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 3Q
Summary Introduction
To discuss: Decisions of Company A against Company B.
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1. 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…
On March 5, 2020, A wrote a letter to B offering to him the lease of a building. On March 6, 2020, at 1:00 P.M. sent a letter of acceptance which h was received by A at 4:00 P.M. that day. But at 2:00 P.M., A had already sent B a letter of withdrawal of the offer which was received by B at 5:00 P.M. Was the contract perfected ? Reasons?
Two days after closing, The seller gives a $500 bonus to the selling agent. The agent should:
a) immediately deposit check into his account
b) instruct the seller to issue the check to agents broker
c) cash the check and give the broker his share of the bonus
d) instruct seller that bonuses are illegal
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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- Mr. A wrote and mailed to Mr. B offering to sell his truck worth $10,500.00. In response, Mr. B replied by mail with a counteroffer of $8,000.00. Days later, Mr. B wrote again to Mr. A and said that he accepted the offer of $10,500.00 and the letter reached to Mr. A. Though there was an acceptance to the offer, but Mr. A decided to sell his truck to other interested party. 1. Is there a binding contract between Mr. A & B? If yes or no, please support your statement.arrow_forwardJeff says to Brenda, “I offer to sell you my PC for $900.” Brenda replies, “If you do not hear otherwise from me by Thursday, I have accepted your offer.” Jeff agrees and does not hear from Brenda by Thursday. Does a contract exist between Jeff and Brenda? Explain.arrow_forward4. On March 5, 2021, A wrote a letter to B offering him lease of a building. On March 6, 2021, at 1:00PM, B sent a letter of acceptance which was received by A at 4:0OPM that day. But at 2:00PM, A had already sent B a letter of withdrawal of the offer which was received by B at 5:00PM. When was. the contract perfected? a. At 1:00PM b. At 4:00PM c. At 2:00PM d. The contract has not been perfectedarrow_forward
- Facts: You offered to sell your automobile to Wil for P100,000.00. After inspecting the automobile, Wil offered to buy it for P80,000.00. This offer was accepted by you. The next day, you offered to deliver the automobile, but Wil being short of funds, secured postponement of the delivery, promising to pay the price “upon arrival of the steamer”. The steamer however never arrived because it was wrecked by a typhoon and sank somewhere off the Coast of Samar. Question: Is there a perfected contract in this case? Why or why not?arrow_forwardon september 5 robert wrote to cameron offering to sell 50 metric tons of wheat at $250 per metric tonne. on september 7 cameron posted a reply in which he accepted robert’s offer but added that if he did not hear to the contrary he would assume that the price included delivery to his (cameron’s) warehouse. the following morning, before cameron’s letter arrived at robert’s office, robert read a posting on the internet which stated that the price of wheat was about to fall and he immediately sent an email to cameron stating ‘our price of $250 includes delivery’. on receiving robert’s email at 10am on september 8, cameron posted a letter to robert confirming his acceptance of robert’s terms. by mid-day, however, cameron also saw the posting on the internet which indicated that wheat prices were about to fall and, having considered the matter, sent an email to robert stating ‘i do not accept your offer of wheat’. the price of wheat fell to $230 per metric tonne and cameron refuses to…arrow_forwardDistinguish an ordinary contract from an obligationarrow_forward
- Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,868.82; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $94.73 for shipping. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $148.68. Required: 1. For Ford Education Outfitters. Round your answers to the nearest cent. PLEASE SEE ATTACHED IMAGESarrow_forwardWith a banker’s acceptance, certain conditions, such as delivery of the merchandise, may be specified before payment is made; True or Falsearrow_forwardUnited Road Machinery Company, a dealer in heavy road equipment (including truck scales supplied by Thurman Scale Company), received a telephone call on July 21 from James Durham, an officer of Consolidated Coal Company, seeking to acquire truck scales for his coal mining operation. United and Consolidated entered into a twenty-four-month lease-purchase arrangement. United then notified Thurman that Consolidated would take possession of the scales directly. United paid for the scales and Consolidated took possession of them, but the latter never signed or returned the contract papers forwarded to it by United. Consolidated also never made any of the rental payments ($608/month) due under the lease. On September 20, Consolidated, through its officer Durham, sold the scales to Kentucky Mobile Homes for $8,500. Kentucky’s president, Ethard Jasper, checked the county records prior to the purchase and found no lien or encumbrance on the title; likewise, he denied knowledge of the dispute…arrow_forward
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