...Different states have certain laws on how a buyer remedy or seller remedy can be put into a contract. First we have the buyer which has certain remedies available to him or her if a seller wrongfully refuses to either give title to the real estate or otherwise defaults on an agreement of sale between the parties, unless there is a provision in the agreement that limits the seller’s remedies. Before buyer can do anything, there must be a non-conforming tender (breach of warranty or other breach of contract, such as late delivery. It’s been asked with buying a house, “what happens when the sales of a house doesn’t work out”? In most cases you can take legal action. If a buyer decides not to go through with the purchase they can retain the down payment and terminate the contract, or sue for breach of contract and bring an action for. But there can only be one remedy at a time. If a remedy fails, you may be able to file another lawsuit for a different reason. This could mean the buyer has breach the contract and can also collect addition damages. But always remember that a sales contract may limit your options. Now if the buyer goes through with the lawsuit they will have to file a “lis pendens” in public records. Basically this notice is your property is involved in a lawsuit and you won’t be able to sell the property and no one will even look at the property. When something like this happen the seller is ready and willing and able to sell the property and the buyer refuses...
Words: 1500 - Pages: 6
...ABSTRACT This paper aims to describe the particular market for ticket events and analyse the evolution of some regulatory and non-regulatory solutions developed to control the expansion of secondary ticketing and ticket-scalping practices and, in particular, it tries to investigate how the increasing adoption of internet as a re-selling channel is imposing big changes in the legislation and how all this is challenging the old approach of regulators to this specific market. The paper, supported by some theoretical economic considerations, also tries to establish whether ticket re-selling practices create significant problems to consumers or other involved players and explores the welfare effects, cost and effectiveness of regulatory and non-regulatory decisions on promoters, ticket-scalpers and consumers. __________________________________ INTRODUCTION Scalping is defined as ‘the practice of selling some-thing (in our case tickets) at a price above face value once it becomes scarce (usually just before a high-demand event begins)’ (Black-Law Dictionary). For decades, ticket scalping has been considered a controversial activity, and many anti-scalping laws have been developed and suggested from many different countries in order to try to reduce and regulate the practice of re-selling tickets and the subsequent emergence of a secondary market for tickets. What it is noticeable is that this widespread hostility toward ticket scalping seems in open contrast...
Words: 5136 - Pages: 21
...1. (T/F) The scope of Article 2 includes secured transactions, i.e. those in which the seller retains a security interest in the goods. 1. False. 2-102. 2. (T/F) “Goods” include all things which are movable at the time of contract formation. 2. True 2-105(1). 3. Andy owns a hot dog cart in Balboa Park. He has a license from the park authority to operate the stand at a very visible and busy location in front of one of the museums. Andy contracts to sell the hot dog stand business, including the cart, the inventory, and the license, to Bill. Bill repudiates. At a subsequent trial for damages, which portions of the sale (i.e., the cart, the inventory, the license) will be governed by Article 2? 3. The answer depends on the local case law. By 2-102, Article 2 “applies to transactions in goods.” 2-105(1) defines “goods” as “all things...which are movable at the time of identification to the contract.” 2-501(1)(a) defines “identification” as occurring “when the contract is made if it is for the sale of goods already existing and identified.” Here, the “goods” are the cart and the inventory, but not the license. The license is an intangible. And since the goods were in existence at the time of contract formation, they have been identified to the contract, and movable at the time of identification to the contract. Some courts will use the “primary purpose” test to determine whether the entire contract is governed by Article 2. Here, the intent of the parties...
Words: 12583 - Pages: 51
...Analyzing Managerial Decisions: eBay.com 1. How does eBay create value? eBay creates value by bringing together buyers and sellers in online forum that enables people to buy and sell a wide variety of goods. It is a mechanism for people who want to do their shopping from their home to do so. It also provides a safe and secure way for buyers and sellers to complete transactions. 2. What potential contracting problems exist on eBay? One of the contracting problems might be the selling of damaged or inferior products by fraudulent sellers. Another would be the misuse of eBay by trading banned items. Another would be that the seller may deliver a product that doesn’t meet the expectations of the buyer based on the item description or there could be non-payment of goods by the buyer or non-delivery of the goods by the seller. It is also difficult to judge the authenticity of buyers and sellers in advance, which creates a problem for eBay by having to verify the people involved in the transaction. Also, another problem would be transportation of goods from one place to another. eBay has no control on the delivery schedule of products as they have to rely on the transportation system the seller chooses. 3. How does eBay address these problems? eBay addresses these problems by insuring the buyers for non-delivery/damaged delivery of products. It also establishes in-house fraud prevention and escrow services to prevent fraudulent transactions. eBay also...
Words: 307 - Pages: 2
...www.howardscasedigests.webs.com 1 CHAPTER 1: INTRODUCTION CONTRACT OF SALE – One of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefor a price certain money or its equivalent. A contract of sale may be absolute or conditional. SALES 1. Contract of sale (absolute) • real obligation – obligation to give • remedies available: a. specific performance b. rescission c. damages 2. Contract to sell (conditional) • personal obligation – obligation to do • remedies available: a. resolution b. damages ESSENTIAL REQUISITES OF A CONTRACT OF SALE 1. consent 2. subject matter 3. price CHARACTERISTICS OF CONTRACT OF SALE: 1. Nominate - law gave it a name 2. Principal - can stand on its own; unlike accessory contract 3. Bilateral - imposes obligation on both parties a. obligation of seller – transfer ownership & deliver b. obligation of buyer – pay for price Consequence: power to rescind is implied in bilateral contracts 4. Onerous – with valuable consideration • Consequence: all doubts in construing contract to be resolved in greater reciprocity of interest 5. Commutative – equal value is exchanged for equal value • Test: subjective – as long as parties in all honesty that he is receiving equal value then it complies with test & would not be deemed a donation; but must not be absurd. • Inadequacy of price or aleatory character not sufficient ground to cancel contract...
Words: 10225 - Pages: 41
...University Adult & Graduate Studies BMB014 Analyzing Managerial Decisions: eBay.com 1. How does eBay create value? eBay creates value by bringing together buyers and sellers in online forum that enables people to buy and sell a wide variety of goods. It is a mechanism for people who want to do their shopping from their home to do so. It also provides a safe and secure way for buyers and sellers to complete transactions. 2. What potential contracting problems exist on eBay? One of the contracting problems might be the selling of damaged or inferior products by fraudulent sellers. Another would be the misuse of eBay by trading banned items. Another would be that the seller may deliver a product that doesn’t meet the expectations of the buyer based on the item description or there could be non-payment of goods by the buyer or non-delivery of the goods by the seller. It is also difficult to judge the authenticity of buyers and sellers in advance, which creates a problem for eBay by having to verify the people involved in the transaction. Also, another problem would be transportation of goods from one place to another. eBay has no control on the delivery schedule of products as they have to rely on the transportation system the seller chooses. 3. How does eBay address these problems? eBay addresses these problems by insuring the buyers for non-delivery/damaged delivery of products. It also establishes in-house fraud prevention and escrow services...
Words: 429 - Pages: 2
...To understand Microeconomics it is imperative to understand the respective industries in which businesses operate. Classified into four distinct market structures, industrial organizations lack any kind of homogeny or consistency that would group them together. The four models are pure monopoly, oligopoly, monopolistic competition, and perfect competition. To begin, these market structures vary according to the number of firms in the structure, product type (similar or different), ease of entry, control over price, and marketing strategy (McConnell, Brue, & Flynn, 2009). For this reason, this discussion will focus on four contemporary firms that exemplify the respective differences in competing structures concluding with a summary of how a conceptualized industry evolves through the four structures during its product life-cycle. Pure Monopoly Structure A pure monopoly company does not always fit the description of a company who has no competition or close substitute. The label of a monopolistic company often follows companies such as Microsoft, even when there are similar products in the market. Microsoft currently holds approximately 90% of market share, whereas competing firms like Macintosh and Linux are close in substitution. Although consumers have the option to purchase systems such as Linux and Macintosh, they seem to choose Microsoft. The article Microsoft's Aggressive New Pricing Strategy, describes an approach that Microsoft took recently in lowering their...
Words: 1948 - Pages: 8
...in a "delivered state" when they are in such state that the buyer would under the contract be bound to take delivery of them; (4) "document of title to goods" includes bill of lading dock-warrant, warehouse keeper's certificate, wharfingers' certificate, railway receipt, 4[multimodal transport document,] warrant or order for the delivery of goods and any other document used in the ordinary course of business as proof of the possession or control of goods or authorising or purporting to authorise, either by endorsement or by delivery, the possessor of the document to transfer or receive goods thereby represented; (5) "fault" means wrongful act or default; (6) "future goods" means goods to be manufactured or produced or acquired by the seller after making of the contract of sale; (7) "goods" means every kind of moveable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale; (8) A person is said to be "insolvent" who has ceased to pay his debts in the ordinary course of business, or cannot pay his debts as they become due, whether he has committed an act of insolvency or not; (9) "mercantile agent" means a mercantile agent having in the customary...
Words: 8109 - Pages: 33
...Analyzing Managerial Decisions: eBay.com 1. How does eBay Create value? eBay created value by ways of connecting businesses and individuals together to sell, trade, buy or trade their products. Many have witness a safe, quick and easy way to move products across the globe. This save on trying to reach buyers and sellers through local or community papers, which limits the amount of people reached. eBay also has the website structured where it is easy to locate what the seller or buyer is seeking. These different sites show many of the same items that you can choose from, negotiate, as well as compare. Anther value is that buyers are able to purchase below the market value. Buyers and sellers have the option to see tips that are offered. You may be a new-comer and need assistance, which can be provided through eBay. Sellers do have the option to set up and advertise several products at discounted prices. 2. What potential contracting problems exist on eBay? There are many potential and actual problems that have exist on eBay. In order to sell or purchase, you will have to set up an eBay account, which a signed user agreement is part of the set. A possible contracting problem is if a buyer wins an action and doesn’t pay for the product in the time it should be paid then the seller is at a loss. Also, this could be the reverse, the buyer can purchase and the seller doesn’t deliver on time or the product may not turn out to be what the buyer thought if should be...
Words: 716 - Pages: 3
...Self-Discipline- Being able to determine what the right thing to do is, and also acting upon those things through good and bad times. 7. A Positive Mental Attitude- To be able to control your mood and keep it in a positive manner. 8. Enthusiasm- Enthusiasm keep oneself along with surrounding people excited about what is going on. 9. Personal initiative-Being able to stay motivated and on top of projects and tasks at hand will allow ones to have continual success. 10. Controlled Attention- Being able to be focused on what needs to be done, no matter what. 11. Learning from Adversity- Instead of crumbling at failure or hardship, learn and grow from the experience. 12. Budgeting Time and Money- Successful people know how to manage themselves and the only thing more valuable than money, is time. It is necessary to be able to manage both. 13. Imagination- Imagination gives one the ability to be open to new ideas and to continue to innovate. 14. Accurate Thinking- To be able to know what is going on, and to be able to face the facts at hand. 15. Sound Physical Health- To be able to enjoy the good things and life, and also to...
Words: 1072 - Pages: 5
...Moti Bagh Ms. Meenakshi Yadav, Sr. Lecturer, SCERT Mr Bharat Thakur, PGT (Economics) RPVV, Surajmal Vihar Support Material For Teachers In Economics – Class XII Co-ordinators Dr. Seema Srivastava Ms. Meenakshi Yadav Contributors Dr. Seema Srivastava Ms. Meenakshi Yadav Mr.Bharat Thakur Technical Support Mr.V.K.Sodhi Ms.Sapna Yadav Ms.Radha Ms.Garima Ms.Ritu Class – XII Teaching -Learning Material for PGT (Economics) Based on “Week- Wise Distribution of Syllabus 2011 -2012” For the Month of July: Unit-IV (18.07.2011 – 25.07.2011) 7 days (25.07.2011-30.07.2011) 6days Abstract Present unit deals with the Concept of Market Structure which comprises of different market conditions under which the firms produce and sell products in the market. The unit also elaborates upon various Forms of Market Structure such as Perfect Market and * Imperfect Market (*Monopoly, Monopolistic Competition and Oligopoly). The conditions and determination of price under various Forms of Market Structure have been discussed. The content based classroom activity has been suggested at the end. It will help in developing Critical Thinking & Analytical ability among students which is the demand of this subject. Questions based on the content to check the progress have been included. Different types of Questions such as Very Short Answer Type, Short...
Words: 3978 - Pages: 16
...money comes and people started buying and selling things with money. This generated the idea of organizing a particular place where people come to buy the wanted products and sell the surplus in exchange of money which is called market in general concept. Bangladesh is a land where most of the people are engaged with agriculture, but to make this agricultural process successful the marketing process has the maximum contribution. There are two types of market in Bangladesh. City and town markets are known as urban markets and the markets in the villages are known as rural market. Though, we, the city dwellers buy our daily necessities from the market and these mainly come from the village, we do not know about the process how the products reach to us from the producers. We never try to know who are the persons behind to reach these products to our hand and how the price is set. Another important reminder is that most of our country economy depends on the village economy; agriculture and village market. So as a student of renowned university we got the opportunity to analyze the rural market. The assigned market for the analysis was the “Koittar haat” in Manikgonj, only a walking distance from Proshika campus. The Haat day was Friday where large numbers of people from different places come to buy and sell their products in the haat. 7.2 Objective of the study: The objective and purpose of the study is to...
Words: 3564 - Pages: 15
...leisure * Society level * Guns vs. Butter is the classic trade-off between production of consumption goods and military spending * The efficiency versus equity trade-off * Efficiency: Society gets the most that it can from its scarce resources. * Equity: The benefits of those resources are distributed fairly among the members of society. * Models: Circular flow diagram and PPF * The circular-flow diagram shows how dollars flow through markets among households and firms in an economy * Firms (Produce and sell goods and services) * Households (Buy and consume goods and services.) * The production possibilities frontier (PPF) is a graph showing the combinations of output that an economy can possibly produce given * the available factors of production; and * the available production technology. * Normative vs. positive statements * Positive statements are about how the world is. * Normative statements are about how the world ought to be. * When economists make normative statements, they are acting more as policymakers. * Gains from trade * Individuals and nations rely on specialized production and exchange as a way to address problems caused by scarcity. * Economically self-sufficient (do everything ourselves); or * specialize and trade with others, leading to economic interdependence. * Patterns of production and trade...
Words: 2147 - Pages: 9
...Week 4 Outline 8-7). How can sales agreements be breached and how can they be remedied? I. A breach is nonperformance in a contract. a. A buyer breaches a sales contract when she does any of the following: i. Rejects the goods despite the fact the goods conformed to the contract specifications ii. Wrongfully revokes an acceptance iii. Fails to pay the seller in accordance with the contract iv. Fails to meet her obligations under the contract II. A remedy provides relief for parties that have acted in good faith and sustained damages through no fault of their own. The UCC allows the seller more than one remedy: a. If good are in hands of seller, the seller may: i. Cancel the contract outright or discontinue his own performance ii. Resell the goods at a fair market value to another party or dispose of the goods for recycling in accordance with reasonable commercial standards of the industry iii. Recover any incidental damages related to the exercise of the reselling remedy such as hard costs of resale and any difference in value between the original contract price and the resale price iv. If the seller is unable to sell the goods at fair market value, then he may recover the full value of the contract from the buyer. If the seller exercises this remedy...
Words: 1007 - Pages: 5
... Studying of Choice in a World of Scarcity 4 The Cost-Benefit Principles 6 Absolute Advantage vs. Comparative Advantage 9 2. Law of Demand and Supply 13 Introduction to Demand and Supply 14 The Demand Curve 15 The Supply Curve 18 Market Equilibrium 21 Shift in Demand 25 Shift in Supply 26 3. Elasticity of Demand and Supply 29 Price Elasticity of Demand 30 Types of Elasticity of Demand 31 Determinants of Price Elasticity of Demand 34 Price Elasticity of Supply 38 Types of Elasticity of Supply 39 Determinants of Price Elasticity of Supply 41 4. International Trade 44 Introduction to International Trade 45 International Trade Restrictions 48 Arguments in Favour of Restricting Trade 53 Non-economic Arguments for Restricting Trade 56 Problems with Trade Protection 58 5. Market Structures 62 Introduction to Market Structure 63 Perfect Competition 65 Monopoly 68 Monopolistic Competition 72 6. Macroeconomics – GDP, Unemployment, Money and Central Bank 77 Introduction to Macroeconomics 78 GDP 81 Unemployment 84 Inflation 89 [pic] |Principles of Economics | |BM2 | A WORD OF WELCOME | ...
Words: 12008 - Pages: 49
