This topic contains a solution. Click here to go to the answer

Author Question: The legal rate of interest is a rate: A) that is higher than the contract rate. B) at which no ... (Read 99 times)

dejastew

  • Hero Member
  • *****
  • Posts: 562
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
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
Excellent


nguyenhoanhat

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Wow, this really help

 

Did you know?

The shortest mature adult human of whom there is independent evidence was Gul Mohammed in India. In 1990, he was measured in New Delhi and stood 22.5 inches tall.

Did you know?

Though Candida and Aspergillus species are the most common fungal pathogens causing invasive fungal disease in the immunocompromised, infections due to previously uncommon hyaline and dematiaceous filamentous fungi are occurring more often today. Rare fungal infections, once accurately diagnosed, may require surgical debridement, immunotherapy, and newer antifungals used singly or in combination with older antifungals, on a case-by-case basis.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Did you know?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

For a complete list of videos, visit our video library