Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

X and Y entered into a contract of 1 year which states that X(manufacturing company) would provide $10,000 of clay on the first of each

X and Y entered into a contract of 1 year which states that X(manufacturing company) would provide $10,000 of clay on the first of each month to Y so he can use to make his products. at that time Y cost to make clay was 2$ and the market price was $5. X made a $8,000 delivery in January and $7,000 in February, X accepted and paid for them.

Y then tells X the reason Im short is because the cost of clay went up to $7. X and Y signed an addendum changing the contract price to $8 per clay. X delivered only $8,000 in march Y agreed and paid. Y heard X might be going bankrupt so he demanded that X would send a written assurance that he could perform his job and that he would not accept the job without the assurance. X did not make a delivery in April and did not respond to the assurance claim. Y later told X he was canceling the contract.

Y has asked for your advice about UCC, to ask what causes of action he may have against X? please provide proof.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Trusted Advisors Key Attributes Of Outstanding Internal Auditors

Authors: Richard F. Chambers, President And CEO Of The IIA

1st Edition

0894139819, 978-0894139819

More Books

Students also viewed these Accounting questions

Question

=+X. Is it feasible to perform Function X? For instance,

Answered: 1 week ago