Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card Cross/miller’s The Legal Environment Of Business: Text And Cases, 10th
10th Edition
ISBN: 9781337093897
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 15, Problem 5BCP
Summary Introduction
Case summary: Person JT and person JC got married. They bought a home with a loan which was secured by a mortgage. Later they took out the second mortgage. On their divorce, the decree passed by the court required person JC to pay the first mortgage and person JT and JC to make equal payments on the second mortgage. The decree provides that JC would receive all the proceeds on the sale of the home. JC learned that the company auto now had a lien on a home because JT had not made a payment on his car. JC used all the sale proceeds to pay off the lien and mortgages. JT filed a petition for chapter-13 bankruptcy.
To explain: The discharge of the debts under the bankruptcy code.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Dennis and Donna Smith owned a 10-acre tract of land that they decided to sell. The couple entered into a listing agreement with Kelly McLaughlin, a licensed real estate broker. The agreement gave Kelly the exclusive right to sell the property for a period of 6 months. The Smiths agreed to pay Kelly a 6% commission of the selling price if a buyer was found during the listing period. Four months later, the Smiths sent Kelly a letter terminating the listing agreement. Kelly did not approve of the conditions. One month later, Kelly presented a full price offer to the Smiths; however, they ignored the offer and sold the property to another buyer. Kelly sued the Smiths for breach of the agency agreement.
Which party wins the lawsuit?
Did the Smiths act ethically in this case?
David E. Ross, his two brothers, and their families operated and owned the entire stock of five businesses. Ross had three children: Rod, David II, and Betsy. David II and Betsy were not involved in the operation of the companies, but Rod began working for one of the firms, Equitable Life and Casualty Insurance Company, in 2007. Between 2009 and 2013, the elder Ross informed a number of persons of his desire to reward Rod for his work with Equitable Life by giving him stock in addition to the stock he would inherit. He subsequently executed several stock transfers to Rod, representing shares in various family businesses, which were reflected by appropriate entries on the corporate books. Certificates were issued in Rod’s name and placed in an envelope identified with the name Rod Ross, but they were kept with the other family stock certificates in an office safe to which Rod did not have access. In all, one-fourth of the stock holdings of David E. Ross were transferred to Rod in this…
Sharon Love entered into a written lease agreement with Monarch Apartments for apartment 4 at 441 Winfield in Topeka, Kansas. Shortly after moving in, she experienced serious problems with termites. Her walls swelled, clouds of dirt came out, and when she checked on her children one night, she saw termites flying around the room. She complained to Monarch, which arranged for the apartment to be fumigated. When the termite problem persisted, Monarch moved Love and her children to apartment 2. Upon moving in, Love noticed that roaches crawled over the walls, ceilings, and floors of the apartment. She complained, and Monarch called an exterminator, who sprayed the apartment. When the roach problem persisted, Love vacated the premises. Has Love lawfully terminated the lease? Explain.
Chapter 15 Solutions
Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card Cross/miller’s The Legal Environment Of Business: Text And Cases, 10th
Knowledge Booster
Similar questions
- The statute of frauds does NOT cover which of the following contracts? Bridgeby enters into a contract for the sale of her house. Ruelle and Randolph enter into a pre-nuptial agreement. O Quincy accepts Cleo's offer to buy from Cleo her couch for the price of $4,000. Jasper, the executor of the estate of Gabrielle's dead cousin, agrees with Gabrielle that Gabrielle will pay a debt of that estate: Gabrielle will inherit three-fourths of the estate, with the rest going to various charities. O For the price of $599. Millie enters into a contract with a merchant, Reesa, to buy from Reesa some wrenches with an estimated barter value of approximately $620.arrow_forwardHenrioulle, an unemployed widower with two children, received public assistance in the form of a rent subsidy. He entered into an apartment lease agreement with Marin Ventures that provided “INDEMNIFICATION: Owner shall not be liable for any damage or injury to the tenant, or any other person, or to any property, occurring on the premises, or any part thereof, and Tenant agrees to hold Owner harmless for any claims for damages no matter how caused.” Henrioulle fractured his wrist when he tripped over a rock on a common stairway in the apartment building. At the time of the accident, the landlord had been having difficulty keeping the common areas of the apartment building clean. Will the exculpatory clause effectively bar Henrioulle from recovery? Explain.arrow_forwardPrior to her death in 2023, Elfrieda made lifetime taxable gifts of $34,000. At her death, she was survived by her husband and daughter and owned the following property interests. Sole ownership: Life insurance on her husband's life with a death benefit of $500,000 and a replacement cost of $120,000, with her children as the beneficiaries A portfolio of stocks, bonds, and CDs valued at $8,000,000 Personal residence with a fair market value of $500,000 Joint ownership: With her husband: household furnishings, personal property, bank accounts, and automobiles worth a total of $800,000 With her daughter: a vacation condo valued at $400,000 for which her executor has records showing a 20% contribution by her daughter Her will bequeaths the personal residence outright to her husband with the rest and remainder of her estate to her daughter. She had debts of $6,000 and administrative costs of $24,000. Which one of these amounts, if any, most closely approximates Elfrieda's estate tax…arrow_forward
- Leonard Wolfe was killed in an automobile accident while driving his Toyota Camry. The car was rendered a total loss, and Wolfe’s insurance carrier paid his estate $18,550 for damage to the vehicle. Under the terms of Wolfe’s will, any car owned at his death was to be given to his brother, David. Wolfe’s daughter, Carol, however, brought an action, claiming that the gift of the car to David was adeemed by its total destruction and that she, as the residuary legatee under the will, was entitled to the insurance proceeds. Who is entitled to the insurance proceeds?arrow_forwardJose Pena and Joseph Antenucci were medical doctors who were partners in a medical practice. Both doctors treated Elaine Zuckerman during her pregnancy. Her son, Daniel Zuckerman, was born with severe physical problems. Elaine, as Daniel’s mother and natural guardian, brought a medical malpractice suit against both doctors. The jury found that Pena was guilty of medical malpractice but that Antenucci was not. The amount of the verdict totaled $4 million. The trial court entered judgment against Pena but not against Antenucci. Plaintiff Zuckerman made a post-trial motion for judgment against both defendants. Is Antenucci jointly and severally liable for the medical malpractice of his partner, Pena? Explain your answer.arrow_forwardMurphy, while a guest at a motel operated by the Betsy-Len Motor Hotel Corporation, sustained injuries from a fall allegedly caused by negligence in maintaining the premises. At that time, Betsy-Len was under a license agreement with Holiday Inns, Inc. The license contained provisions permitting Holiday Inns to regulate the architectural style of the buildings as well as the type and style of the furnishings and equipment. The contract, however, did not grant Holiday Inns the power to control the day-to-day operations of Betsy-Len's motel, to fix customer rates, or to demand a share of the profits. Betsy-Len could hire and fire its employees, determine wages and working conditions, supervise the employee work routine, and discipline its employees. In return, Betsy-Len used the trade name, “Holiday Inns," and paid a fee for use of the license and Holiday Inns's national advertising. Murphy sued Holiday Inns, claiming Betsy-Len was its agent. Is Murphy correct?arrow_forward
- Joseph M. Billy was an employee of the USM Corporation (USM), a publicly held corporation. Billy was at work when a 4,600-pound ram from a vertical boring mill broke loose and crushed him to death. Billy’s widow sued, alleging that the accident was caused by certain defects in the manufacture and design of the vertical boring mill and the two moving parts directly involved in the accident, a metal lifting arm and the 4,600-pound ram. If Mrs. Billy’s suit is successful, can the shareholders of USM be held personally liable for any judgment against USM? Explain your answer.arrow_forwardIrene and Joy were co-owners of a parcel of land. On September 26, 2020, Irene discovered that Joy has sold her share to Yeri on August 25, 2020. The following day, Irene offered to redeem her share from Yeri, but the latter replied that Irene's right to redeem has already prescribed. Is Yeri correct?arrow_forwardIn her will, Teressa granted a life estate to Amos in certain real estate, with remainder to Brenda and Clive in joint tenancy. All the residue of Teressa’s estate was left to Hillman College. While going to Teressa’s funeral, the car in which Amos, Brenda, and Clive were driving was wrecked. Brenda was killed instantly, Clive died a few minutes later, and Amos died on his way to the hospital. Who is entitled to the real estate in question?arrow_forward
- . Spouses Robert and Yollie wanted to sell their house. They found a prospective buyer, Nina, Yollie negotiated with Nina for the sale of the property, They agreed on a fair price of million. Nina sent Yollie a letter confirming her intention to buy the property. Later,another couple, Marius and Ellen, offered a similar house at a lower price of 1.million. But Nina insisted on buying the house of Robert and Yollie for sentimental reasons. Nina prepared a deed of sale to be signed by the couple and a managers check for million. After receiving the million. Robert signed the deed of sale. However, Yollie was not able to sign it because she was saying she changed her mind. Yollie filled suit for nullification of the deed of sale and for moral and exemplary damages against Nina Does Nina have any cause of action against Robert and Yollie?arrow_forwardJane is an attorney licensed to practice law in California. She performs legal services for John pursuant to a written fee agreement. John fails to pay Jane the balance due Jane for her services. Jane files a lawsuit against John in which she seeks, as plaintiff, to recover the $9,000 she believes John owes her. John retains a lawyer, Waldo, to represent him and pays Waldo $3,000 for his services in defending John against Jane's suit. Six months after filing the suit and getting nowhere in negotiations with Waldo, she calls John directly to try to negotiate a settlement. Jane has now violated a rule of professional conduct because she is not allowed to contact a party who is represented by an attorney, and John is represented by Attorney Waldo. violated a rule of professional conduct because she charged a fee of greater than $1,000 and did not have a written agreement with the client. O not violated any rule of professional conduct based on the facts given. O both a. and b. are…arrow_forwardMatthew and Joe were roommates. When they were renting their apartment, each agreed to pay half of the cost of the rent and the cable and electric bills. Two months after moving in, Matthew borrowed Joe's car and was involved in an accident. Matthew promised to pay $2,200 in damages if Joe promised not to file a claim with his insurance company. Joe agreed. However, Matthew never paid him for the damages. He claimed that the agreement was not enforceable because there was no consideration. What is the outcome? Rubricarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
BUSN 11 Introduction to Business Student EditionBusinessISBN:9781337407137Author:KellyPublisher:Cengage Learning
Essentials of Business Communication (MindTap Cou...BusinessISBN:9781337386494Author:Mary Ellen Guffey, Dana LoewyPublisher:Cengage Learning
Accounting 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