Bar Exam (US) Contracts: Question below is based on the following fact situation. Harry Hillcres...

Question

Question below is based on the following fact situation.

Harry Hillcrest was the owner of the newly constructed Hillcrest Hotel in the city of Hillsdale. On March 15, 2008, Harry received a telephone call from Butch Burns, a distributor of hotel equipment, who offered to sell him 1,000 fire extinguishers for his hotel. Butch told Harry that the cost of the fire extinguishers would be $35,000 (or $35 apiece), payable 90 days after delivery. Butch promised to have the fire extinguishers installed no later than April 15, 2008.

On March 16, 2008, Harry telephoned Butch and accepted the offer. The following day, Harry mailed the following memo to Butch: "Please be advised that I shall take a 15% discount for cash payment 7 days after installation." Butch received Harry's correspondence on March 20, but he didn't respond until April 1, at which time, Butch sent a telegram to Harry stating: "It's apparent we don't have an enforceable contract in effect. I will not be delivering the fire extinguishers on April 15 or any other time."

Assume for the purposes of this question only that after Harry received Butch's April 1 telegram, he (Harry) filed suit against Butch for breach of contract on April 15. At trial, the court rules in Harry's favor. Under the UCC, which of the following would be used as the market price of the fire extinguishers for purposes of computing damages?

AnswerChoose the correct answer.Choose all that apply. Correct Partially correct Incorrect Don't Know

  1. A
    Correct Answer
    The market price on March 16.
  2. B
    Correct Answer
    The market price on April 1.
  3. C
    Correct Answer
    The market price on April 15.
  4. D
    Correct Answer
    The average market price between April 1 and April 15.
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