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 9, Problem 3Q
Summary Introduction
To discuss: Whether a contract been formed.
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Suppose that bank A buys a car for client B, and resells the car to the client. The bank and the client are both aware of the sales price to the client and mutually agree, but the cost of the car to the client is not disclosed to the client and is known only to the bank and the car dealer. Does this transaction meet the requirements of a valid Murabaha contract? Explain your answer.Multi Line Text.
Gerry 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?
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…
Chapter 9 Solutions
Smith and Roberson’s Business Law
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- Pisey needs $ 8,000 for her pig farm. After Sisey Pisey told her about the $ 8,000 she needed, the bank said she had collateral, such as a house, because borrowing, in principle, requires the bank to have collateral? Sister Pisey says I mortgaged the title deed to get a $ 8,000 loan from the bank. The bank assessed the land and told Pisey to borrow $ 25,000 (by submitting the land title), otherwise the bank would not lend her $ 25,000, not $ 8. $ 000) Do you agree? Sister Pisey said that I only need $ 8,000, $ 25,000 is more than I need! The bank said it was likely to force her to borrow $ 25,000 ... Finally, Pisey gave up the loan, fearing that the bank would not be able to confiscate land worth more than 25,000. Dollars. How do students understand the situation? Delay. As a Business Managerarrow_forwardFacts: 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_forwardRachel had a fire loss in her condominium unit. As a result of the heat, Rachel's fish tank broke and the two exotic fish worth $5000 died. Rachel has a Condominium Comprehensive Form subject to a deductible of $500. Will the fish be covered under the policy and if so how much would Rachel be entitled to? Yes, Rachel would receive a claim payment of $4,500. Yes, however, Rachel will not receive any payment due to special limits of insurance. No, Rachel will not receive any payment as this loss is an exclusion under Rachel's policy. No, Rachel will not receive any payment as the fish was not a scheduled item on the policy.arrow_forward
- Enlist and define all the essentials of a valid contract with the help of appropriate example.arrow_forwardExplain the concept of a void contract in easy terms.arrow_forwardX, the owner of a house and lot in Quezon City, gave an option to A to purchase said property for P1,000,000.00 within 90 days from May 1, 1999. A gave X one hundred thousand (P100,000) as option money. Before the expiration of the 90-day period, A went to X to exercise his option and to pay the purchase price but X refused because somebody wanted to buy his property for P1,500,000.00 and because there was no sufficient of withdrawal of the offer which was received by B at 5:00 P.M. Was the contract perfected? Reasons.arrow_forward
- Suppose Suzanne offered to sell you her boat on Wednesday for $2,000 and gives you until Friday at 9 am to accept the offer. You then find out on Thursday from another source that Suzanne has sold the boat to another person. If you accept the offer, can you sue Suzanne for breach of contract?arrow_forwardCan Mr. Rendon refuse to pay the professional services of Ms. LCB on the ground that it is stipulated in their contract that Ms. LCB has to undervalue the shipment in order to ensure that the duties and taxes will not exceed his allocated budget?arrow_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? Required to use the IRAC* method to answerarrow_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?arrow_forwardEmilio's Italian Restaurant enters into a contract with Vino winery wherein Emilio's agrees to purchase all the wine that Vino produces for $8/bottle. a. This contract is unenforceable because it fails to specify a quantity in the contract. b. This is an enforceable contract. c. This contract will only be enforceable if every other contract terms is specified in the contract. d. This contract is unenforceable because Vino hasn't given any consideration for selling all their wine to Emilio's.arrow_forwardBenigno Buyer writes Francene Farmer a letter that states he is willing to purchase 1,000 pounds of apples at a price of $.50 per pound. A. How can Francene accept this contract? B. If Francene writes back stating, “Your terms are agreeable, provided you purchase a minimum of 1,200 pounds of apples.” What is the effect of Francene’s statement? Will it matter whether or not Benigno is also a merchant? C. Assume that the wholesale price of apples is $1 per pound at the time that the offer is made. If Francene accepts it, will she be likely to successfully assert a defense of unconscionably if she later refuses to honor the contract’s terms?arrow_forward
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