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Lecture 15

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School
University of Manitoba
Department
Mangement (Extended Ed.)
Course
MGMT 0130
Professor
Glynda White
Semester
Fall

Description
- Pym had an idea for an invention. Campbell agreed to purchase a share of that invention, but only if it was approved within one week by two specific engineers, who were independent of the parties. One of the engineers gave his approval, but the other, who was on vacation, did not. Pym nevertheless claimed that Campbell was required to proceed with the anticipated purchase. Which of the following statements is most likely TRUE?  Pym's argument will fail because the contract was subject to a condition precedent that was not satisfied - Svetlana, a carpenter, agreed to make one hundred maple bats for Dexter, a professional baseball player. The total price of $10 000 was to be paid one week after delivery of the bats. When Svetlana delivered the bats to Dexter, he noticed that they were made out of wood from pine trees, rather than maple trees. Despite being disappointed, he reluctantly agreed to accept the shipment and promised to pay as required by the contract. After using the bats for two days, however, he found that they considerably reduced his ability to hit home runs. He also learned that Jorge, another carpenter, was willing to produce one hundred maple bats at a price of $5000. There is a common belief among baseball players that maple bats are far superior to pine bats. Which of the following statements is most likely TRUE?  Even if Dexter exercises a right of discharge, the contract will continue to exist for some purposes - Depp Designs Inc is a landscaping company. Roger owns a house that is surrounded by various types of shrubbery. He entered into a contract with Depp under which the company was required to sculpt the various shrubs into the shapes of dogs. Because of an error, however, Depp actually sculpted the shrubs into the shapes of cats. Which of the following statements is TRUE?  because of the circumstances, Roger cannot discharge the contract even if there has been a breach of condition - Part of the law's response to a breach of contract is best explained by the fact that  some terms cannot be classified as either a "condition" or a "warranty" at the outset - The existence of intermediate terms is best explained by the fact that  it is sometimes appropriate to wait and see how a breach actually affects the parties before determining whether or not the right to discharge should arise - Which of the following sets of concepts (as discussed in Chapter 11) all represent ways in which the terms of a contract can be varied without the supply of fresh consideration?  release and waiver - Which of the following statements is TRUE with respect to various uses of the word “condition” as that word was used in Chapter 11?  A party who fails to perform a condition may be held liable for damages - Which of the following statements is TRUE with respect to the word “rescission”?  Depending upon the circumstances, rescission may involve either a bilateral agreement to discharge a contract or a unilateral decision to terminate a contract - The phrase “innominate term” is defined as a term that  is unnamed because it is not called either a condition or a warranty -
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