ASSIGNMENT
J.C., Inc., had a franchise agreement with McDonald’s Corporation to operate McDonald’s restaurants in Lancaster, Ohio. The agreement required J.C. to make monthly payments to McDonald’s of certain percentages of the gross sales. If any payment was more than 30 days late, McDonald’s had the right to terminate the franchise. The agreement also stated that even if McDonald’s accepted a late payment, that would not “constitute a waiver of any subsequent breach.” McDonald’s sometimes accepted J.C.’s late payments, but when J.C. defaulted on the payments in July 2010, McDonald’s gave notice of 30 days to comply or surrender possession of the restaurants. J.C. missed the deadline. McDonald’s demanded that J.C. vacate the restaurants, but J.C. refused. McDonald’s files a lawsuit alleging that J.C. had violated the franchise agreement. J.C claimed that McDonald’s had breached the implied covenant of good faith and fair dealing. Which party should prevail and why?
As you can tell, the case study posted on Blackboard is incomplete. Below is the full question for the case study that you must complete:
J.C., Inc., had a franchise agreement with McDonald’s Corporation to operate McDonald’s restaurants in Lancaster, Ohio. The agreement required J.C. to make monthly payments to McDonald’s of certain percentages of the gross sales. If any payment was more than 30 days late, McDonald’s had the right to terminate the franchise. The agreement also stated that even if McDonald’s accepted a late payment, that would not “constitute a waiver of any subsequent breach.” McDonald’s sometimes accepted J.C.’s late payments, but when J.C. defaulted on the payments in July 2010, McDonald’s gave notice of 30 days to comply or surrender possession of the restaurants. J.C. missed the deadline. McDonald’s demanded that J.C. vacate the restaurants, but J.C. refused. McDonald’s files a lawsuit alleging that J.C. had violated the franchise agreement. J.C claimed that McDonald’s had breached the implied covenant of good faith and fair dealing. Which party should prevail and why?
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12.3 Test your Knowledge (Question):
Q1 Discuss why do wages differ across occupations?.
MIT Open CourseWare video lecture series, “Uncertainty”
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Q1: Discuss how asymmetric information present in second hand car market, often leads to adverse selection for buyers.
