On March 5, 2020, A wrote a letter to B offering to him the lease of a building. On March 6, 2020, at 1:00 P.M. sent a letter of acceptance which h was received by A at 4:00 P.M. that day. But at 2:00 P.M., A had already sent B a letter of withdrawal of the offer which was received by B at 5:00 P.M. Was the contract perfected ? Reasons?
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- On March 5, 2020, A wrote a letter to B offering to him the lease of a building. On March 6, 2020, at 1:00 P.M. sent a letter of acceptance which h was received by A at 4:00 P.M. that day. But at 2:00 P.M., A had already sent B a letter of withdrawal of the offer which was received by B at 5:00 P.M. Was the contract perfected ? Reasons?
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- What is the basis for enforcing a contract under the doctrine of promissory estoppel?On January 1, 2021, Crane, Inc. signs a 10-year noncancelable lease agreement to lease a storage building from Holt Warehouse Company. Collectibility of lease payments is reasonably predictable and no important uncertainties surround the amount of costs yet to be incurred by the lessor. The following information pertains to this lease agreement.(a) The agreement requires equal rental payments at the beginning each year.(b) The fair value of the building on January 1, 2021 is $6550000; however, the book value to Holt is $5500000.(c) The building has an estimated economic life of 10 years, with no residual value. Crane depreciates similar buildings using the straight-line method.(d) At the termination of the lease, the title to the building will be transferred to the lessee.(e) Crane’s incremental borrowing rate is 11% per year. Holt Warehouse Co. set the annual rental to insure a 10% rate of return. The implicit rate of the lessor is known by Crane, Inc.(f) The yearly rental payment…Can the certainty of the object of the contract be negated by the failure of the parties to state the exact location of the property in the contract?
- Andrew is an accountant. He agrees with George, a garage proprietor, that he will assist George with his annual tax return if George will service his car for him on the Monday. At the beginning of the negotiations Andrew told George that he absolutely must have the car for the following Tuesday since he needed it to go to an important meeting with a client to pitch for a valuable deal. Andrew assists George, but because the service was not done correctly the car breaks down when Andrew is on the way to the important meeting. Andrew is very late for this meeting and as a result the client switches his work, worth some £25,000, to another accountant. In addition Andrew incurs £500 costs putting right the defective service. Andrew now wishes to sue George for damages for breach of contract. Question 20 Is Andrew’s claim against George for putting right the defective service A a normal loss B an abnormal loss C neither a normal nor an abnormal loss D both a normal and an abnormal loss…On February 18, Clancy, who was in debt, took his stereo to Lucy’s repair shop. Because Lucy and Clancy were old friends, Lucy didn’t give him a receipt. On February 19, hounded by creditors, Clancy sold the stereo on credit to Grover, who was to pick it up on February 21 at Lucy’s, pay Lucy the repair bill, and pay the balance of the purchase price to Clancy. Who is entitled to the radio if, on February 20, Clancy’s creditor appears with the sheriff to seize the stereo from Lucy? Why?5. List the six (6) types of contracts that must be in writing.
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- Mr. A wrote and mailed to Mr. B offering to sell his truck worth $10,500.00. In response, Mr. B replied by mail with a counteroffer of $8,000.00. Days later, Mr. B wrote again to Mr. A and said that he accepted the offer of $10,500.00 and the letter reached to Mr. A. Though there was an acceptance to the offer, but Mr. A decided to sell his truck to other interested party. 1. Is there a binding contract between Mr. A & B? If yes or no, please support your statement.On December 16, Daniella sent a letter to Casper offering to sell her business to Casper for $400,000. On December 29, Daniella sent another letter to Casper that stated that she was withdrawing the offer. Casper received that letter on December 31. On December 30, Casper sent a letter to Daniella accepting the offer. Daniella received that letter of acceptance on January 3. Daniella refused to sell the business to Casper, claiming that no contract had been formed. Casper sued to enforce the contract against Daniella . Decide the probable outcome of the case.