Remaining Time: 39 minutes, 48 seconds Question Completion Status QUESTION7 owns
ID: 2619017 • Letter: R
Question
Remaining Time: 39 minutes, 48 seconds Question Completion Status QUESTION7 owns Great Expectations, a trendy restaurant n Manhattan. He enters into a contract with Mary, who makes and sells pastries. The contract states that Mary will "supply all of Great Expectation's needs" for pastries for the next year is this contradt O A yes, because this is a requirements contract O 8. yes, but only it james buys all of the pastries produced by Mary in the next year ??.Na because the promise fals to specifythequantity of goods to be purchased OD Na, because james mighe not need any pastries in the nest year QUESTION Velma has long coveted Joshuals Picasso. When Velma hears that Joshua is in dire financial straits (which situation is not Velma's fault, she offers him $5.000 for the painting. Athough the painting is worth many times thar joshua is desperate for cash and accepts her offer. Somesime thereafter, when Joshua is back on his feet fnancally, he seeks to rescind the contract and recover the painsing on grounds of economic duress A joshua will probably win ??.joshua wil wn br oney ithecan prove that Veina knew the true val" afthe partirg, OD joshaa will win because of mutual mistake as to value QUESTIONS MacBook Air 3 5Explanation / Answer
Answer to 7)
Yes because it is a requirements contract. The fundamental purpose of the contract is to ensure that Mary would meet the contractual obligations. This includes meeting any special contract performance conditions indicated in the document (like supply of pastries for next one year).
Answer to 8)
Joshua will win only if he can prove that Velma knew the true value of painting. Economic duress is economic pressure to compel a party to a contract to agree to the demand. Here there is no economic duress as Velma didn’t compel Joshua to accept the amount. Hence Joshua s required to prove the above fact.