A bailment relationship is created when the bailor (owner of the property) entrusts a bailee to temporarily hold the property, usually for the parties’ mutual benefit (e.g., dry cleaners are bailees). Group startsTrue or False
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A bailment relationship is created when the bailor (owner of the property) entrusts a bailee to temporarily hold the property, usually for the parties’ mutual benefit (e.g., dry cleaners are bailees).
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- Steven, an accountant, returning from his office, calls into a pub for a relaxing drink. He bumps into Paul, an old school friend, whom he has not seen for many years. During the course of the conversation over a number of pints, it emerges that Paul has recently inherited a substantial sum of money and is interested in investing in local businesses. Steven mentions that one of his clients, Precarious Ltd, is seeking financial backing and would make an attractive investment. By chance, he has a copy of the company’s accounts in his briefcase which he gives to Paul. Relying on these accounts, Paul invests £10,000 in Precarious Ltd, but loses everything when Precarious goes into liquidation six months later. In fact, the accounts had been prepared negligently and did not reflect the parlous state of the company’s affairs. Advise Paul.Imagine that Julie emails the agreement to Suresh , which contains Julie’s electronic signature. Suresh then adds his electronic signature to the document on the PDF and emails it back to Julie. explain whether or not such an agreement signed in this manner is generally valid if concluded via email as in this scenario. Justify your answeChad Boudreaux is a 58-year riverboat captain. He grew up in New Orleans and has worked on the Mississippi River his entire life. He works for a private company in New Orleans called Crescent River Pilots Inc. (CRP) and is married to Patricia, who is 35 years old. They have a seven-year-old son, named River. CRP sponsors a 401(k) plan that offers a Roth account and a separate ESOP. Chad has the following retirement plan accounts: Account Description Current FMV Beneficiary ESOP account from CRP – consists of CRP shares. The cost basis for the shares is $75,000. $400,000 Patricia 401 (k) Plan From CRP Inc. $800,000 Patricia 401 (k) Plan from Schlumberger, where he worked in his thirties $90,000 Patricia Roth IRA (established in 2000 with a $2000 initial contribution; three years ago he rolled over a traditional IRA with a balance of $10,000 $45,000 Patricia Traditional IRA (established twenty years ago with $15,000 of after-tax contributions)…
- Which of the following statement concerning the legal limitations placed on the duration of trusts are correct? A state that does not have a rule against perpetuities is recommended for a revocable trust the common-law rule against perpetuities allow a trust to exist for 170 years. O A dynasty trust can be set up in any state within the U.S.If an issue arises after the completion of a transaction, which of the following actions should a salesperson take to remedy the situation? O slect one answer. The salesperson should act promptly and resolve any Issues that may arise before the parties take legal action. The salesperson should first review the agreement and verify the relevant information, to accurately advise the seller or buyer as required. The salesperson should first arrange for compensation and reimburse the buyer or seller for any loss they may have The salesperson should inform their client that since the transaction has closed, they are no longer obligated to provide further services to them. incurred.Only typing answer Please explain step by step without table and graph
- Mai enters into an agreement to sell an antique bedroom set to Alice for $200,000 because it is exquisite and unique. Madison offers to pay Mai $250,000 for the furniture. Mai calls Alice to cancel the contract. Is this a type of contract where usually contains a liquidated damages clause? Why or why not?A limited partner is responsible for any debts of the partnership, regardless of whether he or she was directly involved in the transaction that created the debt.;True or FalseKayla, a property owner, loses an acre of her land to adverse possession. She is surprised this was even possible. You explain to her that, even though she owns the property, property can be lost even without the owner's consent through: involuntary alienation voluntary alienation private grants land trust
- Explore the fundamental entitlements granted to a bailor within the context of a bailment agreement.Buyer Javier makes a formal offer to Seller Joy: $250,000 and the appliances stay. Joy counters: $250,000, no appliances. Joy then reconsiders and accepts the first offer. Is Javier is obligated to buy the home? Why or why not? Yes, because Javier never formally withdrew the offer. No, because once Javier's offer is countered, it is considered rejected and is dead. Yes, because Joy's counter was for the same amount of money as Javier's initial offer. No. because a buyer can withdraw from a contract for any reason without penalty.Having recently made a fortune by inventing and selling a new piece of software, Matt heardthat his friend, Lois, was having a hard time obtaining a bank loan. Matt therefore generously promised the bank that he would be responsible for the debt if Lois failed to repay a loan. That promise will be enforceable against Matt if A) he provides a notarized copy to the bank B) Lois repeats Matt's promise in a document that she signed. C) either Lois or the bank provides some positive benefit to Matt personally D) the promise is contained in a document that Lois and the bank signed. E) he provides it to the bank in a signed document.
