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For each scenario, answer the questions in detail. Support each answer with at least one reference to the required background materials. Suppose you are down

For each scenario, answer the questions in detail. Support each answer with at least one reference to the required background materials.

  1. Suppose you are down at the marina cleaning your pleasure cruising boat. The captain of the boat next door has a friend on board who can't stop complimenting your boat. The captain's friend offers to pay you $75,000 for your boat if he can take possession this week. You've had the boat for a while, and you yourself bought it used. Recently when you were considering an upgrade, a dealer offered you $50,000 in trade-in value on your boat. You decide to accept the next-door captain's friend's $75,000 offer. The two of you go down to his lawyer's office and the two of you sign a contract agreeing that you will hand over your boat and the captain's friend will wire $75,000 to your bank account within one business day. As the two of you agreed in the contract, the next day you move the boat into the designated slip (parking place) and you hand over the keys to the harbormaster to be picked up by the new owner. However, a week goes by and you still do not have your money. You learn that the harbormaster still has the keys. You try to track the buyer down, but you find out from the next-door captain that he, the captain, was surprised to learn his friend is currently in a rehab facility for serious drug addiction and mental exhaustion. Given that you have a written contract, do you think you would be able to enforce the contract and would be able to get the $75,000 in this situation?
  2. Suppose you are a chicken farmer and you sign an agreement with a local chicken rotisserie restaurant owner to sell a large number of organic chickens to him every month. The written contract states that you will sell him "good quality" organic chickens. However, when you send the first shipment, the grocer comes back and says they are not high quality enough and he will not pay you. You reply that your chickens meet the United States Department of Agriculture (USDA) guidelines for being "Grade A" which is the highest grade you can receive and that they are certified to meet USDA organic standards. The restaurateur claims your chickens are not of the quality he had in mind, the contract does not say anything about the USDA, and his willingness to pay depends only on his own ideas about what is good quality. What do you think should have been added to the contract to avoid this kind of dispute? Will you be able to get paid for your chickens if you file a lawsuit seeking to force the restaurateur to pay?

Give at least one reference for each.

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