Exercuse
Answer each question, and explain the basis for your answer
A furniture retailer purchased a shipment of furniture andsigned a promissory note, which the furniture manufacturer sold toa finance company. The retailer found the furniture to bedefective. Can the retailer decline to pay the note?
Response:
A customer expected to pay for a car with a payment she hoped toreceive from her insurance company. The exact date of payment wasindefinite. To accommodate her, the automobile dealer modified thepromissory note by showing the due date as "on or about April 15"in order to allow a few extra days if the customer found that sheneeded them. Did this affect the negotiability of the note?
Response:
The proprietor of a small service firm located in leasedquarters discovered an ideal location available for purchase. Shegave the owner of the site a check for $500 pending the drawing upof a written agreement. Later that day, the owner received andaccepted a higher offer for the same property. Can the proprietorforce the property owner to convey the property to her?
Response:
A business owner told his agent to see if he could find acertain piece of equipment for $40,000 or less. The agent made acontract to purchase the equipment for $47,000. Who is responsibleon the contract? Why? Are there possible circumstances that wouldchange your answer?
Response:
