Smith and Roberson’s Business Law
17th Edition
ISBN: 9781337094757
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Question
Chapter 10, Problem 3CO
Summary Introduction
To compare: Conventional and modern theories of definite acceptance of an offer by using rule of common law and UGC (uniform commercial code rule).
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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 contract
Identify FOUR (4) ways to terminate a contract, esplain it briefly and include examples
State the basic difference (only in their legal effects) between a contract to sell, on the one hand, and a contract of sale, on the other.
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
- 43. When does the buyer obtain real right over the fruits of the determinate thing sold in a contract of sale? Group of answer choices From the moment of actual delivery of the fruits of the determinate thing sold From the moment of constructive delivery of the determinate thing sold From the moment of perfection of contract of sale From the moment of full payment of the pricearrow_forwardIn marketing law, the sale of goods as a contract whereby the Seller transfers or agrees to transfer the property in goods to the Buyer for a Consideration called Price consisting wholly or partly of money. Discussarrow_forwardPlease discuss what are the essential elements that must be present in a contingent contract for it to be valid and enforceable?arrow_forward
- A voidable contract Multiple Choice O Allows the parties to enforce it if they wish Does not permit enforcement because it does not exist Does not exist from the outset Is valid only if there is consent between the partiesarrow_forwardLocate the doctrine in the UCC and describe “accommodation" in your own words. Be sure to provide a definition that is applicable in relation to the sale of goods and contracts. Now, apply the doctrine to the hypothetical below: You own Bo’s Garden Supplies and have used Mick’s Manure as a supplier for several years. Exchanging email, you and Mick agree that he will ship the usual 50 bags of manure around April 1st. On March 30th, he emails you to say that there was a shortage of full-size manure bags so 100 bags, totaling the same amount of manure, are on their way and will be there as of April. Is Mick in breach of contract? Why or why not? Please explain. What are your legal options?arrow_forwardafter a salesperson inspected a property and completed a brokerage engagement, the seller examined and signed that contract. And Georgia, if the salesperson sponsoring broker had mentioned in the salesperson written affiliation agreement that the salesperson could sign a listing agreement as the agent, because this person legally have done so? Yes, because the seller had already examined and signed the contract Yes, because the salesperson was the agent of the broker No, unless the salesperson had completed all the education courses required of a broker No, because a sponsoring broker was the sellers agentarrow_forward
- 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.arrow_forwardWhat are the differences between a "contract of sale" and "contract to sell"?arrow_forwardDescribe the difference between/among the following terms. May vs shall Equal, substantially equal, relatively equal Bidder vs applicant Determines vs deemsarrow_forward
- On a beautiful Saturday in October, Francie decides to take the twenty-mile ride from her home in New Jersey into New York City to do some shopping. Francie finds that Brown’s Retail Sales, Inc., has a terrific sale on televisions and decides to surprise her husband with a new high-definition television. She purchases the set from Brown’s on her VISA card for $1,450. When the set is delivered, Francie discovers that it does not work. Brown’s refuses to repair or replace it or to credit Francie’s account. Francie therefore refuses to pay VISA for the television. VISA brings a suit against Francie. Will VISA prevail? Why or why not?arrow_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. Provide one example/scenario each of the case laws below; a. Carlill v. Carbolic Smoke Ball Company (1893) b. Gibson v. Manchester City Council (1979) c. Harvey v. Facey (1893) d. Hyde v. Wrench (1840) e. Boots Cash Chemists (Southern) Ltd. v. Pharmaceutical Society of Great Britain (1953)arrow_forwardUnder the UCC, a firm offer only applies toarrow_forward
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