1. Corporations may be held liable for crimes. True False 2. Contracts are primarily governed by the Uniform Commercial Code. True False 3. The difference between an express contract and an implied in fact contract is the manner in which assent is manifested. True False 4. A person may employ deadly force to protect his property. True False 5. John and Megan are at a crowded theater. In the press of people exiting the theater, John accidentally steps on Megan's toe and breaks it. Megan can sue John for the tort of battery. True False 6. Larry says to Jeff, "If you will mow my lawn, I will give you fifteen dollars." Under these facts, no contract is formed until Jeff finishes mowing the lawn. True False 7. If a person who has been declared incompetent by the courts enters into an …show more content…
Mike recently purchased a motorcycle for $4,000 but has had extensive problems starting the motor. In disgust at not being able to start the motorcycle, Mike shouts to his friends, "Any of you want to buy this thing for $20?" A contract will be formed if a friend gives Mike a twenty-dollar bill. True False 17. Tom posts a sign in his neighborhood offering $100 for the return of his Persian cat. Carry, who knows nothing of the reward, finds the cat and returns it to Tom. Carry is entitled to the reward. True False 18. A felony is a more serious type of crime than a misdemeanor. True False 19. Hugh recently purchased a motorcycle for $4,000 but has had extensive problems starting the motor. In disgust at not being able to start the motorcycle, Hugh shouts to his friends, "Any of you want to buy this thing for $20?" A contract will be formed if a friend gives Hugh a twenty-dollar bill. True False 20. If an offeror makes an offer to an offeree by letter and it is lost in the mail, no legally sufficient offer has been made. True False 21. An offer is effective as soon as it is dispatched. True False 22. A contract exists when an offer has been accepted. True
This case study examines various real estate contracts – the Real Estate Purchase Contract (REPC) and two addendums labeled Addendum No. 1. Addendum No. 1 and Addendum No. 2 – pertaining to the sale of 1234 Cul-de-sac Lane in Orem, Utah. The buyers in this contract are 17 year old Jon D’Man and 21 year old Marsha Mello; the seller is Boren T. Deal. The first contract created was Jon and Marsha’s offer to purchase Boren’s house.
Walker, Takem’s has the statutory law of contracts in his favor. In a contract, the seller and the purchaser have certain rights and obligations. Four basics must be met for a contract to be created (Chrisman, 2014). First, the offer has to be made. In the case at hand, the door-to-door salesperson made an offer of a computer to Ms. Walker. Second, the consideration has to be accepted. Ms. Walker accepted the offer to purchase a computer. The third step is capacity. The purchaser must be legally capable of entering into a contract; minors and the mentally incompetent are excluded in this case. Takem’s has given Ms. Walker the computer in exchange for her payments on her store account. Finally, the intention to enter into a contract has to be present. Ms. Walker signed a bill of sale, a security agreement, and a negotiable promissory note- which is an unconditional promise to pay a certain sum of money at a certain time in the future. Though Takem’s has the advantage to combat her claims, Tommy needs to ensure that his salespeople have not made any false statements or misrepresentations to Ms. Walker as this could have legal implications for the store and against the contract (Vaccaro, 1987). Ms. Walker is legally bound by the contract she agreed to in exchange for the computer; however if there has been any misrepresentations or false statements Ms. Walker may be able, with legal assistance, to call the contract into question
Since the carnival would be closed Christmas Eve, Emily invited the boys and Edward C. to her house for cocoa and molasses cookies. Jubilantly, Her invitation was accept. Immediately, ideas for presents to give Emily were devised. Joey believed a box of candy was suitable for this occasion, but Josh wanted to offer something more feminine. At one of the concession stands, bottles of perfume were being sold, and Josh wanted to purchase one for Emily. However, Edward C., being a very practical man, decided it would be best that he, Josh, and Joey each give ten dimes, tied in a brightly colored box, that Emily could use for a practical
Situation: Tom is supposed to white was a fence as punishment for ditching school the previous day. As kids walk by, Tom tricks them into paying him to do his work for him.
Every year at Jerry’s school, Trinity, they have a chocolate sale. And every year, all the students participate. Jerry’s assignment was to refuse to sell the chocolates for ten school days. “‘Let me get this straight, Renault,’ Brother Leon said and his voice brought the room under his command. ‘I called your name. Your response could have been either yes or no. Yes means that like every other student in this school you agree to sell the chocolates, in this case fifty boxes. No – and let me point out that the sale is strictl...
Roberto is the plant superintendent of a small manufacturing company that is owned by a large corporation. The corporation has a policy that any expenditure over $1,000 must be approved by the chief financial officer in the corporate headquarters. The approval process takes a minimum of three weeks. Roberto would like to order a new labeling machine that is expected to reduce costs and pay for itself in six months. The machine costs $2,200, but Roberto can buy the sales rep’s demo for $1,800. Roberto has asked the sales rep to send two separate bills for $900 each.
UWEAR, an upscale uniform supply company, and PALEDENIM, a supplier of low cost denim and coveralls, are in the midst of a merger. Since the merger is still undergoing, there are many fears between the employees of UWEAR and PALEDENIM. The employees at UWEAR and PALEDENIM are feeling the pressure to perform and fears that the companies could downsize because of the merger. While this is happening, Joe Smith, a sales representative of UWEAR, and Bill Bateman, the chief of executive officer of the Peninsula Hotel chain are trying to come to an agreement on a contract renewal. Joe and Bill happen to be very good friends, which Joe has come to benefit from. Bill would give Joe expensive presents, would allow him to use his hotels for business or pleasure, and also let Joe and his wife join Bill and his family on sailing trips on Bill’s yacht. Bill has received an offer from Threads4U, which would beat UWEAR’s price by ten percent. When Joe signed on Bill’s hotel chain, he was reprimanded from the management team because the bid was too low. Now Joe is concerned about his employment with UWEAR and his friendship with Bill. Bill recently called Joe and invited Joe and
According to the Minnesota Court of Appeals (2005) the written offer is not evidence of a completed contract and therefore no contract existed.
Rosie would like to hire someone to clean her house every two weeks. MHP gave Rosie several referrals for a house cleaner and Rosie asked several of her friends for recommendations. Together MHP and Rosie decided on the best person to clean the house based on the quality of the referral and the price. During the session, Rosie made an appointment for this person to clean her house the next week.
When Emily’s father died, he left her no money, only the house. The mayor pitied her situation and allowed her a tax exemption. To make Emily feel better about receiving this exemption, he made up an excuse that her father had loaned money to...
The man is supposed to meet a client at his office in Manhattan. His client, John, owns and operates a chain of coffee shops, all located in the greater Manhattan area. John wants to open several more shops and needs a small loan from the man, a banker at Chase Manhattan.
This scenario had led to issues surrounding offer and acceptance. Advising Homer will come to a conclusion whether he has or has not entered a legally binding contract with Christine and/or Louis. The following issues that will be encountered feature; the postal rule, effective communication, reasonable amount of time for a contract to lapse, revocation of an offer and finally the question whether it will be invitation to treat or an offer to enter a contract.
...gotiation table. This created the impression that John was dependent on the young man, which was not necessarily so. John did not have a best alternative to a negotiated agreement (BATNA) so he lost out of the negotiation. When the young man made his initial offer, John was not prepared for the negotiation and so did not have a reservation point and a target point; he sold the television with the intention to get any amount of money the other party was willing to give. This was because, as stated earlier he was constrained by time and the urgency of his son’s situation.
A contract is a legal agreement between two parties that is both willing, deliberated, and bound legally between two parties. The contract may be done orally or implied, the main topics of a contract are generally employment, sales, or rentals. The evidence provided in a contractual relationship is first, the offer, second, the acceptance, and third the valid legal and valuable consideration. Each party that does a contract has duties and rights attained relevant to the duties and legal rights of the other parties. Even though fair benefits are expected by the party which are relevant, it is not guaranteed that all parties will attain legal benefits. The
The definition of this contract is formed by the conduct of the parties. This contract is saying that to form an implied contract there is certain things that must be there. One of them is a plaintive furnish someone’s property, that plaintiff expected to be paid and the defendant knows then that is an implied contract. An example would go something like this, daisy hires a local boy named blue to come and babysit her children. Blue agree to babysit the kids. Blue thought that daisy will come and bring the kids to him, although daisy was for sure that blue would come to her house for the