Business law problem set questions scholarly experts
Answer these 14 questions in detail using proper business law vocabulary.
If you have access to books heres the ISBN 978-1-285-77018-5
1. I just got drafted into the NFL by the Cleveland Browns. The club is a little skeptical about my on field behavior. As such, there is a clause in my contract that states that if I am ever arrested or photographed drunk in public, my contract is void. Using chapter 18 vocabulary, what do we call this limitation? (4)
2. I hire some house keepers to clean my house while I am gone and pay them $120. I arrive home to see that they failed to dust the ceiling fans and missed some spots with the toilet scrubber. Was this a material breach of our contract? If not, what was it? Explain. (5)
3. Let’s say we contracted to build the house for $200,000. Two weeks after we signed the papers, a hurricane devastated the gulf region, increasing material costs by 50% due to short supply. What is the builder’s best argument for not performing the build as contracted? Explain. (5)
4. I’m excited to have booked a trip to be able to go flounder gigging (spearing). Unfortunately, I get hit with a major work project and can’t go. I call the guide a few days in advance notify him of my issue. He tells me that I still have to pay since he’s declined other trips. Under what doctrine am I required to pay? Would I still have to pay if someone called a day later and tried to book for the same time I had reserved? Explain. (8)
5. I’m about half way done building a barn for a local farmer when I get a call about a project where I’ll make substantially more money and abruptly leave, never to return. What’s the extent of my liability, if any? Can he force me to finish? (8)
6. What is the standard for recovering consequential damages as discussed in the text and Hadley v. Baxendale? (5)
7. I am having some painting work done on my home. If a dispute over the contract arises, will the UCC apply? Explain why/why not. (5)
8. Are the following merchants under the UCC? Explain briefly. (6)
a. A C.P.A. doing your 2015 tax return.
b. Taco Bell selling nachos.
c. A & M-Central Texas selling its lone vehicle.
9. I offer to buy a car from the local Ford dealer for $20,000. The Ford dealer accepts my offer, but includes a new clause requiring the purchase of an extended protection plan for $1,000. Will we have a binding contract under the UCC and/or Common Law? Explain the result for each. (6)
10. What is the C.I.S.G. and what is its value to businesses? (4)
11. I owe Tom $200, but don’t have the money presently. He suggests that I create a negotiable instrument that he can sell for some cash now. With limited on hand resources, I write on a small yellow post it note. “I promise to pay Tom or bearer $200 on April 15th.” After that, my pin is completely out of ink, so I prick my thumb and stamp my thumbprint. Is this negotiable? Explain completely. What type of instrument was attempted here? Assume for a moment that it is negotiable, would Tom likely be able to market it for cash? Explain. (8)
12. I tell my wife not to sign her checks until she gets to the bank and she looks at me funny. Why is that good advice? Use proper legal vocabulary. (3)
13. My debit card is stolen and $800 is taken before I am able to notify the bank a week later. Assuming the criminal is not found, how much of that amount will I be on the hook for? Explain. (5)
14. Briefly explain the benefit of cashier’s check. (4)
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