Write an Essay with a legal basis "A" bought the uncut, sugarcane crop of "B" still standing in the sugarcane field on "B's" estimation that the sugarcane would produce 3000 piculs of sugar. However, when the sugarcane was processed it only yielded 2,017 piculs of sugar. Does the estimation of "B" constitute fraud to invalidate the sale?
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- Busi Ngidi is the sole proprietor of Ngidi’s Clothing Manufacturers which was renting property in an industrial park. To expand her operations, Ngidi’s purchased its own property, demolish the old building, construct a new building and install new equipment. The following costs were made available Ignore VAT implications: Equipment R Purchase price of equipment Cost of transport and installation of equipment Fine paid for illegal transport of equipment 400 000 70 000 10 000 Property R Purchase price of property Legal and transfer fees Cost of demolishing old building Proceeds from sale of old building material Architect’s and engineers’ fees Cost of construction of new building 840 000 21 000 30 000 9 000 16 000 502 000 Determine which one of…Pickford v Quirke – CA 1927, 13 TC 251. A syndicate purchased a cotton-spinning mill with the intension of using it in a trade, however, on purchase of the mill it was in a worse state than first anticipated. They later decided to strip the mill of its assets and sell it piecemeal, making a profit. This was repeated a number of times with a number of mills. This was an example of : a.Capital transaction. b.Adventure in tradeOn January 1,2014 the Mayfair Company has machinery on the books that originally cost $100,000. It sold the machine and recorded a $1,000 gain. Which of the following is true? Multiple Choice Mayfair sold the asset for less than its book value Mayfair sold the asset for more than its book value Mayfair sold the asset at book value Mayfair violated GAAP. None of the other alternatives are correct
- S sold his lot to B. The lot is the subject of a case filed by X against S. S did not disclose this fact to B. Is S liable to B for fraud? A. Yes, because S has the obligation to reveal the fact to B even if the latter did not ask. B. Yes, because the sale involves transfer of real rights to the property. C. No, because S did not say and do anything to convince B to buy the lot. D. No, because B is bound by the rule of "caveat emptor" or "buyer beware".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.D is indebted to C for P10,000. For the purpose of defrauding C, D sold his only parcel of land to X valued P10,000. X has no knowledge of the intention of D. a. The contract D and X is binding. b. The contract is voidable because S is in bad faith. c. The right of C is to rescind the contract because the transaction is fraudulent. d. The contract between D and X is rescissible.
- Can someone help me to find the correct answer and explain it in detail? Thank you X sold his motor vehicle to V who bought it for P200,000. It turned out however, that X has 2 motor vehicles: Toyota valued at P230,000 and Lancer valued at P220,000. Which is correct? A. There is no contract of sale between X and V B. The parties may ask for interpretation or reformation C. The parties can ask for annulment of the contract D. V may choose between the Toyota or LancerFrank's Mini Mart sold a piece of equipment on an installment agreement, to a competitor on the other side of town. The other owner failed to make the payments and Frank had to repossess the equipment. What is Frank's gain or loss on repossessed personal property with a fair market value of $12,000 on the date of repossession, where the seller's basis in the installment obligation at the time of repossession is $7,500, and the costs of repossession were $500? (a) Loss of $500. (b) Gain of $4,000. (c) Gain of $4,500 (d) Gain of $5,000.On April 30, White sold land with a book value of $600,000 to Black for its fair value of $800,000. Black gave White a 12 percent, $800,000 note secured only by the land. At the date of sale, Black was in a very poor financial position and its continuation as a going concern was very questionable. white should...... a. Use the cost recovery method of accounting b. Record the note at its discounted value c. Record a $200,000 gain on the sale of the land d. Increase the allowance for uncollectibles for the full amount of the note
- A company purchased a commercial dishwasher by paying cash of $4,800. The dishwasher's fair value on the date of the purchase was $5,190. The company incurred $490 in transportation costs, $380 installation fees, and paid a $160 fine for illegal parking while the dishwasher was being delivered. For what amount will the company record the dishwasher?nayla received a bill of exchange for value from Ahmed who had obtained the intrunment fraudulently. Nayla fearing the bill might lapse, presented it for payment where upon, it was dishonoured. state with reasons whether nayla can claim to be a holder in due course.Sining stole a watch of Benita, then sold it to Goreng for the amount of 5,000. Goreng is in good faith. Can Sining recover the watch from Goreng?a. No, Goreng is good faithb. Yes, with reimbursement of 5,000 to Gorengc. Yes, without reimbursement of 5,000d. No, Sining need to file a court proceeding