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 12, Problem 4CO
Summary Introduction
To discuss: The concept of bargained-for exchange and whether this element is present with past consideration and 3rd party beneficiaries.
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Chapter 12 Solutions
Smith and Roberson’s Business Law
Ch. 12 - Prob. 1COCh. 12 - Prob. 2COCh. 12 - Prob. 3COCh. 12 - Prob. 4COCh. 12 - Prob. 5COCh. 12 - Prob. 1QCh. 12 - Prob. 2QCh. 12 - Prob. 3QCh. 12 - Prob. 4QCh. 12 - Prob. 5Q
Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - Prob. 8QCh. 12 - Prob. 9QCh. 12 - Prob. 10QCh. 12 - Prob. 11QCh. 12 - Prob. 12CPCh. 12 - Prob. 13CPCh. 12 - Prob. 14CPCh. 12 - Prob. 15CPCh. 12 - Prob. 16CPCh. 12 - Prob. 17CPCh. 12 - Prob. 18CPCh. 12 - Prob. 19CPCh. 12 - Prob. 20CPCh. 12 - Prob. 1TSCh. 12 - Prob. 2TSCh. 12 - Prob. 3TS
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- Discuss under what circumstances will the common law allow a party to cancel or terminate a contract for the sale or lease of goods?arrow_forwardWhat is the doctrine of privity of contract, and how does it impact third-party rights?arrow_forwardIn relation to Consideration select the CORRECT statement:Select one:To be valid, the agreed price and the goods sold, must be of equal value.Consideration can be vague or illusory as long as it was communicated to the other partyConsideration is the exchange of something of value (a thing, a promise, money etc), given in return for something else of value (a thing, a promise, money etc)Consideration is not necessary to form a legally binding contractTo be valid, Consideration must involve payment of money, in return for something of value.arrow_forward
- How can a party's conduct or behavior give rise to an implied contract?arrow_forwardTrue or False In a contract for the sale of goods, if the seller does not have a place of business and the contract does not mention delivery in any way, delivery is to be made at the buyer's house.arrow_forwardUnder 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 contractarrow_forward
- How are duties discharged by a party under a contract?arrow_forwardMay a contract of sale entered into in violation of a third party’s right of first refusal be rescinded in order that such third party can exercise said right?arrow_forwardHow is an offer terminated? Describe the circumstances in which a counteroffer results.arrow_forward
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