Abby and Scotty enter into a contract that requires Abby to build an office building for Scotty. The contract specifies that the building will include 16 plate glass windows. Abby includes only 14 windows in the completed building. As a result, Scotty refuses to pay Abby for the building. Which of the following statements is true? a. Scotty will not be required to pay Abby because Abby did not fulfill her contract obligations. b. Scotty will be required to pay Abby because Abby substantially performed. c. Scotty will not be required to pay Abby because the number of windows were specifically enumerated in the contract. d. Scotty will be required to pay Abby because the building was an office building, not a residential home.
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- The Parent Teacher Association (PTA) of Meadow High School is planning a fund-raising campaign. The PTA is considering the possibility of hiring Eric Logan, a world-renowned investment counselor, to address the public. Tickets would sell for $30 each. The school has agreed to let the PTA use Harville Auditorium at no cost. Mr. Logan is willing to accept one of two compensation arrangements. He will sign an agreement to receive a fixed fee of $10,800 regardless of the number of tickets sold. Alternatively, he will accept payment of $18 per ticket sold. In communities similar to that in which Meadow is located, Mr. Logan has drawn an audience of approximately 600 people.Number 16: Which of the following is true about implied authority?Which one of the following is NOT a correct pairing of a trust provision with its characteristics? A) Spendthrift provision: a clause in a trust that prevents a beneficiary from withdrawing more than the greater of $5,000 or 5% of the corpus.quizlet B) Crummey provision: a trust clause that provides the beneficiary with a limited duration right to demand payment of contributions to a trust each year up to the annual gift tax exclusion from the trustee. C) Discretionary provision: a trust clause that allows the trustee to use his or her sole judgment in determining how much of the trust income and principal will be paid to or on behalf of a beneficiary. ?
- 16. Why are restrictive covenant clauses controversial? They are controversial because they allow people to create contract terms that restrict their future right to alter those same contracts They are controversial because they allow people to create contract terms below the otherwise legislated minimum standards of work They are controversial because they seem to pit two legitimate interest against each other: the right of trade against the right of contractBuyer 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.b) Johnson is an estate agent and he has been asked by his client to sell for him three products A,B and C.He agrees to pay him 5% commission on each sale and specifies certain conditions: the state agent must sell property A first within 60 days. If and when A is sold, the agent receives a commision on that sale. He can then either back out at this stage or nominate and try to sell one of the remaining two properties within 60 days. If he does not succeed in selling the nominated property at that period,he is not given the opportunity to sell the other. If he does sell it in that period, he is given the opportunity to sell the third property on the same conditions. The following table summarises the prices, selling costs (incurred by the sales agent whenever a sale is made) and the estate agent's estimated probability of making a sale. Property i. ii. A B price of property 12,000 C 25,000 50,000 selling costs probability of sale 400 225 0.7 ( 0.6 0.5 450 Draw up an appropriate…
- Ned works for a ride share service. By contract with his boss, he must work at least 35 hours per week in the borough of Manhattan; can only give rides to people through the company app; must use the route set forth on the company GPS program; cannot work for another rideshare operator. He is paid on commission – 60% of fares. Can Ned be properly categorized as an independent contractor?Eric and Susan just purchased their first home, which cost $140,000. They purchased a homeowner’s policy to insure the home for $130,000 and personal property for $80,000. They declined any coverage for additional living expenses. The deductible for the policy is $500. Soon after Eric and Susan moved into their new home, a strong windstorm caused damage to their roof. They reported the roof damage to be $19,500. While the roof was under repair, the couple had to live in a nearby hotel for three days. The hotel bill amounted to $420. Assuming the insurance company settles claims using the replacement value method, what amount will the insurance company pay for the damages to the roof?Max and Jack enter into a contract which states: "Jack will paint Max's kitchen blue and Max promises to pay Jack $200 upon completion." Which is an example of an implied condition? That Max will pay Jack upon completion of the painting. That Jack will use blue paint when painting Max's kitchen. That Max will allow Jack access to his kitchen That Max will pay Jack $200.
- Skip and Jack are the shareholders of the Blue Fish Event Corporation. Skip and Jack regularly put on classy events on or near the beach, so they have a special insurance policy to protect their assets. Business has been slow as fewer large beach weddings are taking place, so Skip and Jack use a large fan to blow down and damage most of their décor assets, some of which were personal assets of Skip and Jack, to collect the insurance benefits. (a) Assuming their acts are proven, will a court allow Skip and Jack to recover the insurance money? (b) Is this a situation where the corporate veil may be pierced? Why or why not? (c) What would it mean for Skip and Jack if the corporate veil is pierced in this situation?Daryl agreed to build a new house for Riley at a cost of $325,000. Riley is very particular when it comes to what she wants. Daryl constructed the house to Riley's specifications with one exception: the faucets and flooring in the upstairs bathroom were not exactly what Riley specified. This was a mistake on Daryl's part, but he did not intentionally fail to follow the specifications. When Riley saw the bathroom, she was extremely angry and began yelling and Daryl. She told him that she would not pay Daryl anything for the house. It would take $500 to put in the correct faucets and flooring Riley originally requested. Daryl responded that he was willing to pay $500 to put Riley in the position she would have been in had the correct faucets and flooring been used, but that is all he is willing to pay. Which statement is true regarding the breach, if any, that occurred between Daryl and Riley? Group of answer choices Daryl committed an anticipatory breach of the contract. Daryl…Daryl agreed to build a new house for Riley at a cost of $325,000. Riley is very particular when it comes to what she wants. Daryl constructed the house to Riley's specifications with one exception: the faucets and flooring in the upstairs bathroom were not exactly what Riley specified. This was a mistake on Daryl's part, but he did not intentionally fail to follow the specifications. When Riley saw the bathroom, she was extremely angry and began yelling and Daryl. She told him that she would not pay Daryl anything for the house. It would take $500 to put in the correct faucets and flooring Riley originally requested. Daryl responded that he was willing to pay $500 to put Riley in the position she would have been in had the correct faucets and flooring been used, but that is all he is willing to pay. Regarding the appropriate amount of damages, if any, which of the following statements is true regarding the effect Daryl's failure to meet his obligations under the building contract? O…