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?
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A: The answerto this question is true
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- Xavier purchased a condominium unit at Atmos Towers in January 2018 for P 3,000,000. In the agreement, Xavier will pay a 20% downpayment and thereafter pay a monthly installment fee of P 65,000 for 60 months. In June 2020, or after paying 29 monthly installments, Xavier failed to pay his obligations because his fast-food business went bankrupt due to the pandemic. (a) What are the rights of Xavier under the Maceda Law? (b) In the above case, how much is the cash surrender value that must be returned to Xavier in case he fails to pay after the grace period?John owns a small rental cottage in St Augustine and his mother Brenda lives nearby in a rented apartment. He is concerned about her having a secure home to live in after her retirement so he decides to convey the cottage to her for the rest of her life, after which, ownership will revert to him. What would John's attorney probably have advised him to do to achieve these goals? Establish a Trust with his mother as one of the trustees Convey a tenancy at sufferance to Brenda. Convey a tenancy by the entireties to Brenda, pur autre vie. О Convey a life estate to Brenda with the right of reversion to John.If the delivery term in the parties’ contract for the sale of goods is FOB the place at what the goods originated, absent any other agreement, the buyer is responsible for making reasonable arrangements for the goods to be shipped. true or false
- What is the basis for enforcing a contract under the doctrine of promissory estoppel?In relation to Consideration select the CORRECT statement:Select one:To be valid, the agreed price and the goods sold, must be of equal value.Consideration can be vague or illusory as long as it was communicated to the other partyConsideration is the exchange of something of value (a thing, a promise, money etc), given in return for something else of value (a thing, a promise, money etc)Consideration is not necessary to form a legally binding contractTo be valid, Consideration must involve payment of money, in return for something of value.What is the definition of consideration and what general principles apply to its presence in contracts? Define promissory estoppel.
- Which of the following is true of a severable contract? Multiple Choice It must be enforced or rejected in its entirety. It contains multiple parts that need to be performed collectively. It has both legal and illegal portions in the contract. It needs complete performance by both parties.Xavier and Adam enter into a written contract for the sale of DJ equipment. Their contract states that risk of loss shall pass to the buyer at the time the contract is signed. Since this is contrary to Article 2 of the UCC, this clause is unenforceable. True FalseThe actual transfer of title is made - when deed is recorded at the closing - when the contract is signed by the seller - when the deed is signed and delivered by the grantor
- Marigold finds her dream home in the Rocky Mountains. She wants to buy it but is unsure whether she can get a loan. She signs a contract with the seller that she will buy the home provided that she can obtain a loan. Marigold also includes a clause in the contract with the seller stating that if she loses her job before the date the purchase contract is signed, the seller will release her from any obligation. After obtaining a loan and buying the home, Marigold decides she wants to have new windows installed. She enters into a contract with a window contractor. The window contractor visits the home, but never finds Marigold there. The contractor makes several attempts to reach Marigold, but Marigold does not return phone calls and makes no attempt to assist the contractor in arranging the window installation. What is the provision that the seller will release Marigold unless she is able to obtain a loan called? An exculpatory condition A condition precedent A condition…Defined as an unconscious ignorance or forgetfulness of the existence or non existence of a fact,past or present,material to the contract.Case 4 Jason, who has graduated from automotive program, and Gerry who is a businessman and entrepreneur entered into a partnership business of auto repair shop. In their partnership agreement, Gerry will provide on the financing and administration while Jason will act as active partner and in-charge of running the operations of the business. The agreement also stipulates that the firm should not engage in the buying and selling of vehicles. Due to financial needs, Jason sold a vehicle who belongs to a customer who had left it with the firm for repair and without the knowledge of the owner. Later, the car was recovered by the owner from Jack, who is the innocent buyer. Jack sued Jason for breach of implied condition under the contract of sale that the seller has clean title of the goods. Is Gerry liable of Jason’s misdeeds? Please state your reasons.