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Question
Quicksilver Delivery Service contracts to deliver Pete's Pizza Parlor's prodÂucts to its customers for $5,000, payable in adÂvance. Pete's pays the money, but Quicksilver fails to perform. Can Pete's rescind the contract? Can Pete's also obÂtain restitution? What does it mean to "rescind" a contract? How is a contract rescinded? What is restitution? How is restitution accomÂplished? Explain.Answer
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Related questions
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a. preferred stock.
b. a right of first refusal.
c. a sufficient number of shares to exercise de facto control.
d. watered stock.
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Start-Up Corporation substantially complies with all conditions preceÂdent to incorpoÂration. Start-Up has
a. corporate existence by estoppel.
b. de facto existence.
c. de jure existence.
d. ultra vires existence.
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Like the bylaws of other corporations, the bylaws of Farmland Equipment, Inc.,
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c. were adopted at its first organizational meeting.
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A director must make a full disclosure of any potential conflict of interest that might arise in any corporate transaction.
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The first step in the incorporation process is to select a state in which to operate.
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An S corporation is treated the same as a regular corporation for tax purposes
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Sally and Tom decide to go into business, selling discounted merchandise through their Web site "e-Buy." They sign a partnership agreement that requires Sally to contribute $12,000 and Tom to contribute $8,000 in capital to start the firm. The agreement also states that only Sally will have the authority to bind the partnership in deals with third parties, but the agreement says nothing about the management of the firm or a division of profits. Without Sally's knowledge, Tom tells United Computer Products, Inc., that he represents the firm and signs a contract with United to buy hard drives for resale on e-Buy. In the first year, e-Buy makes a profit of $50,000. What are the partners' rights with respect to the management of the firm? Is the partnership bound to the contract with United? Do the partners split the first year's profits? If so, how much is each entitled to?
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Cecilia's Day Spa, LLC, is a member-managed limited liability company. If the law in Cecilia's state is like the law in most states, unless the members have agreed otherwise, voting rights are apportioned according to
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c. the number of members.
d. transactions with the firm.
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CPA Accounting, LLC, is a limited liability company. If the law in CPA's state is like the law in most states, unless the members have agreed otherÂwise, participants in the firm's management will be considered to include
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b. dissolves as soon as the second bridge is built.
c. dissolves immediately on Iggy's signing of the second contract.
d. does not dissolve.
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a. not partners, because Gwen does not have an ownership interest or manageÂment rights in eSites.
b. not partners, because the pay includes an hourly wage.
c. not partners, because the pay includes only 10 percent of the profits.
d. partners in a partnership for two years.
Q:
Kelly, the owner of Llama Farms, a sole proprietorship, wants to obtain additional busiÂness capital but to maintain control. This can best be acÂcomplished by
a. borrowing funds.
b. bringing in partners.
c. issuing stock.
d. selling the business.
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a. enforceÂable.
b. unenforceÂable because it is not supported by consideration.
c. unenforceÂable because the dollar amount is missing.
d. unenforceÂable because the employees are paid salaries.
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If, as Brad claims, the consideration in this problem is inadequate, it may indicate a lack of
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b. bargained-for exchange or mutual assent.
c. flexibility on the part of College Credit to accommodate Brad's needs.
d. "heft," "substance," or "weight" in the terms of the contract.
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A covenant not to compete in the sale of an ongoing business is unenforceable.
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If there is a statute that prohibits a certain action, a contract to do it is unenforceable.
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On May 1, Brand Name Industries, Inc. (BNI), sent Carol a letter, via overnight delivery, offering to employ her to audit BNI's financial stateÂments for the current year for $1,000. In the letter, BNI stated that Carol had ten days to accept. On May 5, Carol sent BNI a fax that stated, "The price for the audit seems too low. Would you consider paying $1,200?" BNI received the fax. The next day, Dan offered to conduct the audit for $800. On learning of Dan's offer, Carol immediately e-mailed BNI, agreeÂing to do the work for $1,000. BNI received this e-mail on May 7. Explain why BNI and Carol do, or do not, have a contract.
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Michelle gives out a business card with an e-mail address on it. According to the comments that accompany the UETA, it may be reasonable to infer that Michelle has consented to
a. transact business electronically.
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d. nothing.
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Howie enters into a contract with Ida over the Internet to buy soybeans as a hedge against falling prices in corn. Neither party prints out a hard copy. Under the Electronic Signatures in Global and National Commerce Act (E-SIGN Act), this contract can
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b. be "denied legal effect" unless a hard copy is printed.
c. be "denied legal effect" until it is executed.
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b. Magic Math and Peg only.
c. Magic Math, National Distribution, Office Stuff, and Peg.
d. Office Stuff and Peg only.
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a. in transit.
b. received.
c. sent.
d. written.
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a. accepted the offer.
b. made a counteroffer without rejecting the offer.
c. rejected the offer and made a counteroffer.
d. rejected the offer without making a counteroffer.
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a. exactly precise.
b. reasonably definite.
c. unequivocally approximate.
d. vague or uncertain.
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Fanny tells Eden that she will sign a lease if it includes a clause permitting Fanny to exÂtend the lease at the same amount of rent. Fanny's intent to sign the lease is determined by reference to Fanny's
a. assumptions.
b. beliefs.
c. unspoken opinions.
d. words and action.
Q:
If an offeror does not expressly authorize a certain mode of acceptance, then acceptance may be made by any reasonable means.