ADMS 2610 Chapter Notes -Syllogism, Liquidated Damages, Specific Performance

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redserval588

29 Mar 2022

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

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Document Summary

Contracts of sale have the same rules as normal contracts except where the sale of goods act has specifically modified the rules. Under the act a contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for money, there two different contracts. If ownership is transferred immediately under the contract it represents a sale. If the transfer of ownership takes place at a future time or is subject to some condition that must be fulfilled before the transfer takes place, the transaction is an agreement to sell. For goods: must be tangible, moveable things. For money: money is the only consideration. Writing: if goods are valued at more than a particular amount the party to be charged must sign a written memorandum for it to be enforceable.

Related Questions

TRUE or FALSE

1.The UCC requires application of the "mirror image" rule in cases where contracts for the sale of goods are made by exchanging forms.

2.A contract generally comes into existence and becomes binding at the moment the parties have reached an agreement on all material provisions, although they may intend to later write down the terms of the agreement.

3.An acceptance must be in writing.

4.If an authorized means of acceptance is expressly present, any attempt by the offeror to accept by a non-authorized means is effective upon dispatch.

5.A bilateral contract is a promise for a promise.

6. If one or both parties to a form contract are non-merchants, the additional terms proposed by one of the parties are treated as:

	a.	revocation.
	b.	void.
	c.	expressly conditional.
	d.	proposals for addition to the contract.

7. Under the UCC Rule 2-207 for the sale of goods when a contract is made by the exchange of forms, when the acceptance form has terms additional to or different from the offer:

	a.	a contract can result but the differing terms may not be part of the contract.
	b.	no contract will result because the acceptance form will not be considered as a counter-offer.
	c.	a contract can result and the differing terms must be included as part of the contract.
	d.	no contract will result because the acceptance form will be considered as a counter-offer and thus an implicit rejection of the offer.

erineagle120

Contracts

Yankee Corp. agrees to provide Albany Company 24 months of coaching services. The contract sets the price at $4,000 per month, which is the normal stand-alone price that Yankee charges. After 16 months, Yankee and Albany agree to modify the contract. Yankee reduces the fee for the 8 remaining months to $3,800 per month, and Albany agrees to a 24-month extension at a cost of $3,600 per month. At the time that the contract is modified, Yankee is charging other customers $3,750 per month for the coaching service. If Yankee determines that the additional services are distinct from the goods and services transferred in the original contract, how would it account for the modification?

Yankee would use a in which it considers the original contract terminated and a new contract created.

Yankee would then recognize revenue of $ per month.

Grossman-Hart-Moore view ownership as residual control rights which matter only if contracts are incomplete. The key question of their model is âIf contracts cannot fully specify the usage of the asset in every state of the world, then who gets the right to choose? In other words, what is the optimal ownership structure?â

a. What is the benefit and cost of transferring ownership of an asset from one part to another in their model?

b. Explain how this view successfully answered the Williamson puzzle

ADMS 2610 Chapter Notes -Syllogism, Liquidated Damages, Specific Performance

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