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- 1. A contract of sale of a lot stipulates that the "payment of the full consideration based on a survey shall be due and payable in 5 years from the execution of a formal deed of sale". Is this a conditional contract of sale? Support your answer. 2. Fieldmen's Insurance issued, in favor of MYT, a common carrier, accident insurance policy. 50% of the premium was paid by the driver. The policy indicated that the Company will indemnify the driver of the vehicle or his representatives upon his death. While the policy was in force, the taxicab driven by Carlito, met with an accident. Carlito died. MYT and Carlito's parents filed a complaint against the company to collect the proceeds of the policy. Fieldmen's admitted the existence thereof, but pleaded lack of cause of action on the part of the parents. Decide. 3. Goldenrod offered to buy a mortgaged property owned by Barreto Realty to which it paid an earnest money amounting to P1 million. It was agreed upon that Goldenrod would pay the…Discjsss what is the scope of liability of the indemnifier in a contract of indemnity?JP received an amount ofP100,000.00 from RT, payable on orbefore November 15, 2021. It isstipulated in their contract that incase no payment is received onNovember 15, 2021, JP will act asthe courier of plants in the liveselling business of RT until his loanis paid. However, despite demandfrom RT when the obilgationbecomes due, JP refused & stillrefuses to act as courier in theplants live sellinsiness of RT.
- 17. Elizabeth Ellis sells a business asset for $10,000. Assume that Elizabeth has owned the asset for several years; that the original cost was $6,000; and that Elizabeth has claimed no depreciation deduction during the period of ownership and use. Assume that Elizabeth would have deducted $2,000 if she had claimed depreciation. Assume also that Elizabeth will not file amended returns to correct any prior year returns. How should Elizabeth report the sale? Ignore any potential depreciation recapture. Gain of $6,000 and expense of sale deduction for AGI of $2,000 Gain of $6,000 and a deduction from AGI of $2,000 Gain of $4,000 Gain of $4,000 and itemized deduction of $2,000 A B D None of the aboveT F The articles of partnership is a written contractdescribing the terms of a partnershipOn May 1, Melforth Realty Company offered to sell Greenacre to Dallas, Inc., for $1 million. The offer was made by a letter sent by overnight delivery and stated that the offer would expire on May 15. Dallas decided to purchase the property and sent a letter by registered first-class mail to Melforth on May 10, accepting the offer. Due to unexplained delays in the postal service, Melforth did not receive the letter until May 22. Melforth wishes to sell Greenacre to another buyer, who is offering $1.2 million for the tract of land. Has a contract resulted between Melforth and Dallas?
- Abbott contracted to deliver to Olcott 2,000 cubic yards of fill for grading a low area in the latter’s property. In return therefore, Olcott was to deliver to Abbott 25 tons of 3/4-inch reinforcing bars. Abbot delivered 500 cubic yards of fill, and that was all. What is Olcott’s obligation?In 2000, an unregistered parcel of land was mortgaged by owner O to M, a family friend, as collateral for a loan. O acted through his attorney-in-fact, son S, who was duly authorized by way of a special power of attorney, therein O declared that he was the absolute owner of the and, that the tax declarations/receipts were all issued in his name, and that he has been in open, continuous and adverse possession in the concept of owner. As O was unable to pay back the loan plus interest for he past 5 years, M had to foreclose the mortgage. At the foreclosure sale, M was the highest bidder. Upon issuance the sheriffs final deed of sale and registration in January 2006, the mortgaged property was turned over to M’s possession and control. M has since then developed the said property. In 2007, O died, survived by sons S and P. In 2017, after the 10th death anniversary of his father O, ion P filed a suit to annul the mortgage deed and subsequent sale of the property, etc., on the ground of…What is the definition of consideration and what general principles apply to its presence in contracts? Define promissory estoppel.
- A and B entered into a contract of compromise. In the contract, there is a stipulation wherein the parties ceded a house and lot to x. Upon the signing of the contract, X entered into the possession of the property. Ten years later, after the death A & B. Theirs heirs revoked the beneficial stipulation subsequently, they brought an action against X for the recovery of the property. Will the action prosper?The purpose of the Insuring clause in an Accident and Health policy is to: O A specify the schedule and method of premium payments specify the conditions under which benefits are payable indicate the responsibilities of the insured after a covered loss satisfy the requirements of the uniform policy provision code OB. O C SOD.Brent Braxton, Carlyle Christian and Deborah Drummond together provided threeseparate guarantees in writing to the National Commercial Bank (NCB) of (YourJurisdiction) Limited, regarding the promissory notes issued by Anthony Limited toNCB. The guarantees were made by Deed for US$200,000 each and clearly stated thatif Anthony Limited defaulted on the repayment of the US$200,000 the money wouldbe repaid by each of the guarantors. The NCB has written to BB, CC and DD requestingthe repayment of the borrowed sums. However, BB, CC and DD are contending thatthey are secondarily liable for repayment of the borrowed sums.You have been asked to prepare legal advice for the Board of Directors on this matter.What is the nature of the advice you will give to NCB? Respond in 500 words