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MMLU / A buyer contracted with a seller to purchase 10,000 bushels of soybeans at…

Problem

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question

A buyer contracted with a seller to purchase 10,000 bushels of soybeans at market price. The soybeans were to be delivered in 90 days. Two days after the soybean contract was made, the buyer and the seller entered into another contract under which the buyer agreed to purchase 10,000 bushels of wheat from the seller at market price. Before the time for delivery of the soybeans, the seller notified the buyer that it would not deliver the wheat because the seller's wheat supplier had refused to extend additional credit to the seller and therefore the seller had no wheat available for the buyer. Which of the following statements best describes the effect of the seller's repudiation of the wheat contract on the buyer's rights under the soybean contract?

choices

  1. It gives the buyer the right to demand assurances that the seller will perform the soybean contract.
  2. It gives the buyer the right to terminate the soybean contract, because of the doctrine of soybean contract, because of the doctrine of dependent covenants.
  3. It gives the buyer the right to terminate the soybean contract, because the buyer does not have to deal with a party that breaches a contract.
  4. It has no effect on the buyer's rights, because the two contracts are entirely separate.

subject

professional_law

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Source and history

task_id
83a20fcd-2c6d-57ce-8363-3ceeb4d2db1f
task_key
all--test--83a20fcd-2c6d-57ce-8363-3ceeb4d2db1f
task_revision_id
1
config / split
all / test

Official source

initial import