In Griffith V

question 71

Multiple Choice

In Griffith v. Clear Lakes Trout, Griffith grew trout for Clear Lakes; the parties got into a dispute over what were "market size" trout, as Clear Lakes wanted larger fish. The court held that:

• A) since the contract between the parties was vague about trout size, there was no enforceable contract
• B) Clear Lakes was correct about trade usage regarding "market size" so Griffith had an obligation to grow larger fish and be in compliance with the contract
• C) Clear Lakes was incorrect about trade usage regarding "market size" so Griffith had no an obligation to grow larger fish to be in compliance with the contract
• D) Clear Lakes had underpaid for the trout given current market prices, so owed Griffith damages equal to the market price versus the price paid
• E) none of the other choices

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Definitions:

Corporate Controllers

Senior financial officers within a corporation responsible for overseeing accounting functions, financial reporting, and internal controls.

Accounting Functions

The systematic process of recording, analyzing, summarizing, and reporting the financial transactions of a business.

Collateral

Assets pledged by a borrower to secure a loan or other credit, ensuring the lender can seize these assets if the borrower fails to repay.

C-Corporation

A C-Corporation is a business structure where the owners or shareholders are taxed separately from the entity, which is recognized as a legal entity under U.S. law.