This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The legal rate of interest is a rate: A) that is higher than the contract rate. B) at which no ... (Read 95 times)

dejastew

  • Hero Member
  • *****
  • Posts: 562
on: Jun 24, 2018
The legal rate of interest is a rate:
 A) that is higher than the contract rate.
 B) at which no interest is charged.
 C) that is over and above the rate that is lawfully allowed.
 D)that is applied when no rate is specified.

Question 2

Franklin, a hobby-shop supplier, and Gordon, a hobby-shop owner, entered into a contract that provided that Franklin would sell Gordon fifty World War II battleship models at Franklin's cost of 2.95 each, plus a reasonable profit. Gordon brought suit to enforce the contract against Franklin, who refused to deliver the models. Franklin claimed that there was no contract because of indefiniteness. Is Franklin correct?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

aidanmbrowne

  • Sr. Member
  • ****
  • Posts: 305
Reply #1 on: Jun 24, 2018
Answer to Question 1

D

Answer to Question 2

Yes. The price of the models is indefinite. There is no objective measure of reasonable profit. Thus, the intent of the parties regarding price cannot be ascertained. The court will have to conclude that there is no valid and enforceable contract, and Gordon's action will be dismissed.


dejastew

  • Member
  • Posts: 562
Reply 2 on: Jun 24, 2018
Great answer, keep it coming :)

yeungji

  • Member
  • Posts: 319
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

All adults should have their cholesterol levels checked once every 5 years. During 2009–2010, 69.4% of Americans age 20 and older reported having their cholesterol checked within the last five years.

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

The types of cancer that alpha interferons are used to treat include hairy cell leukemia, melanoma, follicular non-Hodgkin's lymphoma, and AIDS-related Kaposi's sarcoma.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

More than one-third of adult Americans are obese. Diseases that kill the largest number of people annually, such as heart disease, cancer, diabetes, stroke, and hypertension, can be attributed to diet.

Rate enhancement by entropy reduction Rate enhancement by entropy reduction
Male Turkmen in the wealthier half of the population had higher fertility rates than those in the po Male Turkmen in the wealthier half of the population had higher fertility rates than those in the po
Temperature Changes on Heart Rate Temperature Changes on Heart Rate
Frequent dining on fast food, which tends to be higher in fat and carbohydrates, may be convenient ... Frequent dining on fast food, which tends to be higher in fat and carbohydrates, may be convenient ...
How to calculate simple interest (Part 3) How to calculate simple interest (Part 3)
Suicide rates in Canada are more than three times higher for males than for females Suicide rates in Canada are more than three times higher for males than for females
Video: Factors that increase metabolic rate and heat production

For a complete list of videos, visit our video library