rejection by entering into a substitute transaction, he is excused from performance obligations B. Determined by Little condition is not completely within the promisor's control C. Sufficient cause An agreement that gives one party an unfettered right to terminate at any time will be interpreted to require “reasonable notice,” thus placing a limitation on that party's freedom sufficient to satisfy the consideration requirement 1. Certain terms (open) buyer is constrained to request amounts that are not unreasonably disproportional there is clearly consideration for the modification and it is enforceable the modern rule, an offer for a unilateral contract becomes an option for the offeree 2.
Jones purchase the stock of Smithon outright leaving Smithon intact? The stock should not be purchase by Mr. Jones. Mr. Jones acquiring the assets, liabilities and also would inherit the contractual obligations of the selling corporation, would, be the results of the purchase. In lay terms, he has bought the existing Smithon Corporation and he is responsible of ensuring daily operations run efficiently but the tax aspect of acquisition he is responsible for existing and any future tax liabilities that the selling corporation had. It would be my advice for Mr. Jones to not buy the stock because of the liability of current and future tax obligations which Mr. Jones would incur from the purchase of the stock.
E&Y reasoned this as it creates an exception to the general rule of reserving for expected future product returns at the gross sales price and deferring the recognition of an equal amount of revenue. This justification is invalid. The company’s customers are not “ultimate customers,” but are wholesalers that sold their product to retailers. In addition, Medicis’s returns were not returns of products in exchange for products of “the same kind, quality, and price,” but of unsalable product for
Stein should sue. Alternately, if Stein wants to sue Gortino for fraud to cancel the sale or come up with a different settlement, she can do that. Discussion 2: How does this doctrine act as an exception to the elements and requirements of a contract? This doctrine can act as an exception because, according to Reinstatement Section 90, the promise doesn't have to be "so comprehensive in scope as to meet the requirements of an offer that would create a binding contract if accepted by the promisee" ("Hoffman v. Red," 1967). Also, the promissor has to expect that, upon the promise, it will induce action by the promisee.
Armstrong’s failures to meet their obligation gives GCI three options: they may reject the entire shipment of goods, accept the shipment of goods as is, or accept any number of commercial units and reject the rest of the goods, (Melvin 2011, pg. 192). One right that is available to Armstrong is referred to as the cure. The cure is the UCC’s way of promoting the completion of an original contract. It would allow Armstrong (the seller) the right or opportunity to repair or replace any goods that the buyer (GCI) has rejected as long as the time period for performance has not
Force majeure clause is stipulated in the contract due to force majeure, such as a party is unable to perform the contract in whole or in part of its obligations, waive all or part of the responsibility. The other party shall not claim damages. Therefore, the force majeure clause is a disclaimer. The train wreck is unforeseeable. Q: b.
The question is whether the competition is covered by statutes implying that refund of competition fee is attainable should the competitor be unfit to take on the competition. Jenny cannot take the law of frustration in consideration, because it will only bring an advantage to the opposite party, and not to her, hence the law of frustration sets aside the contract. Law There are three reasons why terms may be implied into a contract. First, where a term is required to give business efficacy to the contract these terms are generally known as terms implied by fact. Secondly, where terms flow from the obligations of the common law or statute these terms are called terms implied by law.
To successfully invoke this defense, the purchaser or occupier had to establish that it had no reason to know that the property was contaminated. Since the problem with brownfields is the existence or suspicion of contamination, the defense was largely unavailable to prospective developers or tenants of brownfield sites. To eliminate this obstacle to redevelopment of brownfields, the Brownfield Amendments created the BFPP defense for landowners or tenants who knowingly acquire or lease contaminated property after January 11, 2002. Only those parties that qualify for the BFPP defense are potentially subject to the windfall lien. To qualify for the BFPP, the owner or tenant must establish by a preponderance of the evidence that it has satisfied the following eight conditions: • All disposal of hazardous substances occurred before the purchaser acquired the facility.
This would be important for accounts receivable - money that is owed by a customer for products/services. Representing a company in small claims court requires one to be familiar with the law and how it relates to accounting practices. In the Mack v. Edenwold Fertilizer Services Ltd. case, if Mack had a knowledgeable accountant that was familiar with the law, he may have been advised not to sue as the illegality of the situation would have resulted in a loss. In turn, this advise would have saved Mack both time and
The fact that the property owner did pass on other potential offers because of the promise made by the real estate agent acting as an authorized representative of Cost Club. Not standing by the obligation will be considered a breach of implied contract. The first matter that should be addressed is who gave the real estate agent the authority to act as an “authorized representative”. What other potential promises have been made for the Cost Club by this particular real estate