Having the same principles of law on contracts for the sale of goods and other commercial transactions in most of the 50 states make doing business easier and less expensive. The UCC warranty provision would be that the dealer would be responsible for repairing the motorcycle, replacing it with something that is equivalent, or refunding the money. The dealer should have done a more
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Culberton Vs Brodsky: A Case for Illusory Promise Illusory Promise is said to be a statement, a promise, and or an assurance that appears to assure a person or an entity to do or execute an action or activity and form a contract which, when properly scrutinized, leaves to the speaker the choice of performance or nonperformance, meaning that the speaker is not legally bound to act upon his/her statement. It is a situation whereby the provisions of the promise make the performance of the promise
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Culbertson verse Brodsky After reading the case Culbertson verse Brodsky, I believe that Brodsky did not give valid consideration that makes Culbertson’s promise enforceable. Culbertson and Brodsky had signed an option contract. According to Wikipedia, an option contract is promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer (paragraph 1). In other words, the contract must be made with the interest of both parties, and their
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This paper presents a case study seeking to discuss various business laws using the case of car sales and negotiations and the laws surrounding that business. In this paper, we will consider the case of Josh Harty, who wishes to purchase a new car. He chooses to go to a local dealer in motor vehicles. He states clearly to the salesperson that he has a specific car he wants, the 3.2 liter V-6. He chooses it over the 3.9 liter one because he has issues about the fuel economy of the 3.9 liter engine
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|[pic] |COURSE SYLLABUS | | |School of Business | | |LAW/421 Version 1 | |
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Christy Matheny Regulation 11/10/2014 Kim v. Son Case Study Reading and learning about the Kim v. Son case was very interesting and brought up different contract principals to examine. In this study we see that Jinsoo Kim invested money into two corporations owned by Stephen Son. The two businesses ended up failing and all of Kim’s investment went down the drain. Down the road, after the downfall of the corporation, Kim and Son met to eat and drink where Son made an intoxicated promise with
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more months passed before BTT contacted him again to revoke the contract. This paper will attempt to point out why Chou has a case against BTT for contract enforcement. This type of contract is governed by state statutory law based on the Uniform Commercial Code (UCC), Article 2, as it is a contract for the sale of goods. Generally, the contract would be considered unenforceable as it was stipulated by both parties in the original negotiation agreement that no contract existed unless it were in written
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In the summer of 2012, JPMorgan Chase, the biggest U.S. bank, announced trading losses from investment decisions made by its Chief Investment Office (CIO) of $5.8 billion. The Securities and Exchange Commission (SEC) was provided falsified first quarter reports that concealed this massive loss. Use the Internet or Strayer databases to research a different bank of your choosing. Write a five to six (5-6) page paper in which you: Discuss how administrative agencies like the Securities
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In the case of Kim v. Son a contract has been agreed upon by the two individuals for Son to make his best efforts to repay the lost investment of Kim. However, this contract that the two men agreed upon is not enforceable due to lack of consideration for Son and the intoxicated state in which Son proposed the agreement. The consideration that must be evaluated is whether or not Kim’s agreement not to sue to recover his lost investment has value to Son. Under the agreement Kim stands to benefit
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a remedy or the performance of which the law in some ways recognizes a duty. Sources of contract law include the Common Law of Contracts (developed primarily by state courts) and the Uniform Commercial Code (UCC) which is a comprehensive statutory scheme that includes laws that cover aspects of commercial transactions. Elements of a Contract: 1. Agreement – between parties, requires an offer and an acceptance, and mutual assent. 2. Consideration – EX: money, personal or real property
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