sisey Pisey told her about the $ 8,000 she needed, the bank said she had collateral, such as a house, because borrowing, in principle, requires the bank to have collateral? Sister Pisey says I mortgaged the title deed to get a $ 8,000 loan from the bank. The bank assessed the land and told Pisey to borrow $ 25,000 (by submitting the land title), otherwise the bank would not lend her $ 25,000, not $ 8. $ 000) Do you agree? Sister Pisey said that I only need $ 8,000, $ 25,000 is more than I need! The bank said it was likely to force her to borrow $ 25,000 ... Finally, Pisey gave up the loan, fearing that the bank would not be able to confiscate land worth more than 25,000. Dollars. How do students understand the situation? Delay. As a Business Managerarrow_forwardAn offer can be defined as an intimation of words and conduct, with a desire to enter into a binding arrangement. It is argued for an offer to be effective, the terms of the offer must be clear, precise and unambiguous. Please eloborate on the statement above.arrow_forwardAcceptance must be absolute,and must correspond with the terms of the offer. Discuss .arrow_forward
- Which of the following is created once an offer has been unconditionally accepted? A. A conditional contract B. An agreement c.A binding contract D. A voidable contractarrow_forward1. John has a lending company. In his letter mailed on September 15, he offered to sell his business to Peter for $20,000.00. The letter was received by Peter on September 20. On September 25, Peter sent his letter of acceptance in which John received on September 28. However, on September 23, John had decided to withdraw and mailed a letter to Peter revoking it. The letter was not received until September 29. Did the contract form? When? Please state your reasons 2. A father made a will leaving everything to his infant son. In his will and testament, he appointed John as his executor, in the event of his death. As executor, John is responsible to administer his estate on behalf of his son. Prior to the death of the father, he bought a piece of land using a mortgage and began building a cottage on this land. Prior to its completion, he died. Upon his death, John then acts as the son’s guardian and administrator of the estate on his behalf. John was not paid for this service. As a…arrow_forwardTrue/False An fully express contract is one in which the term are fully stated.arrow_forward
- A guaranty type contract, where a 3rd party guarantees the payment for another, must be in writing. True Falsearrow_forwardSuppose that bank A buys a car for client B, and resells the car to the client. The bank and the client are both aware of the sales price to the client and mutually agree, but the cost of the car to the client is not disclosed to the client and is known only to the bank and the car dealer. Does this transaction meet the requirements of a valid Murabaha contract? Explain your answer.Multi Line Text.arrow_forwardHow is an offer terminated? Describe the circumstances in which a counteroffer results.arrow_forward
- When an accountant or an attorney is asked to act as an agent, an agreement to compensate the agent for service is implied. False Truearrow_forwardSuppose Suzanne offered to sell you her boat on Wednesday for $2,000 and gives you until Friday at 9 am to accept the offer. You then find out on Thursday from another source that Suzanne has sold the boat to another person. If you accept the offer, can you sue Suzanne for breach of contract?arrow_forwardThe general rule is that no formalities are prescribed for the validity of a contract. True or false?arrow_forward
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