Please fully explain an agent, employee, and an independent contractor. Then, compare and contrast the differences between an agent and an independent contractor.
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Please fully explain an agent, employee, and an independent contractor. Then, compare and contrast the differences between an agent and an independent contractor.
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- Jenny and Chad, a couple of college seniors, send out birth announcements to their friends, including a local real estate agent named Mort. In the announcement, the couple informs everyone that they're looking to move out of student housing and into a starter home right after graduation. Mort gets right on the task of finding homes that fit their needs. Once he has a few properties on his list, Mort calls the couple and they schedule some showings. What form of agency, if any, exists between the couple and Mort? Actions of the parties have led to the creation of express agency. An explicit request for representation was made between the parties. Actions of the parties have led to the creation of implied agency. No agency relationship exists at this point between the parties.How does an easement differ from a license? How does the Profit-a-Prendre differ from the license? How does zoning differ from easement interests?Live The Dream Ltd provides a limousine and driver hire service. All of the company’s clients sign the company’s standard contract. The contract includes a clause, within the standard terms and conditions, that states: ‘Live The Dream Ltd accepts no liability whatsoever for any financial loss, property damage or personal injury incurred during the hire period’. Leona hired a limousine and driver for her 40th birthday night out. She signed the standard contract which included the standard terms and conditions and paid £500, the full cost of the hire, in advance. When Leona was getting into the limousine at the start of her night out, the vehicle was nudged from behind by a passing car. As a result, the limousine rolled forward and ran over Leona’s foot. Leona’s foot was badly bruised and Leona was in too much pain to continue with her birthday night out. The other vehicle involved drove off, and all subsequent attempts to identify the vehicle and the driver failed. Live The Dream Ltd…
- Which contracting party generally carries the risk for differing site conditions if no clause in the contract addresses differing site conditions? Surety Owner Insurance company Contractor EngineerSteve 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.Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $34,560 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $21,000 cash and (b) it is sold for $84,000 cash. View transaction list View journal entry worksheet No Date December 31 Cash Accumulated depreciation-Machinery Loss on sale of machinery Machinery General Journal Debit Credit 21,000 213,700 63,300 288,000 December 31 Cash 84,000 Accumulated depreciation-Machinery 213,700 Machinery 288,000
- Yeah LTD purchased equipment on January 1, 2015 at a cost of $171,380. The equipment has an estimated useful life of 9 years and a residual value of $9,650. Crane realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $95,260. The company uses the straight-line method of depreciation. Record the impairment loss, if any, on December 31, 2018.Robert Robinson operates a bakery shop situated on a sharp bend in the road. A delivery truck failed to take the bend and badly damages the front of the bakery shop. Robert is undecided whether to restore the front of the bakery shop to its original condition at a cost of $25,000 or to spend $45,000 rebuilding the front of the bakery shop so that it has a much more modern appearance. Required: With reference to case law and legislation, advise Robert of the tax implications of: a) Restoring the front of the bakery shop to its original condition; and b) Rebuilding the front of the bakery shopSkip and Jack are the shareholders of the Blue Fish Event Corporation. Skip and Jack regularly put on classy events on or near the beach, so they have a special insurance policy to protect their assets. Business has been slow as fewer large beach weddings are taking place, so Skip and Jack use a large fan to blow down and damage most of their décor assets, some of which were personal assets of Skip and Jack, to collect the insurance benefits. (a) Assuming their acts are proven, will a court allow Skip and Jack to recover the insurance money? (b) Is this a situation where the corporate veil may be pierced? Why or why not? (c) What would it mean for Skip and Jack if the corporate veil is pierced in this situation?
- Contracting Officers must provide a Responsibility Determination. Define Responsibility Determination and what tools are available to assist the Contracting Officer with this requirement.A.S.A.P.PLEASEEEAnalyze how each side interprets the meaning of this contract clause. Whose position is more persuasive? Why? In 1947, Congress passed the Portal-to-Portal Act (a “portal is a doorway). This law said that an employer is not liable to pay workers for the time they spend traveling to work (e.g. an hour-long commute). It also excludes from compensable time, “activities which are preliminary to or postliminary to the principle activity or activities that an employee is employed to perform, which occur either prior to the time on any particular workday at which such employee commences, or subsequent to the time on any particular workday at which he ceases, such principle activity or activities.