Govinder instructs his employee Subash to bid on his behalf at a classic car auction for a 1956 vintage Mercedes. He instructs Subash to ʻin no circumstances bid more than $80,000. Subash attends the auction and successfully bids $90,000 for the Mercedes. Another bidder then offers Subash $91,000 to buy the car. Who is liable to pay the $90,000 and why? Can Subash take any action to avoid liability?
Q: On September 21, 2010, Piolo agreed to sell his only carabao to Sam and Sam agreed to pay the price…
A: In case of conditional obligation , the acquisition of rights, as well as the extinguishment or loss…
Q: Charlie and his wife lived in the house for the last 15 years. In 2013 due to some unknown reasons,…
A: Here discuss about the details of the case which are incurred with the US Code § 121 for the sale of…
Q: Mia owns a warehouse that has a cost basis of $80,000. The city condemns the warehouse to make room…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Alexander owns an art gallery. He accepts paintings and sculpture on consignment and then receives…
A: 2. Cost formula: Total cost = Variable cost for the opening shows + Fixed cost = (Number of opening…
Q: Mr. Saeed wanted to purchase a horse from Raza, but the price he offered to pay for the horse was…
A: Section (a) of the Indian Contract Act 1872 defines “proposal” as when one person signify to other,…
Q: Unfortunately, Betty’s business was not profitable. She decided to sell the business and seek work…
A: Given, Advertisement expense = $22,000
Q: oe sends a check for $218 to the University by July 1 of every year to cover the cost of two tickets…
A: Cost accounting: The process adopted for the calculation of the total cost of production for the…
Q: Ricky signed a contract to sell his slightly-used Suzuki Vitara Golf for $15,000 to an old friend…
A: Contract means where two parties agree to do something for another party in discharge of the…
Q: Scrooge is thinking of selling his money lending business. He has been the sole owner for 6 years…
A: Howey test was given by Supreme court whether transactions qualified as security.There were…
Q: Chauncey, aged 17, sold his 1949 Anteater automobile for $500 to Chang, an adult. Two weeks later…
A: Disaffirmance of the sale can be defined as the act or right of renouncing the contract of sale…
Q: James has just been audited by the IRS and, as a result, has been assessed a substantial deficiency…
A: The issue of notice of deficiency is made if the the tax determined by tax authorities is different…
Q: Johnson tells Davis that he paid $150,000 for his farm in 2013 and that he believes it is worth…
A: Whether D, the buyer of J's property, can successfully recover his $225,000 that he paid to J for…
Q: her laptop to Kofi Brokeman for GH¢1,200 and Kofi Brokeman replied by offering to purchase the…
A: Given: Happee offered to sell her laptop to Kofi Brokeman for GH¢1,200 and Kofi Brokeman replied by…
Q: Barbara donates a painting that she purchased three years ago for $8,000, to a university for…
A: Barbara's charitable contribution deduction for this donation = $8000
Q: Riya writes an email promising to sell her car to Manish for $500, and Manish replies that he will…
A: An executory contract is a contract that has not been performed fully by both parties. Either one…
Q: Phil Dunphy, a real estate agent, is considering whether he should list an unusual $755,485 house…
A: GIVEN, COMMISSION ON SALE= $20,636 probability of sale = 71% LOSS ON UNABLE TO SALE=$5,573…
Q: T surreptitiously stole the specific necklace of S. Afterwards, T conducted a public auction then…
A: Title is the legal way of saying you own a right to something.
Q: Philip, a self-employed salesman, uses his Chevy to travel to potential buyers from his office.…
A: First, we need to calculate the total expenses on the car Total expenses = depreciation +…
Q: First Metro Pacific was able to persuade Francis to join the company as its Assistant Vice President…
A: Francis joined the company as Assistant Vice President for Finance. Company included the car plan in…
Q: hat is the Amount Realized, Type and amount of Basis, and Gain or Loss of: Lois buys a herd of…
A: Step 1 The realization is the concept that realizable value of assets is accountable over the cost…
Q: Hanover leased a portion of his farm to Brown and Black, doing business as the Colorite Hatchery.…
A: Case summary:BR and BL were partners involved in hatcherybusiness. BR and BL took H's premises for…
Q: Mysty offered to sell her car to Tim for $15 000. Tim faxed a letter to her that said, "Consider it…
A: Part 1 - Mysty offered to sell her car to Tim for $15 000. Part 2 - Tim faxed a letter to her that…
Q: Kuldeep Singh just bought an Indian restaurant (goodwill) from Manpreet for the amount of $750,000…
A: Ordinary income is defined as any kind of income that is earned or generated by the company or…
Q: Anton offered to sell his house to Bart who was interested in buying the same for P200,000.00. In…
A: If an offered is made to any person for any sell contract then it is must that the person should…
Q: m to sign an agreem
A: To find the correct option as,
Q: what would you advise Rose to do with regard to the transactions?
A: Recognized gain or loss can be defined as the excess or deficit amount recovered over the sale of…
Q: T uses frequent flyer miles to take his family on a vacation. T received the miles during business…
A: If an employer sponsors business travel essential to the performance of the duties, it does not…
Q: Jessica is a professional consultant. She agrees to consulting services for Joe for $2,000. After…
A: This question deals with the IFRS 15 " Revenue from contracts with customer". As per IFRS 15, When…
Q: Spiderman offered, in writing, to sell Black Widow a piece of land for $200 Spiderman signed the…
A: to ask if somebody would like something or to give somebody the chance to have something. When one…
Q: Phil Dunphy, a real estate agent, is considering whether he should list an unusual $393,668 house…
A: Here, Sale Price of House is $393,668 Expenses are $4,295 Commission on sale is $16,068 Probability…
Q: Jagdeep sold his Indian restaurant “Maya no Dhaba” to Jasleen for the amount of $450,000. On top of…
A: $50,000 received from jasleen for not opening a new Indian restaurant in the radius of 10 kms for…
Q: I. Pielago is in need of funds for the next 3 months. She badly needed P30,000,000 in cash because…
A: Money Market Fund Money market fund is also called short term financial fund which can be generate…
Q: Magnum, a well-known private investigator, has a very unhappy client, C, who does not like her…
A: As per the laws the entire receipts from winning the case must be charged to income tax
Q: John Johnson is the majority stockholder in Johnson’s Landscape Company, owning 52% of the company’s…
A:
Q: Anita and Duncan had been partners for many years in a mercantile business. Their relationship…
A: After many years of mercantile partnership, AN and DN's relationship deteriorated, leading to the…
Q: Sean sells land to Eli, his brother, for the fair market value of $39,000. Six months later when the…
A: Recognized gain or loss - It is a situation when an asset is sold at a price that is more than or…
Q: Phil Dunphy, a real estate agent, is considering whether he should list an unusual $516,464 house…
A: Here we have to use probability method to calculate profit.
Q: A week before the expiration of the period, Aki told Jannie that she is no longer willing to sell…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : Aki…
Q: and Donald disagree on the interpretation of a business contract. Peter believes Donald owes him…
A: The expected value of threat depends on the probability of threat and that depends on the legal…
Q: Imagine you are working for an insurance companies. An individual is calming 10,000$ worth of stolen…
A: Expected claim is the sum product of probability of claim and the claim payable at the given…
Q: Betty borrowed $200,000 at an interest rate of 10% p.a. from XYZ bank to purchase the goodwill,…
A: Assets are classified into two main categories namely tangible and intangible. Tangible assets are…
Q: James Koontz agreed to purchase a Plymouth Sundance from Chrysler Credit Corporation (Chrysler) in…
A: The repossession was legal. Whether a given act provokes a breach of the peace depends upon the…
Q: Dennis won a scratch off lottery ticket awarding him a prize of $250,000 and a new Corvette of his…
A: Company refused to deliver car.
Q: Is Marco behaving ethically? Why or why not? Who is affected by Marco’s decision? What other…
A: Ethics: Ethics in business is a much debated yet less followed topic. Every business has to…
Please help me
Step by step
Solved in 3 steps
- Ricky signed a contract to sell his slightly-used Suzuki Vitara Golf for $15,000 to an old friend Boris, after the latter threatened to tell Ricky's wife that Ricky is a discharged bankrupt. The vehicle still has a market value of $24,000. Boris told Ricky that if he didn’t sell his car to him, he will could always organise some of his former associates, who are all convicted felons, to visit Ricky and force him to do so. Advise Ricky on whether he has any remedies to have the contract declared void and get his car backBill is cleaning his basement and finds an old vase. Believing the vase is worthless he sells it for $50.00. Later he discovers that the vase was really worth $25,000. Bill will be able to: A) recover $25,000. B) not recover anything because mistakes in judgement as to value do not permit you to avoid a contract. C) rescind the contract D) all of the aboveMary had a contract with Brick, whereby Brick will paint her Home for $2,000 TT. Brick regrettably got another job for a larger amount of money and told Mary that he cannot paint her house anymore. Mary is furious and has contacted her lawyer to sue Brick for breach of contract. Jeb contacted Mary soon thereafter and agreed to paint her house for $2,500 TT. Mary is however concerned that if she sues Brick, she may not be able to get any recourse via damages because she has not lost anything. Based on the rules of governing the payment of damages in the event of a breach of contract. Using IRAC please advise Mary on what she has to establish to be paid damages, clearly identifying each rule.
- Happee offered to sell her laptop to Kofi Brokeman for GH¢1,200 and Kofi Brokeman replied by offering to purchase the laptop for GH¢600. Happee refused to sell for GH¢600. Kofi Brokeman then wrote to Happee agreeing to pay the said GH¢1,200 but she still refused to sell. Happee immediately sold the laptop to her boyfriend, Kwame Showboy at GH¢300. Kofi Brokeman sued Happee for breach of contract.what is the legal issue or legal rule?Mysty offered to sell her car to Tim for $15 000. Tim faxed a letter to her that said, "Consider it sold. I'll bring the money to you next Monday when I pick up the vehicle. Of course, for that price, I'll want you to install a new stereo in it." Tim did not hear anything more from Mysty, but he arrived at her door the following Monday with $15 000 in cash. He was delighted to find that a new stereo had been installed in the car, but disappointed when Mysty refused to accept his money or hand over the vehicle.Mysty is required to do so because there was a valid offer and acceptance. – Is this true or false?Very briefly, explain why this is true/falseMr. Saeed wanted to purchase a horse from Raza, but the price he offered to pay for the horse was less than that Raza was willing to sell it for. The horse, therefore, was still in his possession. Saeed communicated his offer through a letter, saying, “If I hear no more about you, I consider the horse is mine at Rs 10000” Raza could not respond to the letter because he was busy with an auction on his farm. Mr. Saeed then sued Raza for the horse. Does Raza’s silence be considered an acceptance of the offer? Explain with relevant section of law.
- I hire Susan to sell my house. I tell her that I'm hoping to get $200,000 for the house. She tells me she needs $2,000 to make repairs on the house before it is listed for sale. I give her the $2,000. She takes my money but never makes the repairs. The house sells for $220,000. If Susan is ordered to pay restitution, she will have to pay $ 2000Trent is broke and needs cash immediately to pay off a debt he incurred. He visits the local pawn shop and leaves his grandfather’s watch in exchange for $100.00 cash. This is an example of what type of loan? Multiple Choice Unsecured loan Chattle loan UCC loan Secured loan The Environmental Defense Fund, an environmental watchdog group, files a lawsuit to prevent future open-pit coal mining in West Virginia. This type of lawsuit is known as a Multiple Choice wrongful-damage suit. negligence suit. citizen suit. nuisance suit. All of the following may be used as collateral for a secured transaction except Multiple Choice Future profits of a business A promissory note A patent Seeds and cropsPhil Dunphy, a real estate agent, is considering whether he should list an unusual $393,668 house for sale. If he lists it, he will need to spend $4,295 in advertising, staging, and fresh cookies. The current owner has given Phil 6 months to sell the house. If he sells it, he will receive a commission of $16,068. If he is unable to sell the house, he will lose the listing and his expenses. Phil estimates the probability of selling this house in 6 months to be 25%. What is the expected profit on this listing? Your Answer:
- 86. T surreptitiously stole the specific necklace of S. Afterwards, T conducted a public auction then sold and delivered the said necklace to B at a price of P10,000. B acquired the said necklace in such public auction. Which of the following statements is correct? Group of answer choices a. S can legally recover the necklace from B even without reimbursing B. b. S may legally recover the necklace from B but he must reimburse B of the amount of P10,000. c. S can never legally recover the necklace from B because the latter is a purchaser in good faith and for value. d. S cannot legally recover the necklace from B even if he reimburses B of the amount of P10,000.Scott agrees in writing to sell 10 new iPhones to Bradford for $750 each, payable upon delivery. This is a good deal because the price everywhere else is $1,250 each. Scott breaches the contract and never delivers the iPhones. Bradford is forced to buy the iPhones elsewhere for $1,250 each. If Bradford sues Scott in a court of law for compensatory damages for breach of contract, Bradford is not entitled to anything since he never paid for the iPhones. Bradford is not entitled to anything because he took advantage of the situation. O Bradford is entitled to $12,500 in damages. O Bradford is entitled to $5,000 in damages.Phil Dunphy, a real estate agent, is considering whether he should list an unusual $902,958 house for sale. If he lists it, he will need to spend $3,668 in advertising, staging, and fresh cookies. The current owner has given Phil 6 months to sell the house. If he sells it, he will receive a commission of $21,270. If he is unable to sell the house, he will lose the listing and his expenses. Phil estimates the probability of selling this house in 6 months to be 44%. What is the expected profit on this listing?