Alan’s real estate broker suggested that he use a quitclaim deed to sell his super cool Brentwood condo so that the buyer would: Be the grantor under the deed and have full recourse against the seller for any title related claims Acquire only the legal interest in the property that Alan previously held Know that all prior mortgages, liens, and other encumbrances had either been reconveyed or removed from the property’s title Receive assurance that the property was free from any title defects
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A: Verbal contract is described as a form of contract that has been done through spoken communication.
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A: ANSWER: OPTION (A) IS THE CORRECT ANSWER.
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A: ANSWER IS AS BELOW:
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- Norma English made an offer to purchase a house owned by Michael and Laurie Montgomery (Montgomery) for $272,000. In her offer, English also proposed to purchase certain personal property—paving stones and a fireplace screen worth a total of $100—from Montgomery. When Montgomery received English’s offer, Montgomery made many changes to English’s offer, including deleting the paving stones and fireplace screen from the personal property that English wanted. When English received the Montgomery counteroffer, English accepted and initialed all of Montgomery’s changes except that English did not initial the change that deleted the paving stones and fireplace screen from the deal.Subsequently, Montgomery notified English that because English had not completely accepted the terms of Montgomery’s counteroffer, Montgomery was therefore withdrawing from the deal. That same day, Montgomery signed a contract to sell the house to another buyer for $285,000. English sued Montgomery for specific…Identify two types of personal property where a person acquires a legal title evidencing ownership of the property.Abigail is in the business of selling fine antiques. Abigail purchased an antique desk for $5,000 from Jackson, and gave a promissory note for payment. Concerned that Jackson might not accept the note, Abigail had her friend Catalina sign the promissory note as well. Jackson accepted the note as payment. Two weeks later, Jackson sought payment on the note. Abigail told Jackson that she is not responsible for the promissory note because Catalina signed the note too, and Jackson had to seek payment from Catalina first. Abigail also spotted a beautiful set of vintage chairs owned by Max that would be perfect for her store. Abigail wrote a $10,000 check, also signed by her business associate Orville as an accommodation party, to Max to pay for the chairs. Max presented the check to Westville Savings, the bank where Abigail has a checking account, for payment. Westville Savings dishonored the check claiming Abigail had insufficient funds. Who is liable for these negotiable…
- b) Write two elements of a contract of indemnity.Henk made an oral contract with Joel's garage to work as the manger of the garage for the next two years. Joel wrote Henk a letter stating all of the terms of the oral contract and signed the letter. Joel refuses to honor the agreement so Henk sues for breach of contract. Joel contends that their agreement can’t be enforced because it was a two-year contract and had to be in writing under the Statute of Frauds. Who wins the suit? Why?QUESTION THREE a) In 2020, Victoria became the first jurisdiction in Australia to allow lawyers to charge contingency fees in class actions. Many argue that such a fee structure creates a conflict between the lawyer's own interests and those of the client(s). However, its proponents argue that it can improve access to justice for those who would not otherwise be able to afford action against powerful defendants. REQUIRED (PART A) Briefly evaluate the strength of arguments for and against contingency fees, and explain whether you believe they should be allowed in Australia. OR b) The 'zealous advocate' ethical model is an artefact of an idealised adversarial justice system which has never really existed. Exploiting loopholes gives lawyers a bad name, and reduces public confidence in the justice system as a whole. REQUIRED (PART B) Do you agree? Discuss with reference to the Uniform Law, conduct rules and alternative ethical frameworks we have studied in this course.
- In a written contract, Sheldon agreed to tutor the children of Mrs. Smith for a certain period of time. However, Sheldon, prior to starting classes, announced that he would not be able to tutor the children due to other commitments of his. In this case, there has been a(n): rescission. negligent breach. anticipatory breach. O malpractice.under the NCC, what are the different acts or omissions of the obligor or debtor which will result in the breach of the obligation for which he can be held liable for damages?The Madariagas owned a restaurant where they served " Albert's Famous Mexican Hot Sauce . " They entered into a contract to sell the restaurant and the formula for the secret sauce to Morris . Although Morris paid the agreed - upon price , the sellers refused to give him the recipe unless he also paid them lifetime royalties for the salsa . Which of these remedies should Morris seek : expectation , restitution , specific performance , or reformation ? Why ?
- Wolcott and Sarah, both merchants and residents of Gainesville, Florida, aspire to enter into a contract with each other for the sale/purchase of goods. After Wolcott makes an offer to Sarah, Sarah responds with a written confirmation of acceptance; however, this written confirmation of acceptance states additional terms that are not present in Wolcott's offer. Nevertheless, Wolcott's offer did not expressly limit acceptance to the terms of his offer and Sarah's additional terms do not materially alter Wolcott's offer. If Wolcott does not give notification of objection to Sarah's terms within a reasonable time, which of the following will occur? O Due to the Mirror Image Rule, a contract is not founded until both Wolcott and Sarah agree to the same exact terms. ODue to Wolcott's failure to give notification of objection to Sarah's terms within a reasonable time, Sarah's terms will become part of the contract. O Sarah's additional terms constitute a rejection of Wolcott's offer and…Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $34,560 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $21,000 cash and (b) it is sold for $84,000 cash. View transaction list View journal entry worksheet No Date December 31 Cash Accumulated depreciation-Machinery Loss on sale of machinery Machinery General Journal Debit Credit 21,000 213,700 63,300 288,000 December 31 Cash 84,000 Accumulated depreciation-Machinery 213,700 Machinery 288,000A. 1. X, Y, and Z, co-owners, sold a inverter air-condition unit to A. They solidarity bound themselves to deliver the aircon unit in March 30. Through the fault of Y, the aircon unit was completely destroyed . Give the rights and obligations of the parties. B. 1. Joe, Nicolas, and Dante obliged themselves jointly to deliver to Ricky a particular racing horse on April 1. Their agreement which was made known to Ricky is that they will contribute the amount in buying the particular horse. However, the horse was not delivered on the date due because of failure of Nicolas to give his share of the purchase price. State the rights and obligations of the parties. 2. Dindo binds himself to pay his P20,000 loan in four (4) equal monthly installments. Is the obligation of Dindo divisible or indivisible? C. 1. Jaevis promised to deliver to Kyle a breeding cow. Their contract contains a penal clause that in the case of non-fulfillment, Jaevis Shall pay a penalty of P10,000. Jaevis wants to juts…