Business Finance Homework Help

React to classmate’s post and demonstrate higher order thinking (challenge, connect, suggest, question, or expand the post of peers).

• Use proper spelling, grammar, and punctuation.
• Andrew Yancey
  According to this thread, the buyer and seller enter into an agreement, and therefore the buyer is legally bound to the naked eye to pay for the partially constructed train. The seller has every right to demand that the buyer pay because he was acting in good faith under the assumption the train would be bought and he would be compensated for it. According to UCC 2-610, Anticipatory Repudiation occurs when the performance is not yet due to the loss that may resort to remedy for the breach. The buyer should pay for the damages sustained to the seller because the seller built the train with the assumption the train would be bought. Even though this unfortunate event has occurred, neither party is obliged to continue on with the agreement. According to UCC 2-611, the seller of the toy train has other avenues to remedy the situation. The seller can suspend the building of the toy train or find another buyer. This situation is unfortunate because this agreement was made in good faith, and it’s unfortunate the seller is in this position. Depending on the cost and loss of revenue I would consider taking the buyer to court in this situation. The only way I could see this situation falling into the buyer’s favor was if there was an Excuse of Condition in which the contractual agreement could be legally excused in certain ways. Unfortunately, none of these conditions exist and therefore the buyer should be held accountable for the damages incurred against the seller. This is an unfortunate situation and both parties should have stipulated terms so that this would not occur.
  Izza Sakkiny Module 7 DiscussionAccording to the facts presented in the hobby case, the assumption is the shop owner does not have a contract as the order was taken using a computer or phone and that the cost of the toy is $550. Under the Statute Fraud, the owner would requisites a written contract of the skeleton order that was signed by the buyer for goods sale transactions. Therefore, the owner should research if there is an expectation from the Statuture for Frauds that can support the owner by introducing evidence of the oral agreement. UCC Article 2-201(3)(a) states that “(a) if the goods (Links to an external site.) are to be specially manufactured for the buyer (Links to an external site.) and are not suitable for sale (Links to an external site.) to others in the ordinary course of the seller’s (Links to an external site.) business and the seller, before notice of repudiation is received and under circumstances which reasonably indicate that the goods are for the buyer, has made either a substantial beginning of their manufacture or commitments for their procurement.” The toy train is considered a good that was custom made for the buyer’s special needs, therefore it can be classified as a specially good. The owner has already satiated the order, investing great effort to produce the toy train which is unique in the sense that it was uniquely created to satisfy the buyer’s needs. Thus, the toy train is not suitable for sale to other customers in the ordinary business of the Hobby shop. The owner might have another toy train that was created in the course of his business, however, this toy train is special as it was created based on a personal request. As the notice of repudiation was not received under reasonable circumstances indicating that the buyer is no longer interested in the toy train, in addition to the unrealistic expectation that the owner could resell the specialty train in his regular business dealings this expectation can benefit reasonably the owner’s decision to go through with the deal. UCC 2-207, Additional Terms in Acceptance or Confirmation also answers whether an agreement was made. The article states that “(3) Conduct by both parties which recognizes the existence of a contract (Links to an external site.) is sufficient to establish a contract for sale although (Links to an external site.) the writings of the parties do not otherwise establish a contract.” Despite that there was no written contract in place, there was conduct on behalf of both parties that recognized the existence of a contract. The Hobby owner spent a lot of time, money, and thoughts to create the toy train which was not available in his inventory and can not return simply it back to his stocks and based on UCC 2-207 and 2-201, the owner’s decision to go through the deal is valid.ReferencesUniform Commercial Code  (N.D). § 2-207. Additional Terms in Acceptance or Confirmation. Retrieved October 14.2021 from https://www.law.cornell.edu/ucc/2/2-207Uniform Commercial Code  (N.D). § 2-201. Formal Requirements; Statute of Frauds. Retrieved October 14, 2021, from https://www.law.cornell.edu/ucc/2/2-201