Mel complains about a shabby t-shirt that was delivered to him by an online trader upon his purchase, but the trader refuses to issue a refund on the ground that the t-shirt is a clearance item. Advise Mel.
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- 63 Rau obtains a loan from Security Funds and signs a note for the amount payable to the lender. Security Funds indorses the note and sells it to Tomas. With the intent to cancel Rau’s obligation on the note, Tomas writes “Paid” across its face. This discharges the liability of a. no one. b. Rau only. c. Security Funds only. d. Rau and Security FundsJames Cooper sells memberships to the Atlanta Symphony Association. TheAssociation’s procedure requires that Cooper prepare and give each customer a receipt for eachmembership sold. The receipt forms are prenumbered. Cooper is having personal financialproblems, and he kept the $500 cash received from a customer for a new membership. To hidehis theft, Cooper destroyed the Association’s copy of the receipt that he gave to the customer.What will alert manager Terry Reynolds that something is wrong?Ann receives an unsolicited credi card in the mail and tosses it on her desk. Without Ann's permission, her roommate uses the card to spend $1000 on new clothes. Ann is liable for a$1000, b $500, c $50, d$0
- Jane has written out a check to Manny for $100. Unfortunately, the check was stolen by Stringer Bell who sold it to Freddy for $90. Stringer signed Manny's name even though he is not Manny. Freddy has no idea of the wrongdoing. Freddy presents the check to the bank but Jane and the bank say, "No way". Can Freddy get the $100? How?Peter Pan is a self-employed delivery driver. On one delivery trip, Peter Pan received a $100 ticket for being double parked in violation of city traffic laws. In an attempt to avoid the ticket, Peter Pan slipped the parking enforcement officer a $20 bill to "look the other way". Unfortunately, the parking enforcement officer took the $20, but still gave Peter Pan the ticket. How much of the $120 can Peter Pan deduct as a business expense?Alan purchased shoes from Barbara on open account. Barbara sent Alan a bill for $10,000. Alan wrote back that two hundred pairs of the shoes were defective and offered to pay $6,000 and give Barbara his promissory note for $1,000. Barbara accepted the offer, and Alan sent his check for $6,000 and his note, in accordance with the agreement. Barbara cashed the check, collected on the note, and one month later sued Alan for $3,000. Is Barbara bound by her acceptance of the offer?
- Tom gave his daughter, Nicole, permission to access his business account online but not his principal account. Tom has just discovered that Nicole took P25,000 from the principal account (current account) hoping her father would not notice it. As Tom wrote to the manager of his local bank months ago, expressly forbidding the bank to allow his daughter to do this, he wants the bank to refund the P25,000. With respect to BDO Online Account Opening Service (“Service”) Terms and Conditions, what recommendation can you give him?Amar Jain purchased a second hand car in December 2010, which was insured by New India Assurance by the previous owner. Jain did not inform the insurance company about the registration transfer or get the insurance policy transferred to his name. When Jain filed a claim on the car being stolen in March 2011, his claim was rejected on the grounds that the claim was not in his name.1) Explain whether insurance company rightly rejected the claim?2) Can Jain file a complaint if claim is rejected. If yes, where? What will be final decision?A vegetable vendor gave eight hundred grams of tomatoes to a lady who had asked for one kilogram of it. What type of unethical act you observe here? a. Riba b. Giving short measures c. Swearing d. Hoarding
- On April 13th 2022: K.C. is sued for cheating its customers by adding ice to cold beverages, thereby reducing the amount of precious liquid contained in the cups. By the time lawsuit occurs, the lawsuit loss is not probable and can not be estimated. On May 18th 2022: K.C. is sued for a week-long insomnia its customer sustained after the customer consumed K.C. signature expresso – The Death Wish. By the time K.C. is served, the lawsuit loss is probable and can be reasonable estimated between $ 90,000 to $ 100,000. On January 28th 2023 (before 2022 financial report is issued): new evidence related to ICE CUBE lawsuit surfaced. K.C.’s ice cube is on average 50% larger than industry standard! Thus, K.C. determines the lawsuit is probable and can be reasonable estimated at $ 15,500. With respect to each of the above events, Should K.C. recognize any gain/loss in its 2022 financial report? If so, what is the correct journal entry (entries) Whether and how should K.C. disclose the…Amy Klein was seriously injured when her motorcycle was struck by a vehicle driven by Christopher Bowling. Klein wrote to Statewide Claims Services, the administrator for Bowling’s insurer, asking for “all the insurance money that Mr. Bowling had under his insurance policy.” In exchange, Klein agreed to sign a limited release that could not contain “any language saying that [she would] have to pay Mr. Bowling or his insurance company any of their incurred costs.” Statewide sent a check and a demand that Klein “place money in an escrow account in regards to any and all liens pending.” Klein refused the demand. Did Statewide and Klein have an enforceable agreement?Amy Klein was seriously injured when her motorcycle was struck by a vehicle driven by Christopher Bowling. Klein wrote to Statewide Claims Services, the administrator for Bowling’s insurer, asking for “all the insurance money that Mr. Bowling had under his insurance policy.” In exchange, Klein agreed to sign a limited release that could not contain “any language saying that [she would] have to pay Mr. Bowling or his insurance company any of their incurred costs.” Statewide sent a check and a demand that Klein “place money in an escrow account in regards to any and all liens pending.” Klein refused the demand. Did Statewide and Klein have an enforceable agreement? Discuss.
