A. Current price transaction looks like an arms-length bargain but one party's promise appears illusory, courts often will look to the context of the agreement and identify an implied non-illusory promise such that the consideration requirement is satisfied. 1. Letter to Little Buyer offer? rejection by entering into a substitute transaction, he is excused from performance obligations B.
Appellants appeal. ISSUE: Was their evidence to support that the appellants held good title? (Or that the goods were stolen)? Can ownership rights be transferred without permission of the owner? DECISION: Affirmed in favor of appellee (Durham).
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
a) Price fixing. INCORRECT 4. Eric is acting as a disclosed dual agent in a transaction. Which statement is true? c) Eric may not represent the seller’s interests to the detriment of the buyer.
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.
1. Ronderos should win the lawsuit because the property was rightfully Schock’s already and Ronderos is not a merchant therefore the risk of loss is Schock’s. 6. The dealer
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
He breaks down what the stores charge us in order to sell the product at a price we will pay, so the store can still make a profit on the item. He explains that from the buyer’s standpoint, what he or she pays is a cost. That is not the case, the sellers
b. be rescinded because Murray had superior knowledge about the bat. c. not be rescinded because a deal is a deal. d. not be rescinded because Lew's mistake concerns the value of the bat. 27. Business Investment Company and Chic Properties, Inc., contract for the sale of a retail mall. A mutual mistake of fact will make it possible for either party to rescind the contract a. if the mistake of fact is immaterial.
One might say it is evident Gatsby has attained the American Dream by looking at his possessions, such as boats, cars, a big house, and lavishing riches. But, others might argue Gatsby only possesses the materialistic dream. Fitzgerald makes an allusion to Benjamin Franklin’s work and presents his schedule (Fitzgerald, 173). The schedule which Franklin created was his goal to save time, meet his expectations, and try to achieve perfection. But, he knew achieving perfection was impossible, yet he believed trying to achieve moral perfection is what the true American Dream is all about.