II. On October 15, Emma entered a written and signed contract to sell Jack an original...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
II. On October 15, Emma entered a written and signed contract to sell Jack an original Monet painting for $1,000,000. Jack made a 10% down payment of $100,000 when he signed the contract. Their contract stated that Jack would pay the balance of the purchase price, or $900,000 when Emma delivered the painting on December 20. A. On December 1, Emma advised Jack that she does not intend to go through with the contract because she has accepted a better offer from Noel. Jack insists that Emma complete her contractual obligations. What remedies may Jack seek? Explain fully. B. Instead of the facts in Part (A), assume that on December 1, Jack advises Emma that he no longer wants the painting and that he will not proceed with the sale. Their Oct. 15th sales contract provides that if Jack does not perform the contract, Emma is entitled to keep the $100,000 down payment. 1. What is this type of contractual provision called? 2. What factors would a court consider in deciding whether this contractual provision is enforceable and will allow Emma to keep the $100,000. II. On October 15, Emma entered a written and signed contract to sell Jack an original Monet painting for $1,000,000. Jack made a 10% down payment of $100,000 when he signed the contract. Their contract stated that Jack would pay the balance of the purchase price, or $900,000 when Emma delivered the painting on December 20. A. On December 1, Emma advised Jack that she does not intend to go through with the contract because she has accepted a better offer from Noel. Jack insists that Emma complete her contractual obligations. What remedies may Jack seek? Explain fully. B. Instead of the facts in Part (A), assume that on December 1, Jack advises Emma that he no longer wants the painting and that he will not proceed with the sale. Their Oct. 15th sales contract provides that if Jack does not perform the contract, Emma is entitled to keep the $100,000 down payment. 1. What is this type of contractual provision called? 2. What factors would a court consider in deciding whether this contractual provision is enforceable and will allow Emma to keep the $100,000.
Expert Answer:
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
Students also viewed these finance questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Calculate the component of v = ( 2, 1/2, 3) along w = (1, 2, 2).
-
During the current year ending on December 31, BSP Company completed the following transactions: a. On January 1, purchased a patent for $28,000 cash (estimated useful life, seven years). b. On...
-
Which of the two gaseshelium or nitrogenhas the higher final temperature as it is compressed isentropically from 100 kPa and 25C to 1 MPa in a closed system?
-
Washington Tennis & Education Foundation, Inc. (WTEF) is a nonprofit organization operating in the District of Columbia that provides athletic and academic programs for children from low-income...
-
CV exercises. The Doral Company manufactures and sells pens. Currently, 5,000,000 units are sold per year at$0.50 per unit. Fixed costs are $900,000 per year. Variable costs are $0.30 per unit....
-
2) Rolf throws a small bouncy ball of mass 52.0 g with speed 15.1 m/s. The ball bounces off a wall, rebounding at 13.8 m/s. The ball is in contact with the wall for 2.25 milliseconds (2.25 ms). Find...
-
Mr. Ajay's trial balance is as follows. Trial Balance for the year ended 31st March, 2017 Amt Debit Balances To Opening Stock To Purchases To Wages To Investment To Carriage outwards To Printing and...
-
The Solana power plant covers three square miles of the Sonoran Desert in Gila Bend, Arizona, about 70 miles from Phoenix. Whereas most solar installations rely on photovoltaic panels that convert...
-
Explain and discuss how the corporate reporting system dictates the content of the annual corporate report.
-
What are the approaches used by interest groups and organisations seeking to establish global acceptance of their proposals for standards or guidelines relating to corporate reporting?
-
Compare the accounting issues that arise in reporting goodwill and impairment under IFRS Standards and US GAAP and discuss the justification for any differences.
-
The accompanying figure shows new U.S. housing starts, in thousands of units per month, between January 1980 and March 2020. The figure shows a large drop in new housing starts from 19841991 and...
-
On August 1, 2013, there had only been 4 cases of West Nile virus reported in Texas. Due to recent rains, the number of cases would increase at a rate of 12.2% per day. Assuming a constant percent...
-
Q:1 Take any product or service offered in Pakistan and apply all determinents of customer Perceived value ?
-
[Northern Corporation entered into a contract with Chugach in August 1966 to repair and upgrade the upstream face of Cooper Lake Dam in Alaska. The contract required Northern to obtain rock from a...
-
On November 23, Sylvia agreed to sell to Barnett her Pontiac automobile for $7,000, delivery and payment to be made on December 1. On November 26, Barnett informed Sylvia that he wished to rescind...
-
Anthony lends money to Frank. Frank dies without having paid the loan. Franks widow, Carol, promises Anthony to repay the loan. Upon Carols refusal to pay the loan, Anthony brings suit against Carol...
-
We can make a static measurement to deduce the spring constant to use in the model. If a \(61 \mathrm{~kg}\) woman stands on a low wall with her full weight on the ball of one foot and the heel free...
-
A \(1.00 \mathrm{~kg}\) block is attached to a horizontal spring with spring INT constant \(2500 \mathrm{~N} / \mathrm{m}\). The block is at rest on a frictionless surface. A \(10.0 \mathrm{~g}\)...
-
If, during a stride, the stretch causes her center of mass to lower by \(10 \mathrm{~mm}\), what is the stored energy? A. \(3.0 \mathrm{~J}\) B. \(6.0 \mathrm{~J}\) C. \(9.0 \mathrm{~J}\) D. \(12...
Study smarter with the SolutionInn App