On May 1, Local Cartage Company and Modern Computers, Inc

question 40

Essay

On May 1, Local Cartage Company and Modern Computers, Inc., orally agree that Local Cartage will pick up from National Chip Corporation and deliver to Modern Computers' manufacturing plant a certain num?ber of computer chips on each Monday in the month. Under the agree?ment, Modern Computers will pay for the delivery services on June 1. On May 1, is this contract express, implied in fact, or implied in law? On May 31, after all of the deliveries have been made, is the contract exe?cuted or executory?

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Definitions:

Borrow Money

The act of obtaining funds from another party with the promise to return the principal amount along with agreed upon interest.

Lease Financing

Lease financing refers to the use of a lease agreement to allow the lessee to use an asset without purchasing it, while the lessor retains ownership.

Xerox

A multinational corporation known for its document technology and digital print solutions, often used synonymously with photocopying.

IBM

A multinational technology and consulting company known for its hardware, software, and extensive range of computing services.