Assignment 2 - Crockett and Tubbs

Assignment 2 - Crockett and Tubbs - Crockett and Tubbs...

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Crockett and Tubbs Business Law II (BA265) Robert McGill 25 August 2011
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Crockett and Tubbs 1 In the scenario provided, Crockett is a car collector and was interested in buying a Ferrari Daytona from Tubbs. Tubbs agreed that the price would be $250,000. During negotiations, the film Miami Vice was released. The Ferrari Daytona featured prominently in the movie. Demand for the Ferrari Daytona soared. As a result of the demand, the market price was now $500,000. The question posed was, “Is Crockett entitled to buy the Ferrari for $250,000 or must he pay the higher price of $500,000?” There are two legal issues that need to be defined here, in order to determine an answer to the question, “Is Crockett entitled to buy the Ferrari for $250,000 or must he pay the higher price of $500,000?” The first is the “express contract” and the second is the “implied contract”. An “express contract” is an agreement between two parties for the execution of services or the sale of goods. This means that the specific terms of the agreement are in writing and it is a
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This note was uploaded on 11/16/2011 for the course BUSINESS BA265 taught by Professor Various during the Spring '11 term at Grantham.

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Assignment 2 - Crockett and Tubbs - Crockett and Tubbs...

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