Kirk has contracted to deliver to Doolittle 1,000 cases of Wonder brand beans on or before October 1. Doolittle is to specify means of transportation 20 days prior to the date of shipment. Payment for the beans is to be made by Doolittle on tender of delivery. On September 10, Kirk prepares the 1,000 cases for shipment. Kirk asks Doolittle how he would like the goods to be shipped, but Doolittle does not respond. On September 21, Kirk, in writing, demands assurance that Doolittle will be able to pay on tender of the beans, and Kirk asks that the money be placed in escrow prior to October 1 in a bank in Doolittle's city named by Kirk. Doolittle does not respond to any of Kirk's requests, but on October 5 he wants to file suit against Kirk for breach of contract for failure to deliver the beans as agreed. Explain Kirk's liability for failure to tender delivery on October 1.
1. Bunge, a grain dealer, contracted with Recker, a farmer, to purchase 10,000 bushels of soybeans...... ... the time agreed for delivery. Bunge sued for the difference between $ 3.35 and the market price at the time agreed for delivery. Will Recker be excused from his contractual obligations, or...
1. For the two-month period March 1, 2009, to April 30, 2009, prepare (a) Journal entries. (b) An...... ... Ozarks. The property, known locally as Verona Springs, included a 6 million gallon-per-day spring that produced exceptionally pure water. Mr. Pickering planned to bottle the water and sell it...
Flint, a retail seller of television sets, orders one hundred Color-X sets from...... ... the invoice that the ten are being shipped only as an accommodation. Flint claims Martin is in breach of contract. Martin claims that the shipment was not an acceptance and therefore no contract was formed....
NGW, a consumer gas provider, estimates a rather cold winter. As a result it decides to enter into a futures contract on the NYMEX for natural gas on November 2, 2011. The trading unit is 10,000 million British thermal units (MMBtu). The three-month futures contract rate is $7.00 per MMBtu, so each...
A 360-lb motor is bolted to a light horizontal beam. The unbalance of its rotor is equivalent to a 0.9-oz weight located 7.5 in. from the axis of rotation, and the static deflection of the beam due to the weight of the motor is 0.6 in. The amplitude of the vibration due to the unbalance can be...
What would be the answer to Prob. 22 if only the five ships S 1 , · · ·, S 5 had to be accommodated? Data from Prob. 22 How many piers does a harbor master need for accommodating six cruise ships with expected dates of arrival A and departure D in July, (A, D) = (10, 13), (13, 15), (16, 18),...
Brilliant Color is a small supplier of chemicals and equipment that are used by some photographic stores to process 35mm film. One product that Brilliant Color supplies is BC-6. John Kubick, president of Brilliant Color, normally stocks 11, 12, or 13 cases of BC-6 each week. For each case that John...
In general, an increase in salvage value, ________ and an increase in the interest rate _____ the present worth of a project. a. Increases, decreases b. Does not affect, decreases c. Decreases, increases d. Increases, increases e. Decreases, decreases
The Metropolitan Arts Council (MAC) wants to advertise its upcoming season of plays, concerts, and ballets. A television commercial that costs $25,000 will supposedly reach 53,000 potential arts customers. The breakdown of the audience is as follows: A newspaper ad costs $7,000, and the newspaper...
The Northeast Independent School District in Bexar County, Texas, hired STR Constructors, Ltd., to renovate a middle school. STR subcontracted the tile work in the school\'s kitchen to Newman Tile, Inc. (NTI). The project had already fallen behind schedule. As a result, STR allowed other workers to...
A financial services company conducted a survey of a random sample of its customers. One of the items on the survey was as follows:\"The staff at my local branch can provide me with good advice on my financial affairs.\" Customers were asked to respond on the following scale: 1 - strongly agree 2 -...