Deshawn and Rita want to purchase a house priced at $200,000. They need to borrow $150,000 from a bank. if the bank agrees to lend Deshawn and Rita the money, Deshawn and Rita will likely be asked to sign a
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Deshawn and Rita want to purchase a house priced at $200,000. They need to borrow $150,000 from a bank. if the bank agrees to lend Deshawn and Rita the money, Deshawn and Rita will likely be asked to sign a
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- Josh has a health insurance policy with a $2,500 deductible, $5,000 out of pocket limit, and 80/20 coinsurance clause. He had total medical bills of $20,000 for the policy period. How much does the insurer have to pay? $5,000 $14,000 $6,000 $15,000helpGemma promises a local hardware store that she will pay for a lawn mower that her brother is purchasing on credit if the brother fails to pay the debt. Must this promise be in writing to be enforceable? Why or why not?
- 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…Fiona, Celine and Donna have recently commenced a business together making custard pies using the name 'FCD's Custard Pies' as their trading name. They also sell coffee and soft drinks. Only Donna has put capital into the business, and no formal agreement exists between them. However, on many occasions Fiona has purchased stock for the business from their various suppliers by using her own money, and she has also set up an account with the suppliers in the name of 'FCD's Custard Pies'. Celine also has often placed orders on behalf of the business with their various suppliers for stock. 00:0 At their next meeting Fiona suggests selling alcoholic beverages. Donna likes the idea, but Celine does not. Celine says that such a change would require renovation of the shop, and also obtaining a licence to sell alcohol. This requires an application to the relevant government authority, which may reject the application. After giving it lots of thought, Donna decides to leave the business in two…Steve was hired to paint the outside of Denise's house for a price of $1500. Steve showed up everyday to paint and the job was completed in about three weeks. He told Denise he would come- to pick up his payment on Thursday. On Wednesday, Denise me py noticed that one of the spots on the back of the house needed to re-done because it looked messy. When Steve asked for payment Denise refused to pay him anything telling him that he did a messy job and he would have to sue her. Steve is entitled to payment under a theory of subjective contracts. Denise will win because Steve breached the contract. Steve is entitled to payment under a theory of substantial performance. Denise will win and not have to pay anything.
- Conditions precedent Multiple Choice Render a contract frustrated Render a contract void at the option of the injured party Must occur before a contract can be cancelled Must occur before a contract is enforceable Render a contract void immediatelyWhat was the correct interpretation of condition 4 in DTR Nominees Pty Ltd v Mona Homes Pty Ltd (1978) 138 CLR 423? Choose one of the following. A plan containing the 9 lots being sold should have already been lodged for registration at the time of contract. The plan attached to the contract containing 35 lots could be registered in 2 stages, so long as the plan already lodged at the time of contract contained the 9 lots being sold. The plan attached to the contract containing 35 lots should have already been lodged for registration at the time of contract. The plan attached to the contract containing 35 lots could be lodged within 14 days of the contract being signed.An apartment building in Ithaca, New York with 72 units was financed with a $7.2 million non-recourse first mortgage loan at a 3.6% annual interest rate and an additional $3.6 million fully recourse second mortgage loan at a 7.2% annual interest rate. The owner later borrowed another $720,000 with a fully recourse third mortgage loan at a 10.8% annual interest rate. The borrower ultimately found itself in financial distress and unable to make the monthly mortgage payments on the three outstanding mortgage loans and the property went into foreclosure. What happens to the claims of the second and third mortgage lenders if the foreclosure lawsuit by the first mortgage lender includes all junior mortgage lenders and the property is sold to an unrelated third party for a net price of $6.6 million at the foreclosure sale? a. The mortgage liens of the junior claimants and the loan amounts owed to them are unaffected by the foreclosure sale b. The mortgage liens of the junior claimants are…
- 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?Jill is an American making dresses in Alabama whose business is based on U.S. dollars. Jill has agreed to accept 1,000 Euros for the dresses she sold to a customer in Europe, with payment due in one month. True or false, Jill's profit on this transaction would be less than she anticipated at the time of the agreement, if changes in the conversion rate for Euros into U.S. dollars after the date of the agreement meant that Euros were worth less in U.S. dollars on the day that the customer actually paid her the 1,000 Euros. True or False?“I think I’m in trouble,” Elvira confided to her husband, Curtis. “I had a customer in today who complained that one of my clerks had discriminated against her and that she was going to sue. I discovered that this same clerk had designed an elaborate scheme to embezzle from me and I intend to press criminal charges. Also, my landlord has stating that the remodeling I did voids my rental agreement and he wants me to vacate in 2 months. I looked at the contract and I’m 99% sure he’s wrong, but I’m no lawyer. I need some legal help!”