Short review questions about Business Law.
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You can read and answer some problems here.
1. Rules. of Interpretation
Gus contracts to buy a used car from Cars Galore Inc. The printed contract specifies “no warranties.” But Gus and the sales manager of Cars handwrite into the contract a 90-day guarantee on the transmission. If the transmission fails after 60 days, is there a warranty protecting Gus? Explain.
7. Impossibility for Nonperformance
To be a legitimate excuse for nonperformance, impossibility must be real and absolute. What are three examples of factual situations involving real impossibility of performance?
8. Commercial Impracticability
A tripling of prices by an illegal cartel of uranium producers caused Westinghouse Electric Corp. to default on uranium delivery contracts to a number of utility companies. The companies sued and Westinghouse settled. If the case had gone to trial, what defense might Westinghouse have raised to excuse its nonperformance under the contracts?
10. Damages and Equitable Remedies
(a) How are damages different than equitable remedies?
(b) If David breaches his agreement to pay $5000 to Laura for her car, and she later sells the car to Ellysa for $4000, what is the measure of Laura’s damages from David’s breach?
(c) Explain one’s duty to mitigate contract damages.
(d) If Olaf breaches his obligation to deliver a new car to Lisa, is it likely that a court will require Olaf to deliver the car through the remedy of specific performance?
What is the distinction between an intended and an incidental beneficiary?
13. Assignment and Delegation in Contracts
(a) Franchetti Rifle Distributors assigns a $20,000 claim against Top Gun Inc. to the Zenith Collection Agency. When Zenith sues Top Gun, Top Gun asserts that if rejected a shipment of rifles from Franchetti out of which the claim arose because they had defective trigger guards. Explain whether Top Gun can properly assert its defense against plaintiff Zenith.
(b) If Peter moves out of his apartment and delegates his duty to pay rent to a new sublessee, Jenny, will Peter still be obligated to pay if Jenny breaches?
Explain the purpose of a novation and who must be party to it.