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(Business Law)

What does it mean to require parties to act in "good faith" inthe performance of a sales contract? Explain and provide anexample.

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Elin Hessel
Elin HesselLv2
28 Sep 2019

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In the case of Peoples Department Stores Inc. (Trustee of) v. Wise, (Choose all true statements):

a.

The fiduciary duty under s. 122(1)(a) of the CBCA requires directors and officers to act in good faith and honestly vis-à -vis the corporation. The Supreme Court of Canada determined that an honest and good faith attempt to redress a corporation’s financial problems does not, if unsuccessful, qualify as such a breach.
b.

The Supreme Court of Canada found that the Wise brothers were liable as alleged in the lawsuit filed by the trustee of Peoples Department Stores Inc. on behalf of creditors.
c.

The Wise brothers were sued by the trustee of Peoples Department Stores Inc. on behalf of creditors. The trustee alleged that the Wise brothers breached their directors' duties and fiduciary obligations.
d.

Peoples Department Stores Inc. and Wise Stores Inc. were separate businesses and therefore had separate inventory procurement policies.

Comment on the significance of the Sherman Anti-Trust Act and what applicability does it hold for businesses today versus businesses that were in existence at the time the act was signed into law. Please provide an example to illustrate your answer.

Ethel has beenin the business of manufacturing office furniture for 20 years. Shewrites Fred, a furniture retailer, offering to sell him 150standard office desks for $400 each. Fred agrees and sends back thefollowing letter confirming the deal: "We accept your offer for 150desks at $400 each. In addition, you will provide your optionalone-key desk-drawer locking accessory for each desk, which will bepaid on credit." Ethel sees the added information about the option,and objects to it. What is the status of the contract?

  1. No contract exists because acceptance was not the mirror imageof the offer.
  2. A contract was formed for the desks which also includes thelocking accessory.
  3. A contract is formed for the desks only.
  4. A contract is formed for the desks and for the lockingaccessory because the parties are merchants and the contract is forthe sale of goods.

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