What Was the Result on Appeal in the Case in the Text

question 6

Multiple Choice

What was the result on appeal in the case in the text Alaska Pacific Trading Co. v. Eagon Forest Products Inc. in which the defendant rejected a shipment of logs, and the plaintiff/seller claimed that its late shipment was excused because the contract did not specify that time was of the essence?

• A) That by not shipping the logs in a timely manner according to the contract, the seller failed to satisfy the perfect tender rule thereby releasing the defendant buyer from its duty to accept the logs.
• B) That the seller satisfied the perfect tender rule although the logs were late and that the defendant buyer breached the contract by refusing to accept the logs.
• C) That the seller was entitled to rely on the common law doctrine of material breach but that the seller did not substantially perform thereby releasing the buyer from contractual duties.
• D) That the seller was entitled to rely on the common law doctrine of material breach, that the seller substantially performed, and that the buyer was in breach.
• E) That the seller was entitled to rely on the perfect tender rule and that the buyer materially breached the contract by refusing to accept the logs.

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Definitions:

Investment Account

An account held at a financial institution that holds securities, cash, and other investments, used for the purpose of long-term or short-term investing.

Carrying Value

The amount at which an asset is recognized on the balance sheet after deducting accumulated depreciation and impairment losses.

Inventory

Goods and materials that a business holds for the ultimate goal of resale.

Declared Dividend

A dividend that has been announced by a company's board of directors to be paid to shareholders on a specified date.