MindTap Business Law, 1 term (6 months) Printed Access Card for Cross/Miller's The Legal Environment of Business: Text and Cases, 10th (MindTap Course List)
10th Edition
ISBN: 9781337093842
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 15, Problem 1BS
Summary Introduction
Case summary:Person N owns an old home valued $ 105,000. He contracted with person K for a replacement of the electrical system which costs $ 10,000. He was unable to pay the bill because of financial difficulties and his state's homestead exemption being $60,000.
To find:The remedy available to person K.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Giordana borrows $225,000 for Hearthstone Credit Union to buy a home, which secures the loan. Five years into the term, Giordana stops making payments. Hearthstone forecloses and sells the property, but the proceeds are not enough to cover the unpaid amount of the loan. Hearthstone could now obtain
a.a short sale
b.a redemption
c.a deficiency judgment
d.a guaranty
e.nothing more
Khalil bought Roots Café in
New York from its previous
owner. Khalil was eating a meal
at Roots Café and mentioned
to the owner that he would like
to own a business of his own
someday. The owner also had
purchased the restaurant but
was never able to make it a
profitable business. The owner
offered to sell Khalil Roots
café. Khalil got a loan from a
family member and was able
to buy the company assets for
$8,000 less than the seller's
asking price. Through which of
the following sources has
Khalil found out that Roots
Café was for sale? *
Advertisement
Hidden market
A "for sale" sign
Restaurant association
Crystal hires a contractor to build a new deck in her yard. When the contractor finishes
the work, Crystal refuses to make the last payment of $1,000, claiming some of the work
is poor. What remedy would allow the contractor to collect by threatening foreclosure?
Chapter 15 Solutions
MindTap Business Law, 1 term (6 months) Printed Access Card for Cross/Miller's The Legal Environment of Business: Text and Cases, 10th (MindTap Course List)
Knowledge Booster
Similar questions
- Donald Wayne Doyle (Debtor) obtained a guaranteed student loan to enroll in a school for training truck drivers. Due to his impending divorce, Debtor never attended the program. The first monthly installment of approximately $50 to pay the student loan became due. Two weeks later, Debtor filed a voluntary petition for Chapter 7 bankruptcy. Debtor was a 29-year-old man who earned approximately $1,000 per month at an hourly wage of $7.70 as a truck driver, a job that he had held for 10 years. Debtor resided on a farm, where he performed work in lieu of paying rent for his quarters. Debtor was paying monthly payments of $89 on a bank loan for his former wife’s vehicle, $200 for his truck, $40 for health insurance, $28 for car insurance, $120 for gasoline and vehicular maintenance, $400 for groceries and meals, and $25 for telephone charges. In addition, a state court had ordered Debtor to pay $300 per month to support his children, ages 4 and 5. Debtor’s parents were assisting him by…arrow_forwardJohn Bunker has assets of $130,000 and liabilities of $185,000 owed to nine creditors. Nonetheless, his cash flow is positive, and he is making payment on all of his obligations as they become due. I. M. Flintheart, who is owed $22,000 by Bunker, files an involuntary petition in bankruptcy under Chapter 7 against Bunker. Bunker contests the petition. What result? Explain.arrow_forwardPls help ASAParrow_forward
- A sells B his horse for $10000. The horse is blind in one eye but B does not know this until after the sale in completed. Is A liable to B on the ground or fraud? Why or why not?arrow_forwardOn January 1, 2020 Alan made an interest-free loan of $200,000 to his son who used the loan to buy a house. Alan’s son has made no payments on the loan during the year. What are the income and gift tax consequences if the applicable federal rate is 5% and if Alan’s son had no investment income during the year? Which of the following is eligible for the annual exclusion? 1. Frank designates his daughter, Holly, beneficiary of his 401(k) plan. 2. Frank designates his wife, Betty, as beneficiary of his life insurance policy. 3. Frank funds an irrevocable trust with $1,100,000 for the benefit of his son. The terms of the trust allows a payout at the discretion of the trustee. 4. Frank funds an irrevocable life insurance trust with the amount necessary to pay the premiums of the policy. The beneficiaries can take a distribution equal to the contribution each year.arrow_forwarddevratarrow_forward
- At the end of 2001, Lehnhoff Inc. had $75 million in cash on its balance sheet. During 2002, the following eventsoccurred. The cash flow from Lehnhoff’s operating activities totaled $325 million. Lehnhoff issued $500 million incommon stock. Lehnhoff’s notes payable decreased by $100 million. Lehnhoff purchased fixed assets totaling $600million. How much cash did Lehnhoff Inc. have on its balance sheet at the end of 2002?arrow_forwardHernandez's uncle agreed to cosign on a loan , union bank offered to lend hernandez $85,000 at 10.5% simple interest. find the interest and maturity valuearrow_forwardLarry Lyons donated a small office building to a qualified charity when the adjusted basis was $90,000 and the fair market value was $160,000. Larry had taken DEpreciation deductions in excess of straight-line depreciation of $50,000. What is Larry's charitable contribution before application of limitsarrow_forward
- Martha sells goods to James for $25,000. Martha assigns her right to receive the $25,000 to XYZ Finance James refuses to pay XYZ the $25,000. James makes two arguments for not paying. First James claims that XYZ has no privity of contract and that XYZ is not a third-party beneficiary of its contract with Martha. Second – James claims that the goods were worthless. Assume that the goods were worthless. You are the judge. Who wins and why? Address both arguments that James makes.arrow_forwardSteven, an accountant, returning from his office, calls into a pub for a relaxing drink. He bumps into Paul, an old school friend, whom he has not seen for many years. During the course of the conversation over a number of pints, it emerges that Paul has recently inherited a substantial sum of money and is interested in investing in local businesses. Steven mentions that one of his clients, Precarious Ltd, is seeking financial backing and would make an attractive investment. By chance, he has a copy of the company’s accounts in his briefcase which he gives to Paul. Relying on these accounts, Paul invests £10,000 in Precarious Ltd, but loses everything when Precarious goes into liquidation six months later. In fact, the accounts had been prepared negligently and did not reflect the parlous state of the company’s affairs. Advise Paul.arrow_forwardLorraine and Darius are friends. Lorraine is engaged and wants to have the wedding of her dreams, but she cannot afford it. Darius wants to help with this, so he anonymously gives Lorraine $10,000. Lorraine is happy and does have the wedding of her dreams. A month later, Darius loses his job and asks Lorraine for the $10,000 back. Lorraine refuses. Darius sues Lorraine. The court will a. order Lorraine to pay Darius the money because she used the money. b. not order Lorraine to pay Darius the money because valid consideration was not present. c. order Lorraine to pay the money because anonymous gifts of money must be repaid. d. not order Lorraine to pay the money because there was nothing in writing.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- BUSN 11 Introduction to Business Student EditionBusinessISBN:9781337407137Author:KellyPublisher:Cengage LearningEssentials of Business Communication (MindTap Cou...BusinessISBN:9781337386494Author:Mary Ellen Guffey, Dana LoewyPublisher:Cengage LearningAccounting Information Systems (14th Edition)BusinessISBN:9780134474021Author:Marshall B. Romney, Paul J. SteinbartPublisher:PEARSON
- International Business: Competing in the Global M...BusinessISBN:9781259929441Author:Charles W. L. Hill Dr, G. Tomas M. HultPublisher:McGraw-Hill Education
BUSN 11 Introduction to Business Student Edition
Business
ISBN:9781337407137
Author:Kelly
Publisher:Cengage Learning
Essentials of Business Communication (MindTap Cou...
Business
ISBN:9781337386494
Author:Mary Ellen Guffey, Dana Loewy
Publisher:Cengage Learning
Accounting Information Systems (14th Edition)
Business
ISBN:9780134474021
Author:Marshall B. Romney, Paul J. Steinbart
Publisher:PEARSON
International Business: Competing in the Global M...
Business
ISBN:9781259929441
Author:Charles W. L. Hill Dr, G. Tomas M. Hult
Publisher:McGraw-Hill Education