Concept explainers
Case summary: A person CM held a life estate in the city N, however, he did not pay taxes and premiums that resulted in tax liens. On the termination of the life estate, the title was transferred to the company MORC. MORC paid the premiums and liens to avoid foreclosure and sale of the property. The company MORC filed a suit against the person CM on the ground of unjust enrichment and to recover the cost of premium and tax liens.
To find: The reason for which the owner of a life estate refused to pay the taxes and premiums
Case summary: A person CM held a life estate in the city N, however, he did not pay taxes and premiums that resulted in tax liens. On the termination of the life estate, the title was transferred to the company, MORC. MORC paid the premiums and liens to avoid foreclosure and sale of the property. The company MORC filed a suit against the person CM on the ground of unjust enrichment and to recover the cost of premium and tax liens.
To find: The reason from the person CM that could influence the decision of the court.
Want to see the full answer?
Check out a sample textbook solution
Chapter 26 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)
- General accountingarrow_forwardAnswer this general accounting questionarrow_forwardDJ Chase carries portfolios of both trading securities and available-for-sale securities. At the end of 2018 and 2017, the trading securities were valued at $468.4 billion and $595.6 billion, respectively; and the available-for-sale securities were valued at $205.9 billion and $85.4 billion, respectively. Together, the investments comprise about 25 percent of the company's total assets as of December 31, 2018. Unrealized gains reported on the 2018 income statement totaled $9.9 billion. Trading securities are carried on the balance sheet at market value. Compute the net decrease in the investment in trading securities during 2018.arrow_forward
- I won't to this question answer general Accountingarrow_forwardProvide answer general accountingarrow_forwardOn January 1, 2021, Nohara Inc, had cash and share capital of Yen 60,000,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2021, it purchased for cash Yen 20,000,000 of equity securities that it classified as non-trading. It received cash dividends of Yen 4,500,000 during the year on these securities. In addition, it has an unrealized holding gain on these securities of Yen 6,500,000 net of tax. Determine the following amounts for 2021: a) Net income. b) Comprehensive income. c) Other Comprehensive Income, and d) Accumulated other comprehensive income (end of 2021).arrow_forward
- CORRECT ANSWER✅arrow_forwardDharma Chemical Inc. placed 195,000 liters of direct materials into the mixing process. At the end of the month, 9,000 liters were still in process, 40% converted as to labor and factory overhead. All direct materials are placed in mixing at the beginning of the process and conversion costs occur evenly during the process. Dharma uses weighted-average costing. Determine the equivalent units in process for direct materials, assuming that 16,000 liters of chemicals were 40% complete prior to the addition of the 195,000 litersarrow_forwardGeneral accountingarrow_forward
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