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 16, Problem 2CT
Summary Introduction
Case summary: Person S bought a hotel H for a 20-year lease. Person S entered into a joint venture with person M. Person M managed the necessary funds and person S managed the business. The person G near the termination of lease approached S to redevelop the property. S signed a new lease in his individual capacity. S did not disclose the new lease to M. M learned about the deal and he filed a suit in court against S.
To find: The result in the case where person S had disclosed the proposal of person G to person M.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
1. Should George have accepted the listing? George states, “I am not discriminating. The owners are the guilty party.” Can george filter potential buyers by credit score? By race?
2. Now that George has accepted the listing, could he be guilty of fair housing violations by association? Could he be innocent because he is only “following orders”?
Oliver, while he was so drunk that he didn’t know what he was doing, bid successfully at an auction for the purchase of a house. It was clear to the auctioneer that Oliver didn’t know what he was doing. However, after Oliver sobered up, he confirmed the contract with the auctioneer. He then subsequently refused to complete the contract. Is Oliver bound to the contract? Required: Answer this question using the IRAC * method.
A client is transferring their estate to their
daughter. They aren't charging their daughter
any money for the estate (what a deal!) and are
unsure what to put in the deed as consideration.
You advise them that consideration:
must be equal to the appraised value of the
property
can be "love and affection," and will be
conveyed using a gift deed
must be explicitly specified, down to the penny,
on the deed
must be money, but doesn't have to be a lot of
money
Chapter 16 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
- Jim offers his girlfriend, Tammy, $500,000 to marry him. Tammy thinks about it and says that she would not agree to marry him unless he paid her $1,000,000. Jim says he is unable to pay her $1,000,000. Tammy reconsiders and tells Jim that she will accept the $500,000 to marry him. Does a valid contract exist? A. No. Tammy rejected Jim's offer. B. Yes. Only if the contract is in writing. C. No. Marriage is not valid consideration for a contract. D. Yes. Tammy accepted Jim's offer to marry.arrow_forwardMargo Riche is married to John Riche. John has a mental infirmity. They have a 22 year old daughter who has a physical infirmity. Neither infirmity is severe enough to qualify for the disability tax credit. John has 2020 Net Income For Tax Purposes of $6,600. Their daughter has no 2020 income. Determine the amount of any 2020 tax credits that Margo will have related to her spouse and daughter. Answer: Margo will be entitled to the spousal tax credit, including the additional amount for an infirm spouse. In addition, she can daim the Canada caregiver credit for her 22 year old infirm daughter. The tofal credits would be calculated as follows: $2,427 $1,557 $341 $3,257arrow_forwardState whether the following contracts are valid, unenforceable or illegal. a) Sam pays $10,000 to dispose of his mother-in-law b) Ernie offers $20,000 to Emilio for Emilio’s block of land. Emilio accepts, but nothing is signed c) Fred asks ABC Insurance to insure his new car. The company agrees but nothing is signed. d) Zoe agrees to lease a shop from Ian for 10 years. No lease has been signed. e) X and X are bank robbers. They employ George to drive their getaway car.arrow_forward
- Which of the following represents an agency relationship? 1) Horace wants to sell his farm and hires Marcie as his realtor. The two agree that if Marcie finds a buyer for the farm at Horace's price, then Horace will pay Marcie 7% of the price he receives. 2) Bob dies and leaves his assets in a trust for his minor child, Lilly. In the trust, Bob appoints Reggie as the trustee to act for Lilly's benefit. Since Reggie has a fiduciary duty to Lilly as trustee, Reggie is Lilly's agent. 3) Lucy contracts to sell her car to Tony for $5,000. Tony purchases the car only to find it not in the condition that Lucy described it. Tony is claiming that Lucy violated her fiduciary duty to him as his agent under the agreement. 4) Hunt is an attorney of questionable ethics. Roger, one of Hunt's clients, is arrested for DUI, but appears to be too intoxicated to consent to a breath test. Hunt is contacted by…arrow_forwardSue is a fifty-five year old employee of company A. Her children are out of college and her parents have both died. Company A offers a child care program to all employees along with an elder care program. However, Sue, like many other employees, has no need for these services, neither now or in the future. Should the firm retain these programs? Should alternative benefits for employees who have no use for such services be offered?arrow_forwardWhile mingling with neighbours at a party, Ato mentions that he is responsible for evaluating bids for a large computer software contract. A few days later, Ato receives a lunch invitation from one of his neighbours who also attended the party. Over appetizers, the conversation turns to the contract Ato is managing. Ato's neighbor seems remarkably well informed about the bidding process and likely bidders. Ato volunteers information about the potential value of the contract and briefly outlines the criteria his firm will use to select the winner. At the end of the lunch, Ato's neighbor surprises him by revealing that he is a consultant for several companies in the computer software market. Later that day, Ato's mind is racing. Question1 Did Ato reveal information that could provide a supplier with a 1.competitive advantage in the bidding process? 2. What are the potential business risks and ethical issues in this situation? 3.Should Ato report the conversation to someone? If so, whom…arrow_forward
- The Acme Electric Company worked day and night to develop a new current regulator designed to cut the electric power consumption in aluminum plants by 35%. They knew that, although the competition was fierce, their regulator could be produced more cheaply, was more reliable, and worked more efficiently than the competitors’ products. The owner, eager to capture the market, personally but somewhat hastily put together a 120-page proposal to the three major aluminum manufacturers, recommending that their regulators be installed at all company plants. She devoted the first 87 pages of the proposal to the mathematical theory and engineering design behind his new regulator, and the next 32 to descriptions of the new assembly line she planned to set up to produce regulators quickly. Buried in an appendix were the test results that compared her regulator’s performance with present models, and a poorly drawn graph showed how much the dollar savings would be. Acme Electric didn’t get the…arrow_forwardJamie, who works as a conveyancer at your organisation, was acting on behalf of a client who was selling their property. You find out that the conveyancer was receiving kickbacks for recommending clients to a certain developer. While the gifts were not monetary, they were significant. Over the course of a couple of months, Jamie received: A fully paid trip to Fiji sponsored by the developer Two tickets to see Jimmy Barnes at his next show The conveyancer did not disclose to the client that they were also acting for the developer when they made the recommendation to go with the developer. Apply the key principles and responsibilities of codes of conduct to this scenario and explain why Jamie is in breach of them and advise the relevant regulation.arrow_forwardDimitri lends his brother, Calvin, $1,800. Calvin and Willa agree that Calvin will build a new pool deck for Willa in exchange for Willa paying Dimitri $1,800. Calvin builds the pool deck, but Willa refuses to pay Dimitri any money. Can Dimitri sue for payment? O No, because Dimitri was not a party to the contract. O No. because Dimitri did not build the pool deck. O Yes, because Dimitri is a donee beneficiary. O No, because Dimitri is an incidental beneficiary. Yes, because Dimitri is a creditor beneficiary.arrow_forward
- Phillip is a broker who was hired by Sam to help him find a new investment property. Phillip identifies a property that fits Sam's investing criteria. Sam asks Phillip to do some research and provide him with an opinion of title on the property. Is Phillip permitted to do this? ○ No. This would be considered an unauthorized practice of law. No. Phillip needs his sales associates license in order to issue an opinion of title. Yes. Brokers are always permitted to issue an opinion of title. Yes. As long as Phillip notifies FREC, he can issue an opinion of title.arrow_forwardOxy Corp. is negotiating with Wick Construction Co. for the renovation of Oxy’s corporate headquarters. Wick, the owner of Wick Construction Co., is also one of the five members of Oxy’s board of directors. The contract terms are standard for this type of contract. Wick has previously informed two of the other directors of his interest in the construction company. Oxy’s board approves the contract by a three-to-two vote, with Wick voting with the majority. Question: Should the contract between Oxy Corp and Wick Construction corp. be set aside or is it binding? What would have been the proper way for Wick to conduct himself at the Oxy board meeting?arrow_forwardDick offered to sell Jane his property. Before Jane can accept the offer, lightning strikes the house, starting a fire and it is totally destroyed. Which of the following is true? Group of answer choices The offer is terminated by operation of law. Jane can still accept the offer, and if she does, Dick must sell it to her at a discounted price for the value of the remaining land. Jane can still accept the offer. She will be entitled to the insurance proceeds. Dick can still revoke his offer, so long as he does so before Jane accepts.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 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