Frank and Pete enter into a contract for the sale of goods a…
Frank and Pete enter into a contract for the sale of goods and agree that Frank will determine the price. He refuses to specify a price; Pete can either treat the contract as canceled or set a reasonable price. The court can also fill-in the price.
Read DetailsPete worked as a bookkeeper for Hanes, Inc. He was accused o…
Pete worked as a bookkeeper for Hanes, Inc. He was accused of embezzling $30,000 and was fired from the company. Pete then became a bookkeper Mt. Etna Corp, his family’s import/export company. He wrote a check for $30,000 to Hanes from Mt Etna’s account to satisfy the stolen funds and stave off any report to authorities. Hanes negotiated the check and Mt Etna later sued for theft, conversion, a breach of fiduciary duty. Under the ruling in Georg v. Metro Fixtures Contractors, Inc., Hanes would qualify as a _________________ because of its constructive possession of the check.
Read DetailsPete and Martha agreed to sell Acme Foods to Dave and Mary f…
Pete and Martha agreed to sell Acme Foods to Dave and Mary for $150,000. The deal included a truck, a trailer, freezers, roasters, chairs, signs and lighting. Dave and Mary paid $10K down with the balance to come from a bank loan. They took possession of the equipment and began to use them in the business immediately. After six events, Dave and Mary wanted out of the deal because the business did not generate as much income as they expected. Pete and Martha sued claiming Dave and Mary could no longer reject the goods under the UCC. A court could find that this was a sale of goods under the UCC under the predominant-factor test. The facts can show the primary value of the contract was in the goods and not the value of the business.
Read DetailsTo _________________ an offer, express language must be used…
To _________________ an offer, express language must be used, such as, “I withdraw my previous offer of May 7,” or by performance of acts that are contrary to the offer and made to the offeree (for example, selling the offered property to another with the original offeree present
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