ADMS 2610 Chapter Notes - Chapter 4: Money-B, Property Law, Bailment

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lemonsalmon780

16 Jul 2017

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

Richard Gasparini

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Document Summary

Where there is a contract under which one party agrees to pay a sum of money to the. The concept of discharge of contract deals with how the obligations of the parties to a contract can be brought to an end or discharged, leaving nothing more to be done. Under the contract, a"s obligation is to transfer the car to b and b"s obligation is to pay the money to a. If a transfers the car to b there is nothing more for him to do, and if b pays a the money there is nothing more for him to do. Thus, we say that each has discharged or fulfilled his/her respective obligation and, in consequence, there is nothing more for either of them to do. 1(a) what constitutes performance? other party, but the contract does not specify how that money is to be paid, the payment must be by what we call legal tender.

Related Questions

Moore contracted in writing to sell her 2012 Hyundai Santa Fe to Hammer for $16,500. Moore agreed to deliver the car on Wednesday, and Hammer promised to pay the $16,500 on the following Friday. On Tuesday, Hammer informed Moore that he would not be buying the car after all. By Friday, Hammer had changed his mind again and tendered $16,500 to Moore. Moore, although she had not sold the car to another party, refused the tender and refused to deliver. Hammer claimed that Moore had breached their contract. Moore contended that Hammer's repudiation released her from her duty to perform under the contract.

Before either party to the contract had a duty to perform, Hammer informed Moore that he would not be carrying out his contractual obligation. This is known as ________of the contract.

a. anticipatory repudiation

b. mutual rescission

c. specific performance

Anticipatory repudiation of the contract is considered a _______of the contract.

a. material breach

b. waiver of breach

c. mutual rescission

Because of the material breach, Moore would be_____ from the contract.

a. discharged

b. not discharged

Once Hammer repudiated the contract, Moore had which of the following options (in addition to the ability to suspend her own performance)?

1- _____________________

a. pursue a remedy for the breach

b. modify the written contract in her favor

2- _____________________

a. modify the written contract in her favor

b. wait for performance by Hammer

Moore, as the non-breaching party to the contract, may file suit:

a. when her interest vests.

b. when she is scheduled to perform under the contract.

c. immediately.

Could Moore have sold the vehicle to another individual after Hammer's repudiating of the contract and prior to Hammer's retraction?

a. Yes

b. No

Moore did not take any action between the time Hammer repudiated the contract on Tuesday and the time he retracted his repudiation on Friday. What are the consequences of Moore's inaction?
a. None, Moore is the non-breaching party and the contract is discharged.

b. None, Moore has discretion to discharge or reinstate the contract.

c. Moore is obligated under the terms of the original contract because of Hammer's retraction.

Would a court likely find for Moore or Hammer under these facts?

a. Moore

b. Hammer

((( What if the facts were different?)))

Assume that on Wednesday Moore provide a written notice to Hammer indicating that the repudiation was final and that Moore was seeking another buyer for the vehicle. Would a court find for Moore or Hammer under these facts?

a. Moore

b. Hammer

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40 min

Question 1.1. What do courts begin their interpretation of a clearly worded statute with?
(Points : 1)

A.	Its plain meaning

B.	Its legislative history

C.	Records of legislative debates

D.	Its different amendments

Question 2.2. On April 2, 1987, Bonn & Co., CPAs, mailed Marble Corp. a signed proposal to perform certain accounting services for Marble provided Marble accepts the proposal by April 30, 1987. Under the circumstances (Points : 1)

If Marble chooses to use the telephone to accept the offer and does so prior to April 30,1987, no contract will be formed between the parties because the mail was not used
Marble must accept the Bonn proposal in writing in order to form a contract
A contract will be formed between the parties if Marble mails an acceptance to Bonn on April 29, 1987, even if it is not received by Bonn until May 3, 1987
Bonn may not withdraw its proposal prior to May 1, 1987

Question 3.3. Which of the following is also called

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CH22_Blueprint_Performance_of_Sales_Contracts_-_Assurance

Flint Hills Resources, LP, a crude oil refiner, agreed to buy "approximately 1,000 barrels per day" of Mexican natural gas condensate from JAG Energy, Inc., an oil broker. Four months into the contract, Pemex, the only authorized seller of freshly extracted Mexican condensate, warned Flint Hills that some companies might be selling stolen Mexican condensate. Fearing potential criminal liability, Flint Hills refused to accept more deliveries from JAG without proof of the title to its product. JAG promised to forward documents showing its chain of title. After several weeks, when JAG did not produce the documents, Flint Hills canceled their agreement. JAG filed a suit in a federal district court against Flint Hills, alleging breach of contract.

What is the name of the law that applies to the duties and obligations of parties to a sale of goods contract?

a. Uniform Transactions Code

b. Uniform Sales Code

c. Uniform Commercial Code

d. Uniform Goods Code

Who is the seller?

a. Flint Hills Resources

b. JAG Energy

Who is the buyer?

a. Flint Hills Resources

b. JAG Energy

The seller's obligation is to tender

a. perfect good

b. conforming goods

c. reasonably perfect goods

d. adequately conforming goods

This rule is called the

a. confirmation rule

b. good faith rule

c. perfect tender rule

d. reasonable tender rule

Is JAG Energy potentially not tendering conforming natural gas condensate?

a. Yes

b. No

What might be the problem with the tender?

a. the goods are stolen

b. the goods might be stolen

c. there is no problem as there is no proof

What exception to the perfect tender rule arises here?

a. the parties agreed to waive any criminal implications

b. the parties agreed that using a different carrier was acceptable

c. the parties agreed to accept a nonconforming installment

d. an occurrence unforeseen by either party is making performance commercially impracticable

e. one party has reasonable grounds to believe the other party will not perform

f. one party is refusing to cooperate

Does this particular exception apply equally to both the buyer and seller?

a. Yes

b. No

Who is worried about performance in this case?

a. buyer

b. seller

What section of the UCC applies when one party believes the other will not perform?

a. 2-311

b. 2-609

c. 2-615

d. 2-613

Does UCC 2â609 state that if a contracting party has "reasonable grounds" to believe that the other party will not perform, he or she may "demand adequate assurance" of that performance?

a. Yes

b. No

Does the buyer, Flint, have reasonable grounds to believe the natural gas condensate to be delivered by JAG may be stolen?

a. Yes

b. No

Why? Pemex ______ the only authorized seller of natural gas condensate.

a. is

b. is not

After asking for assurance from JAG, how many days does Flint have to wait before a non-response from JAG may be considered a repudiation of the contract?

a. 14

b. 30

c. 60

d. 90

Does Flint have to keep making payments while they wait?

a. Yes

b. No

Did JAG ever produce proof of title for the natural gas condensate?

a. Yes

b. No

How long did Flint wait?

a. several weeks

b. a few weeks

c. eight weeks

Assume Flint waited more than 30 days. Would UCC2-609 apply?

a. Yes

b. No

Under the UCC2-609, did Flint have a right to cancel the contract?

a. Yes

b. No

((What if the facts were different?))

What if Flint had heard about this allegation of stolen natural gas from someone other than Pemex- would their demand for assurance be justified?

a. Yes

b. No

Why? The information from any other source would be

a. reasonable grounds

b. unreasonable grounds

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ADMS 2610 Chapter Notes - Chapter 4: Money-B, Property Law, Bailment

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