(a)
Case summary: Person C borrowed from the U.S bank to buy a home, but later could not afford to pay the monthly payments. The bank notified to foreclose on her home. So, person C filed for bankruptcy. The bank offered her that her mortgage will be modified, if she foregoes bankruptcy. When she withdrew the filing, the bank foreclosed.
To find: The possibility of person C to succeed on a claim of promissory estoppel.
(b)
Case summary: Person C borrowed from the U.S bank to buy a home, but later could not afford to pay the monthly payments. The bank notified to foreclose on her home. So, person C filed for bankruptcy. The bank offered her that her mortgage will be modified if she foregoes bankruptcy. When she withdrew the filing, the bank foreclosed.
To find: The code of conduct of the U.S bank and person C.
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Chapter 12 Solutions
The Legal Environment of Business: Text and Cases
- The Parks Corporation manufactures and sells Bluetooth speakers. Each speaker sells for $29.50 and the variable cost per unit is $18.75. Parks's total fixed costs are $30,000, and budgeted sales are 6,000 units. What is the contribution margin per unit?arrow_forwardPinnacle Services collected $124,600 from customers in 2022. Of the amount collected, $31,800 was from services performed in 2021. In addition, Pinnacle performed services worth $38,900 in 2022, which will not be collected until 2023. The company also paid $84,250 for expenses in 2022. Of the amount paid, $25,400 was for expenses incurred on account in 2021. In addition, Pinnacle incurred $47,300 of expenses in 2022, which will not be paid until 2023. Compute the 2022 cash-basis net income.arrow_forwardSubject: financial accountingarrow_forward
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