Smith and Roberson’s Business Law
17th Edition
ISBN: 9781337094757
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Alex and Ann enter a contract for Ann to cook a gourmet meal for Alex and Alex to pay Ann $50. Alex shows up at Ann's house with $50 and hands it to Ann. Ann refuses to accept the money.
What has Alex done?
Discharged his duties under the contract.
Not yet performed his duties under the contract
Substantially performed his duties.
Breached the contract
Durham orally agreed to purchase certain computer hardware priced at $10,000 from Ted Stallings. The sale of the hardware also included a one-time setup service visit priced at $100. The total contract price amounted to $10,100. The computer hardware was delivered and set up, and Durham paid $10,100. Afterwards, Durham discovered that she could obtain the same goods and services from another seller for a total contract price of $9,100. She now seeks rescission of the contract, based on the fact that more than $500 in goods were involved in the sales transaction, that the contract between her and Stallings was subject to the statute of frauds as a result, and that the oral agreement between them was therefore unenforceable. Durham wants to return the computer hardware to Stallings, and receive reimbursement of $10,000 (She is willing to waive her claim to reimbursement for the $100 setup service visit.) Evaluate Durham’s legal position in this matter. HINT: Address both issues: (1)…
Dorian breeds Scottish Fold kittens and informs Stevie that she is a cat breeder. Stevie says she is interested in purchasing one of her kittens. Dorian calls Stevie a month later and says Stevie’s kitten is ready for pickup and Stevie owes her $1,000. Stevie refuses, stating they did not have a valid contract. Dorian states they did have a valid contract. Who is correct?
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- James sold his 1965 e-type Jaguar car to Shirley for $18,500. During the negotiations James claimed that the car was actually a 1963 model, which were rarer, and therefore more valuable. Shirley, who was 17 at the time of purchase, bought the car on the understanding it was the 1963 model. Are all the elements of a valid contract present? Explain your answer.arrow_forwardPlease provide Reaction to statement below: William refrained from certain behaviors, as requested by his uncle, in exchange for a large sum of money. Since the executor of Story's estate refused to pay William, claiming that the contract lacked consideration, there is a theory of consideration that William can rely on. William can invoke the concept of forbearance, which he did by refraining from drinking liquor, using tobacco, swearing, and playing cards or billiards for money until he reached the age of 21. This act of forbearance on his part can be considered adequate consideration for the contract. In this case, even though refraining from liquor and tobacco has been beneficial for William's health, it can still be considered a legal detriment or forbearance for the contract. Considering the facts presented, William fulfilled his uncle's requirements, and Story acknowledged that William had fulfilled his part of the bargain. Based on this, there was valid consideration for the…arrow_forwardSpritz signs a contract that says that she will paint a mural of her friend Hecuba in exchange for Hecuba giving Spritz the secret recipe to Hecuba's beloved banana sushi. Spritz labors day and night painting the mural, however when she finally finishes and asks for the recipe, Hecuba laughs and points to an area of the contract which has extremely fine print (only legible to people with magnifying glasses). This incredibly small print says that Spritz must also paint 40 murals of Hecuba all around the city before getting the recipe. Even though Spritz knows that she has signed this document with a level head, she sues. Does she have a case against Hecuba? Yes, and Hecuba will probably have to personally scrub away the first mural as punitive damage. Yes, a reasonable person would have missed the fine print. No, because she already painted the first mural. Yes, a reasonable person could not paint 40 murals. O No, Spritz's signature on the document created a legally binding,…arrow_forward
- Ming entered into a contract with Lee to supply Lee with smuggled cigarettes. Lee received the smuggled cigarettes and tried to sell them off at a profit. However, due to the COVID-19 pandemic, Lee could not find any buyer for the smuggled cigarettes. Without any profit, Lee was unable to pay Ming the outstanding sum under their contract. Required: Analyse whether Ming is entitled to seek assistance from the court to claim back the outstanding sum under the contract from Lee. Support your discussion with relevant legal principles and cases, if any.arrow_forwardEmily, seeking to induce Nishi Whiskey, LLC (Nishi), to make a contract to buy a tract of land at a price of $5,000 an acre, tells Nishi that the tract contains 100 acres. Emily knows that it contains only 90 acres. Nishi is induced by the statement concerning the acreage to make the contract. Is the contract voidable by Nishi? Explainarrow_forwardadvised Afifah that he has recently had several meetings with the manufacturers of the product imported and distributed by TerFamos. The manufacturers are of the opinion that TerFamos can no longer provide the required levels of service. They have decided to cancel TerFamos’s contract and award the distribution rights to Norman’s company. Norman then asks Afifah to come and work for him. He offers Afifah a substantially higher salary than the one she currently earns. In addition, Norman asks Afifah to recruit TerFamos’s best operations staff to come to Norman’s company with her. He says: ‘The offer is exclusive to you and the deal with the manufacturer is indeed confidential, so don’t mention it to anyone just yet, especially to Rodzi.’ Required: Identify the primary stakeholders and explain the relevant facts and ethical issues in the situation above. With reference to the CIMA Code of Professional Ethics, identify and discuss the ethical…arrow_forward
- Henry entered into a contract with Classic Motors to purchase a specific vehicle. The contract provided for a purchase price of $30,000.00 with a down payment of $10,000.00 and the balance of $20,000.00 on terms. Classic Motors was to repair the broken windshield and install a new CD player. Henry was to be notified once the work was completed so he could come and pick up the car. Classic Motors cashed the cheque and prepared the car as promised. Shortly before contacting Henry the car was stolen from the lot. Henry has demanded the return of his $10,000.00 down payment. What is the legal position of the parties?arrow_forwardSmith, having contracted to sell to Beyer thirty tons of described fertilizer, shipped to Beyer by carrier thirty tons of fertilizer, which he stated conformed to the contract. Nothing was stated in the contract as to time of payment, but Smith demanded payment as a condition of handing over the fertilizer to Beyer. Beyer refused to pay unless he was given the opportunity to inspect the fertilizer. Who is correct? Explain.arrow_forwardFrank is drunk and while laughing hysterically says to Hal "I will sell you my truck for a buck". Frank has made a valid offer. T or F and explainarrow_forward
- Matthew and Joe were roommates. When they were renting their apartment, each agreed to pay half of the cost of the rent and the cable and electric bills. Two months after moving in, Matthew borrowed Joe's car and was involved in an accident. Matthew promised to pay $2,200 in damages if Joe promised not to file a claim with his insurance company. Joe agreed. However, Matthew never paid him for the damages. He claimed that the agreement was not enforceable because there was no consideration. What is the outcome? Rubricarrow_forwardAnderson, a farmer, orally agreed to buy a used tractor from the Copeland Equipment Company for $475. Copeland delivered the tractor to Anderson, who used it for 11 days. During this period, Anderson could not borrow enough funds to cover the purchase price. Anderson therefore returned the tractor to Copeland. Both parties agreed that their sales contract was canceled when the tractor was returned. However, Copeland later claimed that under the doctrine of quasi- contract, Anderson was required to pay for the 11-day use of the tractor. Do you agree with Copeland? Explain your answer. [See Anderson v. Copeland, 378 P.2d 1006 (OK).]arrow_forwardEd 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_forward
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