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Homework answers / question archive / Question 1 1 / 1 pts Which of these statements creates an express warranty?    Steers that are subject to this forward contract are enrolled in the Certified Angus Beef program     The hemp seed sold under this contract is 100% feminized seed

Question 1 1 / 1 pts Which of these statements creates an express warranty?    Steers that are subject to this forward contract are enrolled in the Certified Angus Beef program     The hemp seed sold under this contract is 100% feminized seed

Law

Question 1

1 / 1 pts

Which of these statements creates an express warranty?

  

Steers that are subject to this forward contract are enrolled in the Certified Angus Beef program

   

The hemp seed sold under this contract is 100% feminized seed.

   

Apples delivered under this contract are USDA Organic Certified.

   

All of the answers are correct.

 

 

Question 2

1 / 1 pts

When interpreting a contract to determine the duties of the parties, the court will try to determine the intent of the parties by considering:

  

What the parties want the contract to mean, now that a conflict has occurred.

   

What the parties say they intended when they accepted the contract.

  

What the court thinks is the fairest solution, regardless of the terms of the contract.

   

The exact language of the contract.

 

 

Question 3

1 / 1 pts

A contract requires:

  

A written statement

   

Only enforcement

   

Both promises by both parties and enforcement

   

Only promises by both parties

 

 

Question 4

1 / 1 pts

If a buyer receives good that do not meet the specifications or expectations for the quality of the goods in the contract, the buyer may:

  

Reject all of the goods and return them to the seller.

   

Accept the goods but seek reimbursement for the lower value of the goods received.

   

All of the answers are correct.

   

Accept any goods that meet expectations and reject any that do not meet expectations.

 

 

Question 5

1 / 1 pts

What is the meaning of “breach of contract?”

  

The contract was void when written.

   

All of the parties agreed to get rid of the contract.

   

One or more parties are not fulfilling the terms of the agreement.

   

The court refuses to enforce the contract.

 

 

Question 6

1 / 1 pts

What is required to make a valid offer?

  

In writing

   

Specific and definite terms of the contract

   

Price quote

   

Deadline for acceptance

 

 

Question 7

1 / 1 pts

What is an example of a contract used in agricultural business?

  

Production of a specific quantity and quality of product at a specified price.

   

All of the answers are correct.

   

Purchase of equipment

  

Lease for use of land

 

 

Question 8

1 / 1 pts

Farmer Harold has been raising grain crops and selling them using forward contracts for 10 years. He also buys the crops from some young new neighbors who are just starting out, re-selling the crops via forward contracts and making a small profit.

Harold called Farmers Co-op in May to discuss prices for the upcoming crop year. He has sold crops to Farmers Co-op in the past. After the telephone conversation, Farmers sent a confirmatory memo with the price and quantity of crops to be delivered that year. Harold filed it away after receiving it and did not contact Farmers Co-op again.

Due to drought in Australia, market prices had been rising and were still going up. Farmers Co-op called at harvest time in September, asking Harold for his delivery. Harold told the manager at Farmers Co-op that he never signed a contract with them and he doesn't want it now and will not deliver his crop to them. He decided that he would rather hold the crop for a month and sell to Great Plains Co-op in October to take advantage of the high price.

Farmers Co-op sued Harold to enforce the contract. How will the court rule?

  

Harold is bound to the forward contract with Farmers Co-op because he is a merchant and received a merchant's confirmatory memo. He will pay damages based on the market price in October when he actually sold the crop.

   

Harold is not bound to the forward contract because although he is a merchant, he rejected the contract in the correct amount of time.

   

Harold is not bound to the forward contract because the statute of frauds requires this contract for the sale of goods over $500 to be in writing and signed by the party to be held accountable on the contract.

   

Harold is bound to the forward contract with Farmers Co-op because he is a merchant and received a merchant's confirmatory memo. He will pay damages based on the market price in September when he informed the Farmers Co-op manager that he does not intend to deliver his crop to them.

 

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