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 93 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
Gracias!

Kedrick2014

  • Member
  • Posts: 359
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Did you know?

Alzheimer's disease affects only about 10% of people older than 65 years of age. Most forms of decreased mental function and dementia are caused by disuse (letting the mind get lazy).

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?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

The ozone hole in September, 2003. Even as scientists verified that the rate of ozone depletion was The ozone hole in September, 2003. Even as scientists verified that the rate of ozone depletion was
Acceptable ranges of respiratory rate Acceptable ranges of respiratory rate
Apidium may be ancestral to all later higher primates and is reconstructed as looking like a small-b Apidium may be ancestral to all later higher primates and is reconstructed as looking like a small-b
Firing Rate of Individual SCN Neurons in a Tissue Culture Color bars have been added to emphasize th Firing Rate of Individual SCN Neurons in a Tissue Culture Color bars have been added to emphasize th
If the gauge reading is now much higher than the first test results, then the cause of the low ... If the gauge reading is now much higher than the first test results, then the cause of the low ...
How to calculate simple interest (Part 4; P = I/rt) How to calculate simple interest (Part 4; P = I/rt)
Video: Cytotoxic T cell receptors, activation, proliferation, differentiation & action

For a complete list of videos, visit our video library