Asked by Brandon Ramdeholl on Jul 05, 2024
Verified
Mike contracts with Bob to purchase Bob's boat.Mike promises to pay Bob $5,000 upon delivery of the boat to Mike's beach house.Bob arrives at Mike's beach house without the boat,and demands full payment before the boat is to be delivered.Is Mike obligated to pay Bob the money? Why or why not?
Delivery
The process of transferring an item from the seller to the buyer, or the act of fulfilling a contractual obligation or transferring ownership.
Payment Obligation
A legally binding commitment to pay a specified amount of money to another party under the terms of a contract or agreement.
- Understand the legal principles surrounding performance standards in agreements.
- Comprehend the principle of sincere and equitable conduct within the context of contractual agreements.
Verified Answer
ZK
Zybrea KnightJul 07, 2024
Final Answer :
No.Mike's obligation to perform under the contract is conditioned upon Bob's performance.Each party's respective duties are concurrent conditions.
Learning Objectives
- Understand the legal principles surrounding performance standards in agreements.
- Comprehend the principle of sincere and equitable conduct within the context of contractual agreements.
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