Questions and Answers of Essentials Business Law

Study each of the following cases. Answer the questions that follow with Yes or No.Eamons offered to sell his sailboat, complete with boat trailer, to Fitzgerald for $12,000. Fitzgerald agreed to the
Study each of the following cases. Answer the questions that follow with Yes or No.Galen, a purchasing agent for Ziff Construction Company, agreed orally with Houk Lumber to purchase 800 double-hung
Study each of the following case. Answer the questions that follow with Yes or No.Rios furnished Stern, a carpenter, with a set of sketches for a cabinet she wanted built. They orally agreed on a
Is it fair for a buyer to ask a seller to hold merchandise while the buyer shops for a better price?
How might a buyer avoid pitfalls in buying from unknown sellers?
How might a seller avoid pitfalls in selling to unknown buyers?
Compare and contrast online auctions with actual live auctions.
A contract for labor and materials need not be in writing, even if it is over $500. Does the buyer of the labor and materials enjoy the same level of legal protection as if the contract were in
Explain both sellers’ and buyers’ remedies for breach of contract.
When a contract provides for the sale of goods subject to the buyer’s approval, the transaction is a sale on approval. What are the benefits to the buyer of this type of sales transaction?
Why is it important to determine when title passes?
How can a contract for future goods provide price flexibility for the seller and, at the same time, provide predictability to the buyer?
Using Technology Using the Internet and search engines, find an instrument of title, such as a bill of sale, bill of lading, or warehouse receipt.
In teams of three or four, interview a variety of local businesses to determine how they transfer title for the sale of goods. Some types of businesses would include equipment retailers, automobile
Study each of the following case carefully. Briefly state the principle of law and your decision.Forell, a resident of Des Moines, purchased a nearly new Buick automobile from a seller in Cleveland
Study each of the following case carefully. Briefly state the principle of law and your decision.Fallon agreed in writing to purchase a used truck from Moonlit Motors with the understanding that a
Study each of the following case carefully. Briefly state the principle of law and your decision.Hollander purchased a computer from a pawnshop for use in his real estate office. Several weeks later,
Study each of the following case carefully. Briefly state the principle of law and your decision.Crowley, a building contractor, ordered 500 bags of cement from Litvak Building Supply. It was agreed
Is it ethical for a person who is not a titleholder to act as one who has title to goods, thereby misleading a prospective buyer?
How can a buyer in a store know whether he or she is dealing with a titleholder or a remote party? Does it make a difference? Generally, whom does a buyer hold responsible for problems?
It seems that passage of title by estoppel might deny the rights of an innocent though inattentive property owner. Should a legitimate titleholder lose title because of his or her inattention?
A contract stipulates that certain conditions must be met before title can pass. A seller might wish to hasten the passage of title to minimize the risk of loss and the cost of insurance to indemnify
An important application of the concept of title relates to who is holding title when a loss occurs. Are there other ways of determining who should bear a loss in a business transaction?
Explain the law governing title to lost or stolen goods and sales by persons having wrongful possession of goods.
Explain how title passes and discuss how bills of sale, bills of lading, and warehouse receipts are involved in the passing of title.
Explain how title and certificate of title relate to ownership.
Study each of the following case carefully. Briefly state the principle of law and your decision.Dahl, the owner of a machine shop, agreed to manufacture 22 valves for $460 each for Capobianco. When
Study each of the following case carefully. Briefly state the principle of law and your decision.Blackburn, a painting contractor, agreed in writing to paint DeSoto’s house for a certain price.
Study each of the following case carefully. Briefly state the principle of law and your decision.Laclede Gas Company purchased propane gas from Amoco Oil Company and sold it to various residential
Study each of the following case. Answer the questions that follow with Yes or No.Chiu agreed to sell his custom-built sailboat to Graham for $60,000. Before delivery, Chiu received another offer for
Study each of the following case. Answer the questions that follow with Yes or No.Central City Garage Builders contracted with Morgan for the construction of a two-car garage and an attached
Study each of the following case. Answer the questions that follow with Yes or No.Central City Garage Builders contracted with Morgan for the construction of a two-car garage and an attached
Study each of the following case. Answer the questions that follow with Yes or No.Bushek signed a contract with Aluminum Window Products Company to replace the windows and wooden window frames of his
To protect consumers against their own impulsiveness and various questionable sales techniques, a number of federal, state, and local laws and regulations allow consumers to terminate a contract
Personal-Service Contracts Death or disabling illness of a party to a personal service contract requiring a special skill or talent terminates the contract. How would a concert promoter, who had sold
The law provides a remedy for a party injured by the breach of a contract. But the usual remedy, a lawsuit that awards money damages, does not always give the injured party the level of redress
Contract termination by performance seems so final. Do you think that the parties to a contract should be given an opportunity to change their minds if circumstances change after the required
Explain how a contract might be terminated to protect a consumer.
Explain how a contract might be terminated by breach.
Provide an example of a contract terminated by impossibility of performance.
Explain how a contract is terminated by performance.
Discuss termination of a contract by agreement.
Using the Internet and search engines, investigate typical regulations or legislation that governs the assignment of certain contracts. What are some types of contracts typically controlled?
Study each of the following case. Answer the questions that follow with Yes or No.Rodrigos, the leader of a rock-and-roll group, agreed to provide music for the annual Park College Marketing Club
Study each of the following case. Answer the questions that follow with Yes or No.Westerfield contracted with Bradley Building Company for the construction of a ranch house as a wedding gift for his
Study each of the following case. Answer the questions that follow with Yes or No.Beneficiary Benefits Becker, a college student, recognized that she was financially very dependent upon her widowed
Study each of the following case. Answer the questions that follow with Yes or No.Chang, a florist, contracted with Torres to provide delivery services in the local community. Torres discovered that
Under the law, a bankrupt person is allowed to retain certain property—including his or her residence. Is it ethical for a bankrupt person to use the law to avoid payment on his or her legitimate
What are some advantages of using a novation over a contract assignment?
Under what circumstances could the duties under a personal-service contract be delegated?
Should an incidental beneficiary to a contract have any legal recourse if the contract is terminated?
Do you think a third-party beneficiary should be required to sign a contract as one of the parties involved?
Describe the circumstances in which a court might assign rights or duties under a contract.
Identify the three kinds of contracts that cannot be assigned.
Distinguish between the assignment of rights and delegation of duties.
Study each of the following case. Answer the questions that follow with Yes or No.Safran, the owner of an automobile repair shop, placed an order for an engine diagnostic machine from the Mountain
Study each of the following case. Answer the questions that follow with Yes or No.Garcia, an independent computer consultant, was orally engaged by the Eastern Institute of Management, a publisher of
Study each of the following cases. Answer the questions that follow with Yes or No.Coursey orally agreed to sell three acres of land to Oulette for $8,000. After Oulette had paid the $8,000 and the
A person dies without leaving a will. The administrator of the estate refuses to pay the deceased’s debts on the grounds that there is no written evidence of the obligation. Comment on the ethics
Why must a contract that obviously cannot be completed within one year be in writing?
A buyer places a deposit on an item valued at more than $500 but later wishes to cancel the order. Arguing that there is no written contract, could the buyer expect a refund of the deposit?
Under the Statute of Frauds, an oral promise to take on the debts of another is enforceable in some states. Can you think of any other activities that might be legally acceptable despite the fact
Even though the parol evidence rule prohibits any oral amendments to a contract, try to envision circumstances when this rule might be unreasonable.
Why does the Statute of Frauds apply only to executory contracts—that is, contracts that have yet to be performed?
Why do you think a prenuptial agreement dealing with the custody of children would not be enforceable?
In auction sales, how is the legal requirement for a written contract satisfied? What problems might arise from this arrangement?
What is the minimum dollar amount specified in the Uniform Commercial Code as a requirement for written contracts for the sale of personal property? Should this amount be greater?
Study each of the following case. Answer the questions that follow with Yes or No.Rogan, who had worked for eight years as an electrician’s helper, tried several times to pass the state-required
Study each of the following case. Answer the questions that follow with Yes or No.Pickens was one of a group of four army veterans who met once a month to play poker. On one occasion, Pickens lost
The Robinson-Patman Act prohibits price discrimination.What were the ethical reasons that motivated the passage of this federal statute?
Zoning regulations have the effect of restraining trade because they limit the activities of certain kinds of businesses. Explain how society benefits from such limitations.
Various federal and state laws are intended to encourage competition. Analyze and report on the benefits of competition to society
Enforcement of laws that are intended to protect the environment sometimes has unforeseen economic effects, such as plant closings and unemployment. How should society attempt to balance
Most states require people engaged in certain professions or businesses to be licensed. How do licensing requirements protect the public?
How does society benefit from the actions of governments granting monopolies for such services as cellular telephone service, railroads, and so on?
Legislation intended to protect the natural environment can have unexpected consequences and may serve as a disincentive to business. Explain.
Why are contracts made with individuals who are required to be licensed, but are not, usually unenforceable?
Is an illegal agreement enforceable? Why or why not?
Provide an example of an agreement that has been made illegal by statute.
Explain the enforceability of divisible contracts in which some parts have a legal purpose while other parts have an illegal purpose.
Why are courts reluctant to rule on the adequacy of consideration?
Identify four kinds of agreements that lack consideration.
Describe the position generally held by the courts on the matter of adequacy of consideration.
Explain how forbearance can satisfy the requirements of consideration.
Study each of the following case. Answer the questions that follow with Yes or No.Jena, who had been declared mentally incompetent by the courts, purchased a high-powered sports car for $46,000.
Study each of the following case. Answer the questions that follow with Yes or No.Voidable Contract Caroli, who was 17 years old, signed an agreement to buy a used computer from Egan for $150. While
Study each of the following case. Answer the questions that follow with Yes or No.Nguyen, who was 17 years old, purchased a used boat, agreeing to pay for it in monthly installments over a two-year
Is it fair and ethical for a minor to take advantage of the protection accorded by the law to breach a contract made with a person who believed the minor to have reached the age of majority?
Contracts of Persons Who Are Mentally Incompetent If a contract is made by a responsible adult who later becomes mentally incompetent, is the contract enforceable by either party?
The contracts of emancipated minors are usually considered legally binding. Give an example to illustrate why this is necessary.
Is it fair that minors’ contracts are voidable, whereas those of adults are legally binding?
The minimum age required under the law for obtaining a driver’s license is usually lower than the age for drinking or voting. What is the rationale for this?
Contracts made by persons who are mentally incompetent are generally voidable. Are there any exceptions? If yes, explain.
A 17-year-old dancer signed a contract for a season with a ballet company. After rehearsals and two performances, the dancer received a better offer from another company. Could she terminate the
A minor purchased a desk, computer, and printer—all on sale. If the minor later attempted to purchase only the computer, the salesperson could legally refuse to limit the sale to the one item on
Discuss what is meant by “age of majority” and how it affects the legal status of minors entering into contracts.
In some contractual relationships, the bargaining power of one party gives him or her an unfair advantage when dealing with another who might lack the economic power or the education to enter into
Study each of the following case. Answer the questions that follow with Yes or No.Alfieri, a hunting enthusiast, frequently shot birds in his own and his neighbor’s backyard in violation of a city
Study each of the following case. Answer the questions that follow with Yes or No.Helfrich, in a barroom brawl, broke Grady’s arm. Grady brought suit against Helfrich for damages. Before the case
Study each of the following case. Answer the questions that follow with Yes or No.Duggan inherited some nondescript furniture, including an old desk that he sold to Andersen for $50. A short time

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