Mr Black Enters into a Contract with Build-It Construction Ltd

question 13

Multiple Choice

Mr. Black enters into a contract with Build-It Construction Ltd. for the construction of a house. The house is not built in accordance with the contract. Mr. Black sues Build-It Construction Ltd. seeking $200,000 in damages. He is successful, but discovers that Build-It Construction Ltd. has insufficient assets to satisfy the judgment as it regularly transfers its assets to its parent company Build-It Holding Company Inc. Can Mr. Black collect the $200,000 from Build-It Holding Company Inc.

• A) Yes, according to the doctrine of promissory estoppel.
• B) Yes, according to the Statute of Frauds.
• C) Yes, this is a statutory novation.
• D) No, according to the doctrine of privity of contract.
• E) No, according to the parol evidence rule.

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Definitions:

Detail Selling

A sales strategy focusing on the specific features and benefits of a product or service to persuade potential customers.

Business System

An organized set of procedures, processes, and methods that a company uses to conduct business and achieve its objectives.

Equitable Value

The fair and unbiased assessment of the worth of goods, services, or properties, considering all relevant factors to ensure fairness to all parties involved.

Professional Selling

Professional selling involves strategically approaching sales with expertise, ethics, and customer-focused techniques to achieve long-term success.