Question

In: Accounting

41. Meyer's Grocery signed a contract to build a store in Richmond, Kentucky. Soon afterward, Meyer's...

41. Meyer's Grocery signed a contract to build a store in Richmond, Kentucky. Soon afterward, Meyer's breached the contract. Which of the following can sue Meyer's to enforce the contract?

A. a local home improvement store that hoped to sell building materials to the construction crew

B. neighborhood residents who were looking forward to shopping at Meyer's

C. the operator of a food truck, who intended to sell lunch to the construction crew

D. None of these are correct.

42. Harris, who owes Nathan $4,000, sells Bethany a used car for $5,000, payable in 30 days. Harris immediately tells Nathan that she doesn't have the money she owes him, but she is willing to give him her claim to Bethany's $5,000. Nathan agrees and gives up his claim against Harris for $4,000, and Harris notifies Bethany of the assignment. In this case, Bethany is best described as the

A. assignee.

B. assignor.

C. obligor.

D. obligee.

55. Al contracted to sell his house to Bev. Subsequently, they both changed their minds and decided to cancel the contract. The contract between Al and Bev is discharged by

A. full performance.

B. agreement.

C. accord and satisfaction.

D. novation.

67. Which of the following would be considered a merchant under the UCC?

A. A woman sells her pistol to someone responding to a classified ad.

B. A man who owns a jewelry store sells his used car to a neighbor.

C. A gun dealer sells a rifle to someone who enters his shop.

D. All of these are correct.

Solutions

Expert Solution

41. D. None of these are correct.

A contract is valid if it has at least 2 parties making an agreement to do or not to do something for a consideration

Here only one party is signing the contract with no trace of the other party,and that too without consideration.

which eventually is not enforceable by law.

42. A. Assignee. An assignee is a person to whom rights or liabilities are transferred or a person who is appointed to act for another. in this case Bethany is appointed to act for Harris.

55. B. Agreement. Discharge of a contract by agreement is when both the parties decide to cancel the contract by mutual understanding irrespective of the terms and conditions of the contract are fulfilled or not.

67. C. Because a merchant under UCC is a person having expertise in the goods which he/she is trading. A gun dealer has sufficient knowledge about arms and ammunition which he uses to trade guns and rifle in his shop. So he is a trader under UCC.

ekkarill92 answered 5 months ago
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