business law

Ethan enters into a business contract with Riley for the purchase of 200 school desks. The contract specifically states that Riley must deliver all of the 200 desks in one week, set them up and Ethan must determine that all 200 desks are in perfect condition, or Riley must remove all the desks immediately and Ethan will owe Riley nothing. Which statement below is correct based upon the application of default rules in this situation should Riley only be able to deliver 199 perfect, according to Ethan, school desks? The court will declare the original contract was too harsh and unfair and will declare it void. The court will override the provision in the contract and reform the contract to determine that Ethan will have to pay for the 199 desks. The court will determine that the harsh term of delivery in the contract will be severed from the contract to promote fair dealing and good faith. The court will determine that since the parties specifically addressed a provision of the contract, it cannot be overridden by a default rule. Scott perfected a security interest against Jaimie for a loan that sbe offered her car as collateral. Shortly thereafter, Jaimie declared bankruptcy. Which statement below is correct? All creditors will take a portion of the property in proportion to the amount of debt owed to each lender. Once the proceeds from the bankruptcy are used to satisfy existing debt, Scott will then have a claim to the remaining proceeds. Scott will have a superior interest since he perfected the security interest in the car. The bankruptcy proceedings always has a superior claim to any property. If an instrument is and thus payable to an identified person, its negotiation requires that the identified party physically transfer the instrument and indorse the instrument to its new holder. All of the choices are correct. implied paper order paper bearer paper