Homework assignment for Week 3 1. John Jacobson entered into a contract with Spring Water Drilling, Corp to drill and install a spring well system that would produce a specified quantify of water each month. After the system was installed, it was unable to meet the water volume production level specified in the contract. Jacobson has initiated a lawsuit against Spring Water. Would this dispute be resolved using the Uniform Commercial Code? Please explain. 2. Stevens placed an ad in a literary magazine offering $7,400 for a complete set of Vacation in Paradise, a five volume set. Adams, who was not aware of the offer, gave to Stevens four volumes of the Vacation in Paradise set as a birthday present. Adams was informed of the offer at some point, obtained the missing volume, brought the volume to Stevens and requested the $7,400 payment. Stevens refused. If Adams sues, will he prevail? Please explain. 3. Saxon, a retiree, was walking on his undeveloped land when he found an unusual looking rock. He took the rock to a store that sold jewelry and asked for an assessment. Jackson, a clerk and an aspiring jeweler, examined the rock and honestly indicated that he did not know what the rock was. He speculated that it could be a rough sapphire, and offered to pay $200 for it. Saxon agreed, completed the deal, and was paid. The rock turned out to be a diamond with an approximate value of $15,000. Saxon is suing Jackson and the jewelry shop for the return of the diamond. What will be the result? Please explain