Elly enters into a 12-month lease with Mike to rent Mike’s house for $1000 per month. After 3 months, Elly moves out of the house and disappears. It takes Mike 1 month and $2000 to repair the damage that Elly caused. He rents the house to a new renter for $900 per month after the repairs are completed. Mike will sue Elly to seek damages. What are his damages? Please itemize and total the list. Was he required to rent the house to someone else? Why or Why not?
Elly enters into a 12-month lease with Mike to rent Mike’s house for $1000 per month. After 3 months, Elly moves out of the house and disappears. It takes Mike 1 month and $2000 to repair the damage that Elly caused. He rents the house to a new renter for $900 per month after the repairs are completed. Mike will sue Elly to seek damages. What are his damages? Please itemize and total the list. Was he required to rent the house to someone else? Why or Why not?
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Elly enters into a 12-month lease with Mike to rent Mike’s house for $1000 per month. After 3 months, Elly moves out of the house and disappears. It takes Mike 1 month and $2000 to repair the damage that Elly caused. He rents the house to a new renter for $900 per month after the repairs are completed.
Mike will sue Elly to seek damages. What are his damages? Please itemize and total the list.
Was he required to rent the house to someone else? Why or Why not?
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