HORT ANSWER QUESTIONS Using words or phrases complete the sentences below. 1. The similarity between a term and misrepresentation is 1 points Answer 2. If a claim is filed for innocent misrepresentation and the innocent party is successful in their claim, the Court 1 points can Answer 3 is a genuine declaration that convinces an agent to form an agreement with another. 1 points Answer 4. If a (type of term) is breached the innocent party will only be awarded Damages. 1 points Answer 5. A carpenter of 15 years is employed on a building site. On the site, a residential home is being remodelled. The carpenter inspects the cedar wood that will be used to construct the exterior walls of the house. The carpenter tells the project manager that he thinks this is the best wood for the job. 2 years later the cedar begins to rot causing the roof to fall. The carpenter's statement was a 1 points Answer Identify and comment on the scenario. 1 Petroleum Industries Co. has contacted National Oil Ltd., in May 2019, about supplying them with diesel. Petroleum Industries Co. operates in St. Dominique and National Oil Ltd. in Dubque. Assad, the representative of National Oil Ltd., informs Matt, the CEO of Petroleum Industries Co., that their company engages in the production and sale of natural gas and that their reserve holds 100,000 tons of natural gas and so can supply them generously. Assad continues by saying that they are happy to boast affordable prices for their diesel, as they only charge 20% higher than the internationally set value of gas and process the natural gas at their processing plant near their reserve. In May 2019 the international value of gas was $40. Pleased to hear this Matt states that he is interested in purchasing 5,000 gallons of diesel. Assad quotes that the cost of the diesel is $48 per gallon; but, that this transaction would have additional costs to transport it to St. Dominique, consisting of $9000 for delivery and $2000 for travel insurance. In June 2019 the country of Dubque was engaged in a civil war which resulted in the government acquiring and operating all essential service businesses, including the natural gas industry. On June 15th Matt contacts Assad and tells him that he has commissioned a cargo boat to pick up the diesel from Dubque. So they agree that Matt would purchase 5,000 gallons at $48 per gallon to be picked up by Matt in October 2019. Further, in July the United Nations Climate Change foundation made it their mandate to eradicate the use of fossil fuels and facilitate the production of renewable energy resources. Because of this by September 2019 the global value of natural gas fell to $0.25. In October Matt sent his cargo boat to pick up the 5,000 gallons of gas and wire transferred $242,000 simultaneously. The diesel was packaged in plastic barrels and encased in wooden containers. Half way on the return to St. Dominique the engine of the boat started malfunctioning causing a fire to spark which spread to the holding area of the diesel. In 4 minutes the entire boat was engulfed in flames. Matt angrily calls Assad and states that since he paid the travel insurance he should be able to get his quantity of diesel replaced. 10 IDENTIFY AND COMMENT ON THE ISSUES THAT ARISE FROM THE ABOVE SCENARIO. (These questions can be used AS A GUIDE to structure your comment on the scenario: Was a contract created? If a contract was created what are it main terms ? Were the terms of the agreement breached? Could terms be implied in the scenario? Should National Oil Ltd. reimburse Matt the 5,000 gallons of diesel?)