Reference no: EM131036706
Tom, a breeder of livestock, lives in Jefferson City, Tennessee. Tom is knowledgeable about cattle, but had limited means. He is, however, friendly with Ann Melon, a wealthy widow who fancies fine animals. On one or two prior occasions, Tom has purchased cattle for Ann. While visiting his friend Jack, who raises cattle in Loudon, Tennessee, Tom saw some fine specimens. Purporting to act for Ann Melon (but without any authority from her), Tom contracted to buy from Jack three bulls for the sum of $50,000. Later that same day, Tom also agreed on behalf of Ann Melon to buy from Jack a cow for the sum of $10,000. Tom paid $1,000 down on each purchase and signed each sales agreement, “Tom, Agent for Ann Melon.” When Tom returned to Jefferson City, he told Ann of his actions, explaining that he thought he had found some good buys for her. Ann was less than enthusiastic. She had no interest in the three bulls, but agreed to buy the cow for $10,000. Tom relays the news to Jack.
Upset about the series of events, Jack comes to you and asks whether he can hold Ann liable for the agreements made by Tom.
What will you tell Jack?
Be sure to identify and discuss all agency issues, including (i) the difference in actual authority, apparent authority and ratification, (ii) whether Ann is liable for the contract for the cow and under what theory, and (iii) whether Ann is liable for the contract for the bulls and under what theory.
Describe the workings of any home buyer assistance schemes
: Assignment - Certificate IV in Finance and Mortgage Broking (CIVMBv1). Describe the workings of any home buyer assistance schemes and stamp duty concessions that may be available in your State or Territory. Would your client be eligible for any of..
|
Systematic procedures
: Think of two creative ideas for services to be provided by the grocery industry. Be very specific in terms of the rationale behind your approach, and the systematic procedures (e.g., questionnaire) you would use to introduce your services to the mark..
|
What global marketing challenges
: What global marketing challenges would you face if you ran an international computer sales company? Discuss the challenges you would face (e.g., cultural barriers, language, currency, tariffs, mode of entry challenges).
|
Difference in actual-apparent authority and ratification
: Tom, a breeder of livestock, lives in Jefferson City, Tennessee. Tom is knowledgeable about cattle, but had limited means. He is, however, friendly with Ann Melon, a wealthy widow who fancies fine animals. On one or two prior occasions, Tom has purch..
|
Six percent of the country gdp
: The United States has absolute advantage over many countries in production of most goods and services. Yet, the country is running the record trade deficit year after year. The current trade deficit is about six percent of the country's GDP. Is it..
|
Reduce potential generational nflict in the workplace
: What steps have Deloitte and other companies taken to adjust to the expectations of younger employees and to reduce potential generational nflict in the workplace?
|
Determines how the agent would use the system trigger
: This example use case determines how the Agent would use the system Trigger: Relationships: Normal Flow of events: Subflows: None Alternate / Exceptional Flows:
|