The buyer and seller were arguing over a small river rock fountain, which before closing had been sunk into the patio and cemented in place. No mention of the fountain had been made during negotiations and both sales associates believed the fountain would stay. When the buyer went by to pick up the keys after closing, the fountain was gone and in its place was a small wooden windmill and 2 plastic gnomes. The seller claimed the fountain was personal property and the buyer claimed it was a fixture. Which statement about the fountain is true? . • The fountain was purchased by the seller. It should always be his. O The fountain should have been listed by the buyer in the contract. Since it was not, it is personal property. • The method of attachment in this case was cement. Clearly the item was affixed and permanent. O Even though the fountain was cemented into the ground, it is definitely personal property and does not have to be left for the buyer.

The buyer and seller were arguing over a small river rock fountain, which before closing had been sunk into the patio and cemented in place. No mention of the fountain had been made during negotiations and both sales associates believed the fountain would stay. When the buyer went by to pick up the keys after closing, the fountain was gone and in its place was a small wooden windmill and 2 plastic gnomes. The seller claimed the fountain was personal property and the buyer claimed it was a fixture. Which statement about the fountain is true? . • The fountain was purchased by the seller. It should always be his. O The fountain should have been listed by the buyer in the contract. Since it was not, it is personal property. • The method of attachment in this case was cement. Clearly the item was affixed and permanent. O Even though the fountain was cemented into the ground, it is definitely personal property and does not have to be left for the buyer.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

1) Jim offered to buy James's Porsche motor vehicle. Jim gave James 2 weeks for an answer. Two days after, Jane offered to sell her Porsche motor vehicle to Jim for which he was very excited to purchase because she had the latest model. Jim called James and told him personally that he is no longer interested in purchasing his Porsche. James is very upset, because he was keen to sell. He is of the view that Jim cannot withdraw his offer because the two weeks has not elapsed. He knows that you are a business law student at Open Campus and sought your advice on the matter. Advise James. Will your answer be the same, if Jim failed to communicate to James within the two weeks that he no longer is interested in purchasing James's Porsche motor vehicle and James accepted on the last day of the end of the two weeks?
Ciara decides to sell her car, a Nissan Skyline, and puts anotice on the back windscreen of the car. The notice reads,‘Sporty car for sale, excellent condition, low mileage,bargain at €2,000. Please phone Ciara Clarke 0899792949or call in at 16 Liffey Glen’.On Monday morning, Sean telephones Ciara and offers tobuy the car for €1,500. Ciara refuses to accept his offer.Later that day, Sean changes his mind about the car andtelephones Ciara. She is out so he leaves a message on heranswerphone saying, ‘I agree to give you the full askingprice of €2,000 for your car and will be round to collect ittomorrow’.On Tuesday morning, Conor sees Ciara’s car and writes aletter of acceptance to Ciara enclosing a cheque for €2,500.He immediately puts the letter in the post box. On Tuesdayafternoon, Riona calls at 16 Liffey Glen but Ciara is out, soshe puts a note through the letterbox stating, ‘I had a goodlook at your case – it is just what I want – I enclose a chequefor the full asking price of…
16) Goods means every kind of immovable property other than actionable claims and money. a) True b) False 17) Faiz meets Farhan, a car dealer and tells him that he wants a car that can move 20km/liter. Farhan promotes one of the cars in the showroom and says that it suits the purpose. Faiz buys the car by relying on Farhan's representation. Subsequently Faiz finds that the car can move 15km/liter. The above situation is an example of breach of warranty. a) True b) False
If the contract is silent as to the party who is to appropriate the goods__________. Select one: a. goods seller is to be appropriate b. the buyer is to appropriate c. the party who under the contract is first to act is to appropriate d. any party may appropriate
Elizabeth goes shopping at Marshalls’s on Wednesday and sees a very expensive piece of furniture costing $70,000. It is an antique, so there are no others like it for sale. Elizabrth wants to get her spouse’s approval before buying it. Elizabeth gives Marshalls’s $2,500 to give her the right to buy the antique until Saturday at noon. Elizabeth took pictures of the piece, and she returns with her spouse on Friday to buy the furniture. Marshalls’s apologizes and says they mistakenly sold the piece to another customer and gives the $2,500 back to Elizabeth. Elizabeth sues Marshalls’s for additional damages. What is the probable outcome of Elizabeth’s lawsuit?
Howard received $12 000 of the $39 000 price for his rare, impeccably maintained antique 1976 Jaguar XL from Wyn Wyn wil be able to add the Jaguar to her elassie car collection upon pyment ef the balance, due 30 days from the signing the contract. Prior to that date, Philip paid Howard $45 000 outright in exchange for the Jaguar. What amount of damages could you be reasonably certain of a court awarding to Wyn? Select one: © $6000 $12 000 $18 000 ⚫ $45 000 •
18) The aggrieved party can claim only the damages in case of breach of warranty. a) True b) False 19) A buyer has right to examine goods for the purpose of ascertaining whether they are in conformity with the contract. a) True b) False 20) In respect of hire purchase, the owner must serve the hirer and the guarantors a copy of the hire purchase agreement within 14 days after it is made a) True b) False 21) In hire purchase, the owner must obtain from the hirer a deposit in cash or in goods or partly in cash and partly in goods, to a value not less than one-fifth of the cash price of the goods. a) True b) False
Benigno Buyer writes Francene Farmer a letter that states he is willing to purchase 1,000 pounds of apples at a price of $.50 per pound. A. How can Francene accept this contract? B. If Francene writes back stating, “Your terms are agreeable, provided you purchase a minimum of 1,200 pounds of apples.” What is the effect of Francene’s statement? Will it matter whether or not Benigno is also a merchant? C. Assume that the wholesale price of apples is $1 per pound at the time that the offer is made. If Francene accepts it, will she be likely to successfully assert a defense of unconscionably if she later refuses to honor the contract’s terms?
(11) A agrees with B to sell "200 pairs of shoes" this agreement is..... a) Voidable b) Valid c) Void
1. Brian a 16-year-old, purchased a pool table with all of the accessories. Three weeks later, Brian tried to return the pool table. He told the seller that he had decided to keep all of the accessories. Can Brian avoid the contract in this way?
“O” verbally leased his house and lot to “L” for two (2) years at a monthly rental of P2,500.00 a month. After the first year, “O” demanded a rental of P5000.00 claiming that due to the energy crisis, with the sudden increase of the price of oil, which no one expected, there was also a general increase in prices. “O” proved an inflation rate of 100%. When “L” refused to vacate the house, “O” brought an action for ejectment. “O” denied that they had agreed to a lease for two (2) years. A.) Can the lessee testify on a verbal contract of lease? Reasons. b.) Assuming that “O” admits the two (2)-year contract, is he justified in increasing the rental? Why?
Spaulding & Kimball Co. ordered from Aetna Chemical Co. 75 cartons of window washers. The buyer received them and sold about a third to its customers but later refused to pay for them, claiming that the quality was poor. The seller sued for the price. Would the seller be entitled to the contract price?