Business Law Homework

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Business Law
Homework Assignment
Week 1

9.4 – Yes Winkel does receives the profit-sharing bonus, based in the state that the contract is performed under he is entitled to receive the profit share bonus. Dr Vranich did not act ethically in arguing that the contract was not in writing simply because he knew that under the state of Montana law a written contract can be altered only in writing or by an executed oral agreement and this is exactly what happened between Dr Vranich and Dennis Winkel. In this case Family Health Care must hold to its oral obligation.

10.7
Peter Andrus owned an apartment building that he had insured under a fire insurance policy sold by J. C. Durick Insurance (Durick). Two months prior to the expiration of the policy, Durick notified Andrus that the building should be insured for $48,000 (or 80 percent of the building’s value), as required by the insurance company. Andrus replied that (1) he wanted insurance to match the amount of the outstanding mortgage on the building (i.e., $24,000) and (2) if Durick could not sell this insurance, he would go elsewhere. Durick sent a new insurance policy in the face amount of $48,000, with the notation that the policy was automatically accepted unless Andrus notified him to the contrary. Andrus did not reply. However, he did not pay the premiums on the policy. Durick sued Andrus to recover these premiums. Who wins? J. C. Durick Insurance v. Andrus, 139 Vt. 150, 424 A.2d 249, Web 1980 Vt. Lexis 1490 (Supreme Court of Vermont)
In this case the main issue arose at renewal period, Durick communicated to Andrus that the policy would be expiring in two months and he offered a renewal policy in the amount of $ 48,000 which represents 80% of the value of the building required by the insurance company. Andrus replied back to Durick with two conditions, one he wanted insurance equal to the outstanding…...

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