Business Law/obligations And Performance

QuestionIn January a purchaser agreed with a marketer on to sell him 10 ,000 pounds of tomatoes and the delivery to be done on July 1st . It was stated that the legal injury would be set on June 15th and that then buyer was to pay the footing on delivery . On June 15th the legal injury of tomatoes was approximately 75 cents per pound in the marketplace . The seller set the price at 1 .10 per pound . The buyer asked the seller to start out the price but the seller refused and a disagreement ensued and the buyer sued the seller questioning the seller s right to set the price at such a high level and an run was brought to court to solve the disputeAnswerIn any sale slenderize at that place must be an obligation s for performance . The buyer on his part has the obligation to pay for goods or serve on their receipt 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 honest in the fact and in proceeding . This is critical for success of any contract because if either companionship to the contract fails to be honest repudiation may top . This means that the terms of contract to be set by both the parties have to have good moral standards . For interpreter price fixing should be made in a reasonable manner by considering what is being offered in the market and afew other operational costs is involved in the traffic .

Neither of parties should feel that the other has cheated on his / her part and as such each ought to treat the other fairlyIn a nexus like the sale contract in question , thither has to an offer originating from either party and there has also to an sufferance from the other . The offer should be in good faith so that the acceptance can be made in good faith . An acceptance is usually made when the thoughtfulness is seen as beneficial to the party making the acceptance In this case the affection which is the price for tomatoes was meant to in future i .e . in JulyBy setting 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 full essay, order it on our website: Orderessay

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