Business law homework.

Please explain as detailed as possible.

Jake was a car dealer, and Fred was a potential customer. Fred came to Jake's dealership and described the type of car he wanted and its intended purpose. Some of Jake's cars were purchased from HonestJohn, a wholesaler from whom Fred had bought cars in the past. Jake reconditioned some of the cars prior to selling them, having some of the work done by Brightglo painting and body shop.

Fred bought a car from Jake at an extremely low price. Fred knew that the car was worth more, but said nothing to Jake, and made the purchase. Fred must pay Jake what he knows to be the actual value Prior to the purchase, Jake assured Fred that the car was all original, which it was not. Although this was nota material concern for Fred, if he later found out, Fred would have recourse against Jake During the bargaining between Fred and Jake, Jake said that he would provide four new tires as part of the bargain. This was not in the written contract, but only oral Jake will not have to provide Fred with the four tires. As it turned out, the contract for the purchase was never signed. The agreed upon price was S6,500. If, for this 4 question only, Jake is not a dealer, this deal is not binding because it is not memorialized in a properly signed agreement. Part of the sale was that the car would be repainted by Brightglo. Instead, Jake, the dealer, had the car painted somewhere else. Although Fred might have recourse against Jake if it were a special paint job, Brightglo would not as they were only incidental beneficiaries If in a deal with Honest John, Jake did not mention the place, nor time of the delivery. These are essential elements of the contract which cannot be determined by the course of dealing nor usage of trade Jake was expecting delivery from HonestJohn on Tuesday. By the following Thursday there was still no delivery 7. At this point, Jake might want to contact HonestJohn so get status on the delivery and adequate assurance of due performance. If the response from HonestJohn would not be satisfactory to Wally (who is Wally?), Jake might have ground for repudiation of the contract, void the contract, and not be obligated to HonestJohn if he did deliver the cars thereafter Fred got his car, and drove south on I-5, having decided to show his aunt in Studio City near Los Angeles Although Fred was a good driver, he did not pay close attention to his speed. Sometimes he drove over the speed limit, and sometimes under. If obeying the speed limit was a condition precedent to his automobile insurance contract, Fred was not insured during parts of his trip. If obeying the speed limit was a covenant, he was covered the entire distance All of the cars which Jake bought for resale from HonestJohn were permanently marked with "Jake's Auto Sales, Fresmento, CA." There was only an oral contract for the cars. Once marked, Jake is bound to the orally agreed terms of the sale, whereas HonestJohn is not bound as the sales is for goods valued more than $500.00 Jake had placed two installment orders with HonestJohn; one for 10 SuperSkidder convertibles and the other for 10 15 MicroQuadrapeds. As it turned out, the SuperSkidders were very poor sellers; Jake could not sell even one Unfortunately, the MicroQuadrapeds did not meet EPA nor safety standards, and so were illegal to sell. The contract for the SuperSkidders is enforceable, but the contract for the Micros is not