Julie and Suresh conclude an agreement in terms of which they agree that Julie will pay Suresh the amount of R50 000 to murder her husband, Alex.
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Julie and Suresh conclude an agreement in terms of which they agree that Julie will pay Suresh the amount of R50 000 to murder her husband, Alex.
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- Julie and Suresh conclude an agreement in terms of which they agree that Julie will pay Suresh the amount of R50 000 to murder her husband, Alex. This contract is not valid and enforceable. Explain why not.Giorgos and Eleni agree that Eleni will purchase Giorgos house in Nicosia for 250.000 dollars. Based on this, Eleni enrols her daughter to a private school nearby and pays the annual fees in advance. Giorgos informed Eleni that he is not willing to sell his house. REQUIRED: State the meaning of remoteness of damages Advice Eleni as to the remedies available to her against GiorgosLucas writes a check to Paige for $250. The face of the check says, "pay to the order of Paige." Paige signs the check on the back and heads to the bank. Before Paige gets to the bank, however, Paige loses the check. Paige is not really worried, though, because the check is made out to her. If Carla finds the check and tries to cash it, Carla will: be able to cash the check because it is bearer paper. X be able to cash the check because it is order paper. be unable to cash the check because it is bearer paper. be unable to cash the check because it is order paper.
- Riya writes an email promising to sell her car to Manish for $500, and Manish replies that he will pay Riya on the 24th of the month. On the 24th, Manish pays Riya and she gives him the title to the car. Manish and Riya have a(n) __________. a.) unilateral contract b.) implied contract c.) executory contract d.) executed contractPaula, Fred, and Stephanie agree that Paula and Fred will form and conduct a partnership business and that Stephanie will become a partner in two years. Stephanie agrees to lend the firm $50,000 and take 10 percent of the profits in lieu of interest. Without Stephanie’s knowledge, Paula and Fred tell Harold that Stephanie is a partner, and Harold, relying on Stephanie’s sound financial status, gives the firm credit. The firm later becomes insolvent, and Harold seeks to hold Stephanie liable as a partner. Should Harold succeed? Explain.Wreck and Ralph form a new partnership. Wreck invests P500,000 in cash. Ralph contributes land that has an original cost of P400,000 and a fair market value of P300,000, and a building that has a tax value basis of P400,000 and a fair market value of P500,000. The building is subject to a P120,000 mortgage that the partnership will assume. They agreed to have equal interest. What is the impact of the bonus method?
- 3. Jose obtained a loan from Pedro amounting to PhP1 Million. As a security, Jose mortgaged his land (with a fair market value of PhP700,000.00) to Pedro. Subsequently, Jose sold the land to Mario. What is the effect of the sale of the land to the obligation of Jose to Pedro? Assuming Jose could not pay his obligation, what are the remedies of Pedro? Explain your answer.Scott agrees in writing to sell 10 new iPhones to Bradford for $750 each, payable upon delivery. This is a good deal because the price everywhere else is $1,250 each. Scott breaches the contract and never delivers the iPhones. Bradford is forced to buy the iPhones elsewhere for $1,250 each. If Bradford sues Scott in a court of law for compensatory damages for breach of contract, Bradford is not entitled to anything since he never paid for the iPhones. Bradford is not entitled to anything because he took advantage of the situation. O Bradford is entitled to $12,500 in damages. O Bradford is entitled to $5,000 in damages.Brian owns a duplex used as rental property. The duplex has a basis of $84,000 and $380,000 FMV. He transfers the duplex to Carrie,his sister, in exchange for a triplex that she owns. The triplex has a basis of $280,000 and a $380,000 FMV. Two months after the exchange, Carrie sells the duplex to a business associate for $395,000. Requirements Determine: a. Brian's realized and recognized gain on the exchange. b. Carrie's realized and recognized gain on the exchange. Requirement a. Determine Brian's realized and recognized gain on the exchange. Begin with the realized gain. First identify the formula, then enter the applicable amounts and calculate the realized gain. Amount realized (Brian) - Adjusted basis (duplex) = Realized gain $380,000 - $84,000 = $296,000 Determine Brian's recognized gain on the exchange. The recognized gain is $ .
- G and L form a limited partnership. L contributes $2,000, and G, who does not contribute cash, will use her immense brainpower to earn money for the partnership. The business deal is that L receives all cash distributions until L has received back the amount of her capital investment. Subsequent distributions will be split 80% to L and 20% to G. In Year 1, the partnership buys two parcels of land, Blackacre and Whiteacre, each for $1000. At year end, the partnership sells Blackacre for $1100 and distributes the entire proceeds of $100 to L.How should the $100 gain on Blackacre be allocated between L and G to be consistent with the business deal.Tom accepted a written offer from Jill to build a house for Jill. Tom agreed to a price of $800,000. Two months into the construction, Tom realizes that he will barely make a profit on the deal. Tom informs Jill that he will not continue building her house unless Jill agrees to pay Tom an additional $200,000. Jill and Tom agree in writing that Jill will pay Tom an additional $200,000 to complete construction of the house. After Tom completes the construction of the house, Jill refuses to pay Tom the additional $200,000. Tom sues Jill alleging breach of contract with regard to the additional $200,000. Based on the facts stated in this questiona. None of the answers are correctb. Tom will win as long as he is not a minorc. Tom will lose because there was no contract for this $200,000.d. Jill will lose because there was a contract for this $200,000Marco decides to take $2,000 from the partnership for the repair and record it as an expense of the partnership. He believes that this is appropriate since he needs his car to get to work every day. Is Marco behaving ethically? Why or why not? Who is affected by Marco’s decision? What other alternatives might Marco consider?