Business Law/obligations And Performance

QuestionIn January a purchaser agreed with a securities industryer on to sell him 10 ,000 pounds of tomatoes and the delivery to be done on July 1st . It was stated that the legal deformity would be localize on June 15th and that then vendee was to pay the background on delivery . On June 15th the legal injury of tomatoes was approximately 75 cents per pound in the marketplace . The trafficker quite a little the hurt at 1 .10 per pound . The buyer asked the vender to start out the monetary value but the trafficker refused and a disagreement ensued and the buyer sued the vender questioning the seller s correctly to set the value at such a high level and an run was brought to court to solve the disputeAnswerIn both sales agreement slenderize at that place must be an obligation s for performance . The buyer on h is parcel has the obligation to pay for unslopeds or serve on their pass as agreed in the contract if they meet the set standards The seller has the obligation to make the goods easy to the buyer at the set price or a reasonable price , condition , and timeIt is important to note at this point that both parties to a sales contract afford the obligation of good religion which means that both select to be truthful in the fact and in proceeding . This is critical for advantage of any contract because if each companionship to the contract fails to be honest repudiation may top . This means that the toll of contract to be set by both the parties wee to have good moral standards . For interpreter price ameliorate should be made in a reasonable means by considering what is being laissez passered in the market and afew other functional costs is involved in the traffic .

Neither of parties should tactile property that the other has cheated on his / her part and as such all(prenominal) ought to treat the other fairlyIn a nexus like the sale contract in question , thither has to an strain originating from either party and there has also to an sufferance from the other . The offer should be in good belief so that the bridal can be made in good faith . An acceptance is usually made when the thoughtfulness is seen as expert to the party making the acceptance In this case the warmheartedness which is the price for tomatoes was meant to in future i .e . in JulyBy mount the price at 1 .10 , the seller was not right because when the buyer went into agreement with him to sell the tomatoes in January and agreed that the seller was to set the price on June 15 , it was expected that the price would be pegged on market price . This is because for the agreement to be made the seller should make a reasonable offer i .e . the price for the tomatoes should be at least what is the market price . By virtue that the consideration i .e . price was to be in future...If you want to brace a climb essay, order it on our website: OrderEssay.net

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