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What law applies to this scenario?

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Question
Business Law II
BA 334
Final Project For each scenario do the following
1. Write out the Law/Rule that Applies
2. Give the Chapter that the law/rule is in? (A rule may simply be a definition)
3. Give the answer to the scenario and explain why it is the answer?
If you do not do ALL 3, you will not receive any credit for the question. Each questions is worth 3
points, for a total of 36 points for this project.
1. Neelan agreed orally with Anthony to sell Anthony a house for $100,000. Anthony sent Neelan
a signed agreement and a downpayment of $10,000. Neelan did not sign the agreement but
allowed Anthony to move into the house. Before closing, Neelan refused to go through with
the sale. Anthony sued Neelan to compel specific performance. Under the provisions of the
Statute of Fraud, EXPLAIN who will win the law suit and why?
a. What law applies to this scenario? b. What Chapter is the Law/Rule in? c. Explain who will win the law suit and why?
2. Nigel and Frank entered into a contract in which Nigel was obligated to deliver certain goods to
Frank by September 10. On September 3, Nigel told Frank that Nigel had no intention of
delivering the goods required by the contract prior to September 10. What can Frank do under
these circumstances?
a. What law applies to this scenario? b. What Chapter is the Law/Rule in? c. Explain what Frank can do under the circumstances? 3. On May 2, Mason orally contracted with Sears Appliances to buy $480 stove and microwave
for household use. Mason and the Sears sales person agree that deliver would be made on
July 2. ON May 5, Mason called Sears and requested that the deliver be moved to June 2. The
Sears salesperson agreed with the request. On June 2, Sears failed to deliver the stove and
microwave to Mason because of an inventory shortage. Sears advised Mason that it would
deliver the appliances on July 2 as originally agreed. Mason believes that Sears has breached
its agreement with Mason. Sears contends that its agreement to deliver on June 2 was not
binding. Sears’s contention is
a. What law applies to this scenario? b. What Chapter is the Law/Rule in?
c. Explain whether Sear’s is correct in what they contend and explain why or why not? 4. Donut Co. offered to sell Great American Markets 20,000 pounds of Donuts at $1.00 per
pound, subject to certain specified terms for delivery. Great American replied in writing as
follows:
We accept your offer for 20,000 pounds of Donuts at $1.00 per pound, weighing scale to have
valid city certificate. Was a contract formed?
a. What law applies to this scenario? b. What Chapter is the Law/Rule in? c. Was a contract formed when Great American accepted the contract, but added
additional terms? Explain why and why not? 5. A sheep rancher agreed in writing to sell all the wool shorn during the shearing season to
weaver. The contract failed to establish the price and minimum quantity of wool. After the
sheering season, the rancher refused to deliver the wool. The weaver sued the rancher for
breach of contract. Under the UCC, will the weaver win?
a. What law applies to this scenario? b. What Chapter is the Law/Rule in?
c. Will Weaver win, Why or Why not? 6. The below instrument is a: To: Bethune Cookman Bank
Daytona Beach, FL
November 15, 2015
Pay to the order of Bethany Sam
Six Thousand Dolars and xx/100 $6000 Jessica
Smith a. What law/rule applies to this scenario?
b. What Chapter is this law or rule in?
c. What type of instrument is this? 7. The below instrument is a: a. What law/rule applies to this scenario?
b. What Chapter is this law or rule in?
c. What type of instrument is this? 8. Is this a negotiable or a nonnegotiable instrument? If it is nonnegotiable how will it be
treated?
$15,000 Orlando, Florida January 15, 2015 I promise to pay to the order of Apple, Inc. $15,000 within five
days after the sale of my 15 Mac Air Laptops. I pledge the sale
proceeds to secure my obligation hereunder. J.T Thomas
J.T Thomas
a. What law/rule applies to this scenario?
b. What chapter is this law or rule in?
c. Is this instrument negotiable or nonnegotiable and why? If it is nonnegotiable explain
how it will be treated.
9. Which of the following transactions would illustrate a secured party perfecting its security
interest by taking possession of the collateral?
a A bank receiving a signed mortgage on a house
b Nate borrowing money from a friend to purchase the house and he gives him his
garage door opener to get in
c A pawn shop owner lending money to a customer who has agreed to make payments
d A consumer borrowing to buy a car -What law/rule applies to this scenario?
– What chapter is the law or rule?
– Which transaction illustrates a secured party perfecting its security interest by taking
possession collateral? And Explain why 10. Lucy and Tremayne are married and want to file bankruptcy but they do not want to lose any
assets. They want to enter into a reorganization plan. Explain which type of bankruptcy Lucy
and Tremayne should file and why?
a. What law/rule applies to this scenario?
b. What chapter is the law or rule?
c. Explain which type of bankruptcy Lucy and Tremayne should file and why?
11. John’s son was not his agent but contracted to purchase a computer in the name of John.
When John learned of this, John sternly rebuked his son but continued to use the computer for
several weeks. After losing interesbt in the computer, John offered to return it, saying that the
purchase was unauthorized. Can John return the laptop and say that the transaction was
unauthorized?
a. What law/rule applies to this scenario?
b. What chapter is the law or rule?
c. Can John return the laptop and say that the transaction was unauthorized? Explain
12.
13.
14.
15. 12. Sara and Sally rely on the statements of Alice, an Accountant, In a lawsuit brought by Sara and
Sally against Alice for fraud, Alice seeks to avoid liability based on the fact that neither Sara
nor Sally was in privity of contract with Alice. Alice knew Sara might rely on the financial
information provided, but Alice did not know of Sally or anyone in her position. Can Sara and
Sally recover against Alice?
a. What law/rule applies to this scenario?
b. What chapter is the law or rule?
c. Can Sara and Sally recover against Alice? Why or why not?

 
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