Smith and Roberson’s Business Law
17th Edition
ISBN: 9781337094757
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 11, Problem 2Q
a)
Summary Introduction
To discuss: The result of the incident.
b)
Summary Introduction
To discuss: The result if person J paid $100000 for property in 2013.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Elizabeth goes shopping at Marshalls’s on Wednesday and sees a very expensive piece of furniture costing $70,000. It is an antique, so there are no others like it for sale. Elizabrth wants to get her spouse’s approval before buying it. Elizabeth gives Marshalls’s $2,500 to give her the right to buy the antique until Saturday at noon. Elizabeth took pictures of the piece, and she returns with her spouse on Friday to buy the furniture. Marshalls’s apologizes and says they mistakenly sold the piece to another customer and gives the $2,500 back to Elizabeth. Elizabeth sues Marshalls’s for additional damages. What is the probable outcome of Elizabeth’s lawsuit?
Norma English made an offer to purchase a house owned by Michael and Laurie Montgomery (Montgomery) for $272,000. In her offer, English also proposed to purchase certain personal property—paving stones and a fireplace screen worth a total of $100—from Montgomery. When Montgomery received English’s offer, Montgomery made many changes to English’s offer, including deleting the paving stones and fireplace screen from the personal property that English wanted. When English received the Montgomery counteroffer, English accepted and initialed all of Montgomery’s changes except that English did not initial the change that deleted the paving stones and fireplace screen from the deal.Subsequently, Montgomery notified English that because English had not completely accepted the terms of Montgomery’s counteroffer, Montgomery was therefore withdrawing from the deal. That same day, Montgomery signed a contract to sell the house to another buyer for $285,000. English sued Montgomery for specific…
Martha sells goods to James for $25,000. Martha assigns her right to receive the $25,000 to XYZ Finance James refuses to pay XYZ the $25,000. James makes two arguments for not paying. First James claims that XYZ has no privity of contract and that XYZ is not a third-party beneficiary of its contract with Martha. Second – James claims that the goods were worthless. Assume that the goods were worthless. You are the judge. Who wins and why? Address both arguments that James makes.
Chapter 11 Solutions
Smith and Roberson’s Business Law
Ch. 11 - Prob. 1COCh. 11 - Prob. 2COCh. 11 - Prob. 3COCh. 11 - Prob. 4COCh. 11 - Prob. 5COCh. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - Prob. 5Q
Ch. 11 - Prob. 6QCh. 11 - Prob. 7QCh. 11 - Prob. 8QCh. 11 - Prob. 9QCh. 11 - Prob. 10CPCh. 11 - Prob. 11CPCh. 11 - Prob. 12CPCh. 11 - Prob. 13CPCh. 11 - Prob. 14CPCh. 11 - Prob. 15CPCh. 11 - Prob. 16CPCh. 11 - Prob. 17CPCh. 11 - Prob. 18CPCh. 11 - Prob. 19CPCh. 11 - Prob. 20CPCh. 11 - Prob. 21CPCh. 11 - Prob. 22CPCh. 11 - Prob. 23CPCh. 11 - Prob. 1TSCh. 11 - Prob. 2TSCh. 11 - Prob. 3TS
Knowledge Booster
Similar questions
- Ed win sells a sofa to Jack for $800. Edwin and Jack both know that the sofa is in Edwin’s warehouse, located approximately ten miles from Jack’s home. The contract does not specify the place of delivery, and Jack insists that the place of delivery is either his house or Edwin’s store. Is Jack correct? Why or why not?arrow_forwardExecutive Financial Services, Inc. (EFS), purchased three tractors from Tri-County Farm Company (Tri-County), a John Deere dealership owned by Gene Mohr and James Loyd. The tractors cost $48,000, $19,000, and $38,000. EFS did not take possession of the tractors but instead left the tractors on Tri-County’s lot. EFS leased the tractors to Mohr-Loyd Leasing (Mohr-Loyd), a partnership between Mohr and Loyd, with the understanding and representation by Mohr-Loyd that the tractors would be leased out to farmers. Instead of leasing the tractors, Tri-County sold them to three different farmers. EFS sued and obtained judgment against Tri-County, Mohr-Loyd, and Mohr and Loyd personally for breach of contract. Because that judgment remained unsatisfied, EFS sued the three farmers who bought the tractors to recover the tractors from them. a) What does the entrustment rule provide? Explain. b) Did Mohr and Loyd act ethically in this case? c) Who owns the tractors, EFS or the farmers?arrow_forwardAn artist once produced a painting now called The Plains of Meudon. For a while, the parties in this case thought that the artist was Theodore Rousseau, a prominent member of the Barbizon school, and that the painting was quite valuable. With this idea in mind, the Kohlers consigned the painting to Leslie Hindman, Inc. (Hindman), an auction house. Among other things, the consignment agreement between the Kohlers and Hindman defined the scope of Hindman’s authority as agent. First, Hindman was obliged to sell the painting according to the conditions of sale spelled out in the auction catalog. Those conditions provided that neither the consignors nor Hindman made any warranties of authenticity. Second, the consignment agreement gave Hindman extensive and exclusive discretionary authority to rescind sales if in its “sole discretion” it determined that the sale subjected the company or the Kohlers to any liability under a warranty of authenticity. Despite having some doubts about its…arrow_forward
- Jim offered to buy James’s Porsche motor vehicle. Jim gave James 2 weeks for an answer. Two days after, Jane offered to sell her Porsche motor vehicle to Jim for which he was very excited to purchase because she had the latest model. Jim called James and told him personally that he is no longer interested in purchasing his Porsche. James is very upset, because he was keen to sell. He is of the view that Jim cannot withdraw his offer because the two weeks has not elapsed. He knows that you are a business law student at Open Campus and sought your advice on the matter. Advise James. Will your answer be the same, if Jim failed to communicate to James within the two weeks that he no longer is interested in purchasing James’s Porsche motor vehicle and James accepted on the last day of the end of the two weeks? Required to use the IRAC* method to answerarrow_forwardJim offered to buy James’s Porsche motor vehicle. Jim gave James 2 weeks for an answer. Two days after, Jane offered to sell her Porsche motor vehicle to Jim for which he was very excited to purchase because she had the latest model. Jim called James and told him personally that he is no longer interested in purchasing his Porsche. James is very upset, because he was keen to sell. He is of the view that Jim cannot withdraw his offer because the two weeks has not elapsed. He knows that you are a business law student at Open Campus and sought your advice on the matter. Advise James.Will your answer be the same, if Jim failed to communicate to James within the two weeks that he no longer is interested in purchasing James’s Porsche motor vehicle and James accepted on the last day of the end of the two weeks?arrow_forwardJim offered to buy James' porche motor vehicle. Jim gave James 2 weeks for an answer, two days after, Jane offered to sell her porche motor vehicle to Jim for which he was very excited to purchase because she had the latest model. Jim called James and told him personally that he is no longer interested in purchasing his porche. James is very upset because he was keen to sell. he is of the view that Jim cannot withdraw his offer because the 2 weeks has not elapsed. he knows that you are a business law student and sought your advice on the matter. Advise James. Will your answer be the same, if Jim failed to communicate to James within the two weeks that he no longer is interested in purchasing James' porche motor vehicle and James accepted on the last day of the end of the two weeks? Please answer using the IRAC model.arrow_forward
- Peter Andrus owned an apartment building that he had insured under a fire insurance policy sold by J.C. Durick Insurance (Durick). Two months prior to the expiration of the policy, Durick notified Andrus that the building should be insured for $48,000 (or 80 percent of the building’s value), as required by the insurance company. Andrus replied that (1) he wanted insurance to match the amount of the outstanding mortgage on the building (i.e., $24,000) and (2) if Durick could not sell this insurance, he would go elsewhere. Durick sent a new insurance policy in the face amount of $48,000 with the notation that the policy was automatically accepted unless Andrus notified him to the contrary. Andrus did not reply. However, he did not pay the premiums on the policy. Durick sued Andrus to recover these premiums. Discuss who wins? Provide justification for your argument/position.arrow_forwardWilson engages Ruth to sell Wilson’s antique walnut chest to Harold for $2,500. The next day, Ruth learns that Sandy is willing to pay $3,000 for Wilson’s chest. Ruth nevertheless sells the chest to Harold. Wilson then discovers these facts. What are Wilson’s rights, if any, against Ruth?arrow_forwardGerry a plumber is hired under a written contract to refurbish Bryan's master bathroom and Bryan's first floor half bath for $45,000. Bryan gave Gerry a $5,000 check to start. Upon completion of the project Gerry gave Bryan his final invoice. Bryan refused to pay. What can Gerry do to protect his interest and receive his pay? Would your answer change if the contract was to refurbish all the bathrooms at Bryan's grocery store? If yes what changes would you make?arrow_forward
- 17. Elizabeth Ellis sells a business asset for $10,000. Assume that Elizabeth has owned the asset for several years; that the original cost was $6,000; and that Elizabeth has claimed no depreciation deduction during the period of ownership and use. Assume that Elizabeth would have deducted $2,000 if she had claimed depreciation. Assume also that Elizabeth will not file amended returns to correct any prior year returns. How should Elizabeth report the sale? Ignore any potential depreciation recapture. Gain of $6,000 and expense of sale deduction for AGI of $2,000 Gain of $6,000 and a deduction from AGI of $2,000 Gain of $4,000 Gain of $4,000 and itemized deduction of $2,000 A B D None of the abovearrow_forwardArlene, a minor, buys a stereo from Savannah and signs a promissory note in the amount of $500 payable to Savannah within six months to cover the cost of the stereo. Savannah indorses the promissory note and transfers it to Alvin as payment for Alvin painting Savannah's house. When Alvin tries to collect the note from Arlene at the end of the six months, if Arlene refuses to pay: Alvin will be successful in collecting the payment because he is a holder in due course. Alvin will be successful because he is not a holder in due course. Alvin will be unsuccessful in collecting the payment even though he is a holder in due course.arrow_forwardEric and Susan just purchased their first home, which cost $140,000. They purchased a homeowner’s policy to insure the home for $130,000 and personal property for $80,000. They declined any coverage for additional living expenses. The deductible for the policy is $500. Soon after Eric and Susan moved into their new home, a strong windstorm caused damage to their roof. They reported the roof damage to be $19,500. While the roof was under repair, the couple had to live in a nearby hotel for three days. The hotel bill amounted to $420. Assuming the insurance company settles claims using the replacement value method, what amount will the insurance company pay for the damages to the roof?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill Education
Management (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSON
Business Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSON
Fundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON
Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON