Mr. Asif is a minor who entered in a contract & offered to sale a Toyota Corolla GLI model 2019 & demanded Rs.2.5 Million. Mr. Aneel is willing to buy Mr. Asif’s car with same price. Whether it is a valid contract? Answer must be in (Yes or No) Give reason to support your answer in part a

Mr. Asif is a minor who entered in a contract & offered to sale a Toyota Corolla GLI model 2019 & demanded Rs.2.5 Million. Mr. Aneel is willing to buy Mr. Asif’s car with same price. Whether it is a valid contract? Answer must be in (Yes or No) Give reason to support your answer in part a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A promise to buy "all the oil I need to heat my shop this winter" recites valid consideration. True False 2. Mary threatens Doug with a $50,000 civil lawsuit unless Doug agrees to a settlement of their dispute. Doug argees to a settlement of $25,000. Doug can rescind the settlement agreement because he was under duress at the time. True False 3. "In consideration for you having helped me when I was unconscious, I will give you $100.00." This is a binding promise because there is legally sufficient consideration. True False 4. A minor's right to disaffirm a contract must be exercised while he is still a minor. True False
Q1: Hansen bought his primary residence on 1/1/2010 for $400,000. He put $50,000 of his own money as the down payment, and borrowed $350,000 from a bank for the remainder of the purchase price. On 1/1/2021, he was laid off from his job, and he could not make his mortgage payments. On 3/30/2021, the bank foreclosed on the house, and took the house back from Hansen. On 3/30/2021, the house was worth $150,000, and he owed $300,000 to the bank. The bank sold the house for $150,000 which the bank used to pay off half of the $300,000 that Hansen owed. The bank forgave the remaining $150,000 that Hansen owed the bank, pursuant to the foreclosure. In 2021, how much taxable income does Hansen recognize from the bank forgiving the home loan to Hansen? a. $0 b.$150,000 c. $300,000 d. $400,000 Q2. Diamelle purchased a life insurance policy on her life, and named Eric, her husband, as the beneficiary. Diamelle paid $50,000 for the life insurance policy. Upon Diamelle’s death, the life insurance…
1. Robert works for American Motors. American Motors pays a $1,200 premium on Robert's health insurance in 2021. Robert has an operation on his big toe in 2021 that cost $7,200. The insurance company paid for $6,800 of it. Which one of the following is true for 2021? a.Robert must claim the $1,200 premium and the $6,800 insurance payment as income. b.Robert must claim the $1,200 premium paid by his employer as income. c.Robert must claim the $6,800 paid by the insurance company for the operation as income. d.None of these events are taxable on his 2021 return. 2. Electronically filed tax returns: a.Have error rates similar to paper returns. b.Offer faster refunds than paper returns. c.May not be transmitted from a taxpayer's home computer. d.Constitute less than 50 percent of the returns filed with the IRS. 3. John, age 25, is a full-time student at a state university. John lives with his unmarried sister, Ann, who provides over half of his support. His only income is $4,400 of…
Under a Contract of Sale, Ana bound herself to deliver a diamond ring to Ben for P50,000 to be used by the latter in his proposal to Apple on June 15, 2021. (Hint: this is a reciprocal obligation) What is the prestation? Who is the active subject? Who is the passive subject? What is the vinculum juris?
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On August 1, 2021, Samonte offered to sell his only diamond ring for P50,000.00 cash to Banzon who was interested in buying the same. Samonte told Banzon that he was giving the latter up to August 31, 2021 to decide whether to buy the ring or not. Banzon agreed to the option and gave Samonte option money of P500.00. On August 18, 2021, Samonte found another buyer who was willing to pay P70,000.00 cash. Samonte personally visited Banzon to inform him that he was withdrawing his offer unless Banzon agreed to buy the ring for P70,000.00.A. Banzon is bound to pay P70,000.00 if he were to avail himself of his option to buy the ring.B. Samonte cannot withdraw the offer because the option is founded upon a consideration of P500.00.C. Samonte may validly withdraw the offer without being held liable for breach of contract since it would be unfair to him if he would receive only P50,000.00 as the price of his ring when another person is willing to buy it at a higher amount.D. Banzon needs to pay…
Venice writes a promissory note in favor of his creditor, Milan. It says: "Subject to my option, I promise to pay Milan Php10 Million or his order or give Php10 Million worth of coffee beans or to authorize him to sell my Ferrari worth Php10 Million. Signed, Venice." Is the note negotiable? a. No, because it authorizes the sale of collateral securities in case the note is not paid at maturity. b. No, because the exercise of the option to pay lies with Venice, the maker and debtor. c. Yes, because the note is really payable to Milan or his order, the other provisions being merely optional. d. Yes, because an election to require something to be done in lieu of payment of money does not affect negotiability.