Lars Jepsen, a Fisherman from Tofino, Regularly Sells His Catch

question 87

Multiple Choice

Lars Jepsen, a fisherman from Tofino, regularly sells his catch to packing plants in Steveston. His shipment had already left dock last Monday, but he didn't contract for its sale until yesterday. He sold this shipment for $10,000 to B.C. Packers. Jepsen still owes Sam $3000, part of his commission for having sold one of his waterfront properties. This morning he assigned to Sam, in writing, $3000 of the $10,000 owed under the contract with B.C. Packers. Unknown to Jepsen or B.C. Packers, at the time they made the contract, his transporter had gone down in a storm and all the cargo was lost. Jepsen had no insurance for loss of his boat. Which of the following is correct with respect to his legal position?

• A) This is an example of a frustrated contract.
• B) This is an example of a breach of contract by Jepson with B.C. Packers.
• C) This is an example of a mistake causing the contract between Jepson and B.C. Packers to be void.
• D) Because of the frustration, Sam has no claim against either Jepson or B.C. Packers.
• E) Despite the frustration, Sam can collect the $3000 from B.C. Packers.

Understand the impacts of stress in the workplace and distinguish between eustress and distress.

Understand the difference between effectiveness and efficiency.

Recognize the importance of research and analysis in developing business exit strategies.

Comprehend the nature and stages of business growth.

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Definitions:

Direct Leasing

A lease arrangement where the lessor purchases the asset and rents it directly to the lessee without involving intermediaries.

Lease Versus Buy

The decision-making process regarding whether to finance an asset through leasing or purchasing it outright.

Operating Lease

A leasing agreement allowing the use of an asset without ownership, typically with shorter terms than a finance lease.

Lessor

A lessor is an individual or entity that rents out an asset to a lessee under a lease agreement.