In: Economics
Commercial painting company purchased 50 cans of specialty
paint. Seller has 100 cans for sale in his store. Painter cannot
pick up the paint for 2 days but has paid in full. What protection
should Painter insist on? That is, what term should be included in
the contract for sale that would benefit Painter if the seller’s
store blows up before pickup?
a.
Contract should provide a warranty for the quality of the
paint.
b.
Contract should provide Buyer can get its money back if it finds a
better deal.
c.
Contract should require the Seller to post a guard over the
property.
d.
Contract should require Seller to identify the goods to the
contract.
Commercial painting company purchased 50 cans of specialty
paint. Seller has 100 cans for sale in his store. Painter cannot
pick up the paint for 2 days but has paid in full. What protection
should Painter insist on? That is, what term should be included in
the contract for sale that would benefit Painter if the seller’s
store blows up before pickup?
a.
Contract should provide a warranty for the quality of the
paint.
b.
Contract should provide Buyer can get its money back if it finds a
better deal.
c.
Contract should require the Seller to post a guard over the
property.
d.
Contract should require Seller to identify the goods to the
contract.
Personal property is best defined as anything NOT real property
(land and everything permanently affixed to it), that is property
that is capable of being moved. Which item below is not personal
property?
a.
specially designed windows for a historic home that have been
installed in a historically correct method. (The home is on the US
historical register and must remain conforming in all aspects to
its era).
b.
trees on a tree farm that have been cut and sold to the local
lumber yard.
c.
ducting delivered to a home construction job site that will be
installed in the heating/AC system next week.
d.
copyrights and patents owned by a business.
An appliance store salesperson told a potential customer that a
particular wine refrigerator can chill wine to 40 degrees in one
hour. The customer purchased the refrigerator. In fact, the
temperature reached only 65 degrees, barely chilling a large bottle
of champagne. If the customer sues the store, the likely cause will
be for breach of _______________.
a.
puffery.
b.
a warranty of merchantability.
c.
a warranty of fitness for chilling small bottles only.
d.
a warranty of good title.
In the first question the correct option is d as if before the shop blows up the seller should rightfully identify the goods that he has sold in the contract. This will help both the seller and the painter as the identification of the product can be made.
To the second question the correct option is option b i.e. trees on a tree farm that have been cut and sold to the local lumber yard. As the trees are first of all not mentioned whether its planted by an individual or a local body therefore the tree can be termed as a non personal property or a real property as in the case of this question. The land belongs to the individual but not the trees on the farm. At the same time the farm where there are these trees is also not mentioned of being to a single individual.
In the third question the correct option is option c i.e. warranty of fitness for chilling small bottles only as it is mentioned by the seller that the wine will chill to 40 degrees in one hour. But it is not happening so as the temperature reached 65 degrees.