Explain the circumstances in which an equitable pledge may arise in a contractual relationship.
Q: Acorn Marina, Inc. sells and services boat motors. On April 1, 1989, Acorn financed the purchase of…
A: Uniform commercial code includes laws that regulate the commercial transactions that take place in…
Q: Under what circumstances can the liability of the parties to a negotiable instrument be discharged?
A: The Negotiable Instruments Act aims to create a standardized and reliable system for negotiable…
Q: P is in dire need of cash. He then approaches M and requests that M issue a negotiable bill of…
A: A bill of exchange (BOE) is a financial instrument that is used in commerce as a means of payment…
Q: distinguish fraud in the performance of a preexisting obligation from fraud in the perfection of a…
A: The realm of contractual agreements in legal frameworks is underpinned by principles that govern the…
Q: which type of deed provides a gurantee by the grantor that the grantor did not place any clouds of…
A: A "General Warranty Deed" is a document where the person selling the property promises that they own…
Q: Under the frustration of purpose doctrine, performance is excused when: Group of answer choices 1.…
A: The frustration of purpose occurs when an unforeseen event undermines a party's principal purpose…
Q: A voidable contract Multiple Choice O O O Allows the parties to enforce it if they wish Does not…
A: Contracts are legally binding agreements that require the consent of all parties involved. However,…
Q: 1.An entity shall offset an asset relating to one plan against a liability relating to another plan…
A: An entity shall offset an asset relating to one plan against a liability relating to another plan…
Q: Adrian rents a bicycle from Barbara. The bicycle rental contract Adrian signed provides that Barbara…
A: ANSWER IS AS BELOW:
Q: The named insured is listed in which of the following sections of a property polle OA Insuring…
A: The objective of the question is to identify the section of a property policy where the named…
Q: b) Write two elements of a contract of indemnity.
A: An indemnity agreement is an agreement between two parties in which one party (the indemnifier)…
Q: True or False 1. The power to borrow or obtain a loan is one of the enumerated corporate powers…
A: Corporate power is defined as a corporation's authority and influence over its operations,…
Q: Case 5 P Corp, a retailer of women’s fashion accessories, contracted Sandra as their purchasing…
A: The objective of the question is to determine whether Sandra is acting on actual or apparent…
Q: The purpose of the Insuring clause in an Accident and Health policy is to: O A specify the schedule…
A: The insuring clause in an Accident and Health policy is a fundamental part of the insurance…
Q: Martha sells goods to James for $25,000. Martha assigns her right to receive the $25,000 to XYZ…
A: In this case, Martha has sold goods to James for $25,000, and she has assigned her right to receive…
Q: A pizza parlor owner uses a vending machine company to service his soft drinks.The owner of the…
A: Contracts for the exchange of goods, services, or money between two parties are legally binding…
Step by step
Solved in 3 steps
- Differentiate obligations arising from delict from obligations arising from quasi – delict.Evaluate when a promise is enforceable, the elements of a contract, performance, and the remedies available in the event of breach.Testator gives property to Tim in trust for Barney’s benefit, providing that Barney cannot anticipate the income by assignment or pledge. Barney borrows money from Linda, assigning his future income under the trust for a stated period. Can Linda obtain any judicial relief to prevent Barney from collecting this income? Why or why not?
- Under our NCC, an heir may institute an action for rescission of a rescissible contract in his capacity as a representative or successor-in-interest of a person who suffers from lesion or of the creditor who is defrauded. Suppose, however, that it can be established that the decedent, during his lifetime, entered into a contract with another in order to defraud him of his legitime, can he institute an action for the rescission of such contract after the death of the decedent?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 FalseState the effect of illegality on a contract.
- Identify and describe and explain the elements of an enforceable, valid legal contractWhy is past consideration no consideration at all? The adequacy of past consideration is difficult to determine. Past consideration is considered to be illusory. Past consideration may involve parties who are not involved in the current contract. Past consideration was provided before the current contract was made, and the current contract requires a benefit that has not yet been conferred.$900.00 Smalltown, IllinoisMaker, November 15, 2014The undersigned promises to pay to the order of John Doe Nine Hundred Dollars with interest from date of note. Payment to be made in five monthly installments of One Hundred Eighty Dollars, plus accrued interest beginning on December 1, 2014. In the event of default in the payment of any installment or interest on installment date, the holder of this instrument may declare the entire obligation due and owing and proceed forthwith to collect the balance due on this instrument.(Signed) Acton, agentOn December 18, 2014, no payment having been made on the note, Doe indorsed and delivered the instrument to Todd to secure a preexisting debt in the amount of $800.On January 18, 2015, Todd brought an action against Acton and Phi Corporation, Acton’s principal, to collect the full amount of the instrument with interest. Acton defended on the basis that he signed the instrument in a representative capacity and that Doe had failed to deliver the…