Mike Contracts with Bob to Purchase Bob's Boat

question 20

Essay

Mike contracts with Bob to purchase Bob's boat.Mike promises to pay Bob $5,000 upon delivery of the boat to Mike's beach house.Bob arrives at Mike's house without the boat,and demands full payment before the boat is to be delivered.Is Mike obligated to pay Bob the money? Why or why not?

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Definitions:

Corporate Executives

Senior managers or high-level administrators in charge of directing and overseeing a corporation's activities.

Internal Board

A governing body within an organization, typically made up of members from the organization, tasked with oversight and decision-making responsibilities.

Limited Liability Company

A business structure that protects its owners from personal responsibility for its debts or liabilities.

Corporation

A legal entity formed by a group of people to operate a business or businesses, which has most of the rights and responsibilities of an individual.