Lena holland is governed by common law contract principles

Assignment Help Operation Management

Reference no: EM132165424

Richard Burnett agreed to purchase a mobile home with a shed from Betty Jean Putrell, Executrix of the Estate of Lena Holland. On Saturday, March 3, Burnett paid Putrell $6,500 and was given the certificate of title to the mobile home as well as a key to it, but no keys to the shed.

At the time the certificate of title was transferred, the following items remained in the mobile home: the washer and dryer, mattress and box springs, two chairs, items in the refrigerator, and the entire contents of the shed. These items were to be retained by Putrell and removed by her. To facilitate removal she retained one key to the mobile home and the only keys to the shed. On Sunday, March 4, the mobile home was destroyed by fire through the fault of neither party. At the time of the fire, Putrell still had a key to the mobile home as well as the keys to the shed and she had not removed the contents of the mobile home or of the shed. The contents of the shed were not destroyed and were subsequently removed by Putrell. Burnett brought suit against Putrell to recover the $6,500 he had paid for the mobile home and shed.

TRUE OR FALSE WITH EXPLANATION:

1. Burnett’s purchase of the mobile home and shed from the estate of Lena Holland is governed by common law contract principles.

2. Even though Putrell gave Burnett the certificate of title to the mobile home, the estate of Lena Holland has the risk of loss of the mobile home, because the estate of Lena Holland is not a merchant and the trailer was not placed at Burnett’s disposal.

3. Because the sales price for the mobile home and shed exceed $500, the agreement between Burnett and the estate of Lena Holland is governed by the Statute of Frauds and cannot be enforced without a written memorandum containing the essential terms signed by the Putrell as executrix.

4. The estate of Lena Holland has the risk of loss for the shed and its contents, because Putrell retained the keys denying Burnett access to the shed.

5. Both Burnett and the estate of Lena Holland can assign their respective rights in their contract to third parties.

Reference no: EM132165424

Questions Cloud

Main points of the total quality management process : What are the main points of the Total Quality Management (TQM) process?

Considering five possible development projects : A real-estate development firm, Peterson and Johnson, is considering five possible development projects.

How does mobile payment technologies benefit society : How does Mobile Payment Technologies benefit society

Provide situational trigger for relevant content : Assuming you supply anti-aging products, which of the following does not provide a situational trigger for relevant content?

Lena holland is governed by common law contract principles : Burnett’s purchase of the mobile home and shed from the estate of Lena Holland is governed by common law contract principles.

Declining-balance depreciation method : Calculate the book value over the expected life of the equipment using the double-declining balance method of depreciation.

Business value-adding and non-value-adding activities : List the process activities and classify the activities in the process into “value-adding”, “business value-adding” and “non-value-adding activities”.

What is the potential intended and unintended consequences : What is the potential intended and unintended consequences that different approaches to performance planning might have for staff commitment,

Three parties are entitled to ownership of the necklace : Which of these three parties are entitled to ownership of the necklace? Why?

User Account

All Pages