and Donald disagree on the interpretation of a business contract. Peter believes Donald owes him $20,000 and Donald believes he owes nothing. Each has been advised by his attorn cost of litigating the case will be $2,000 each. What is Peter's threat value?
Q: Assume that A values his house at $90,000. B is willing to pay $110,000 for A’s house in order to…
A: Enforceable contract: When two or more persons enter into a contractual or an agreement obligation…
Q: Justify Your answer keeping in view the ingredients of undue influence as laid down in Contract Act,…
A: Contract as per the Indian Contract Act, 1872 is - “ an agreement i.e offer and acceptance…
Q: In view of the heavy losses being suffered by Ballad Corporation, Watanabe and Abe were advised b…
A: A certain amount that is received by the employee from his/her employer as a result of the…
Q: Mr. S obliged himself to deliver to Mr. B 50 sacks of sugar for P20,000. Mr. S was not able to…
A: IN Contract Act when one party tells to deliver his terms and bindings according to agreement to…
Q: Alexander owns an art gallery. He accepts paintings and sculpture on consignment and then receives…
A: 2. Cost formula: Total cost = Variable cost for the opening shows + Fixed cost = (Number of opening…
Q: Kiko and Kikay verbally agreed to enter into a two-year contract of lease in 2020. A year later,…
A: Statute of Frauds is a common law which requires certain types of agreements to be executed in…
Q: Govinder instructs his employee Subash to bid on his behalf at a classic car auction for a 1956…
A: The answer for the practical question on the liability of an agent is discussed hereunder : The…
Q: G, guardian of M, sold the latter’s parcel of land worth P100,000 for only P90,000. Is the contract…
A: For being a rescissible contract, the contract must be : entered legally by contracting party…
Q: Roland, a basketball star, was under contract for one year to play-for-play exclusively for Lady…
A: Obligatory contract force: Obligations arise from contracts that have the force of law between the…
Q: Mr. Saeed wanted to purchase a horse from Raza, but the price he offered to pay for the horse was…
A: Section (a) of the Indian Contract Act 1872 defines “proposal” as when one person signify to other,…
Q: Leonard and Arlene Warner sold the Warner Manufacturing Company to Elliott and Carol Archer for…
A: a) Bankruptcy is a civil action concerning an individual or corporation incapable of repaying their…
Q: Amy is a creditor of Bia. In order to escape the liability to Amy, Bia sells all his property to…
A: Recission of the contract means unwinding of the transaction, where the payer does a transaction to…
Q: Neil and Dylan are partners in a lawn mower repair business in Ohio. While Neil is on vacation…
A: As the work performed for his sister's neighbor is similar to the work which is usually performed by…
Q: 1.) Suppose Watanabe resigned and received P50,000 separation pay. Is the P50,000 taxable to him?…
A: A certain amount that is received by the employee from his/her employer as a result of the…
Q: Sining stole a watch of Benita, then sold it to Goreng for the amount of 5,000. Goreng is in good…
A: Reimbursement: It implies to the repayment that is made to a person who has lost or spent his…
Q: Axel Brick Company has a lawsuit pending from a customer claiming $100,000 in damages. Axel's…
A: A contingent liability is a potential liability which may convert into an actual liability through…
Q: Jose obtained a loan from Pedro amounting to PhP1 Million. As a security, Jose mortgaged his land…
A: Here in this context Jose obtained loan from Pedro amounting to Php 1 Million as a security of…
Q: Ricky signed a contract to sell his slightly-used Suzuki Vitara Golf for $15,000 to an old friend…
A: Contract means where two parties agree to do something for another party in discharge of the…
Q: . Should the defense be sustained? Why?
A: Capacity to contract refers to the ability of a person or group of persons to enter into an…
Q: A binds himself to give P10,000 to B upon the death of the father of A. Is the obligation of A…
A: Obligation is a course of action taken by a person because of legal commitment.
Q: Ayen, Tristan and joey are solidary debtors under a loan obligation of P900,000.00 which has fallen…
A: Sоlidаry Liаblity: Sоlidiаry Liаblity is а Оbligаtiоn whiсh give Rights tо thаt Сreditоr оf аn…
Q: her laptop to Kofi Brokeman for GH¢1,200 and Kofi Brokeman replied by offering to purchase the…
A: Given: Happee offered to sell her laptop to Kofi Brokeman for GH¢1,200 and Kofi Brokeman replied by…
Q: Henry and Wilma, an elderly immigrant couple, agreed to purchase from Brown a refrigerator with fair…
A: The contract price is 25 months * $60 = $1500 The market value of the refrigerator is = $450…
Q: Riya writes an email promising to sell her car to Manish for $500, and Manish replies that he will…
A: An executory contract is a contract that has not been performed fully by both parties. Either one…
Q: X is indebted to Y in the amount of P25,000.00. In order to escape payment of his debt to Y he sold…
A: In Absolute Simulation the ownership of the thing is not transferred if the contract is not proved…
Q: D, E, and F are partners in DEF Enterprises. They want to obtain a loan from X, but X does not know…
A: The loan is outstanding in the books of DEF enterprise and hence the partners of DEF are first…
Q: D is indebted to C for P10,000. For the purpose of defrauding C, D sold his only parcel of land to X…
A: This question deals with the concept of "Rescissible Contact". A rescissible is a contract which is…
Q: Sean sued an unscrupulous person for derogatory remarks which he considered to have besmirched his…
A: Return on Capital = (Return / Capital) x 100 In the given case, Return = reimbursement for…
Q: Mike and Jeff still run a law practice in French Polynesia as a general partnership with each…
A: Partnership means a group of persons who come together with a purpose to control and manage the…
Q: Linda induced Sally to enter into a purchase of a home theater receiver by intentionally…
A: The remedies for misrepresentation, fraudulent and negligent misrepresentation, the claimant may…
Q: Suppose you form a legal partnership with your best friend, and she purchases consulting services…
A: Partnership Firm: In partnership firm two or more person come together to do business and earn…
Q: Watson agreed to buy Ingram’s house for $355,000. The contract provided that Watson deposit $15,000…
A: For the following explanation, the Seller is entitled to the $15,000 earnest cash from Buyer 1:…
Q: Quince owns a used-car lot where Ray works as a salesperson. Quince tells Ray not to make any…
A: When there is contract an agreement between two person it is duty of both the parties to be abide by…
Q: Mr. Nassir works as a sales agent in an insurance company and is responsible for selling life…
A: An employee earns a gross income that may include various component like basic salary, allowances,…
Q: GoodMates Pty Ltd loaned one of its staff, Munir, the amount of $5,000 (interest free) for one…
A: Fringe benefits are described as those payments which are made by the employer to the employee in…
Q: Mr. Tom promises to find a job for Mr. Martin in a public company. Mr. Martin promises to pay 1000…
A: A contract is a written or oral agreement with precise terms between two or more people or entities…
Q: Daniel agreed that he would erect an apartment building for Steven for $12 million and that Daniel…
A: Liquidated damages are ascertained damages which are designated during the formation of a contract…
Q: I. Pielago is in need of funds for the next 3 months. She badly needed P30,000,000 in cash because…
A: Money Market Fund Money market fund is also called short term financial fund which can be generate…
Q: Magnum, a well-known private investigator, has a very unhappy client, C, who does not like her…
A: As per the laws the entire receipts from winning the case must be charged to income tax
Q: Anita and Duncan had been partners for many years in a mercantile business. Their relationship…
A: After many years of mercantile partnership, AN and DN's relationship deteriorated, leading to the…
Q: The plant union is negotiating with the Eacty Company, which is on the verge of bankruptcy. Eagle…
A: Working:- The Reduction in After-tax income is calculated as follows:…
Q: Imagine you are working for an insurance companies. An individual is calming 10,000$ worth of stolen…
A: Expected claim is the sum product of probability of claim and the claim payable at the given…
Q: Mr. Asif is a minor who entered in a contract & offered to sale a Toyota Corolla GLI model 2019 &…
A: Introduction: Valid Agreement: Its an agreement between two or more parties for providing services.
Q: Bill is cleaning his basement and finds an old vase. Believing the vase is worthless he sells it for…
A: Contract is defined as the document or paper which binds the parties to the agreement legally,…
Q: Mumtaz, Badia and llya are partners in a business partnership, called MBI. Mumtaz c8 contributes…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: Is Marco behaving ethically? Why or why not? Who is affected by Marco’s decision? What other…
A: Ethics: Ethics in business is a much debated yet less followed topic. Every business has to…
The expected value of threat depends on the probability of threat and that depends on the legal expenses involved in that.
Step by step
Solved in 2 steps
- Mike offers to sell his car to Ricardo for $450. Ricardo accepts Mike's offer. Three days after accepting the offer, Ricardo calls Mike and says that he no longer has the money and cannot buy the car. Mike then enters into a valld contract to sell the car to Jim for $15.000. Once Ricardo hears about the contract. he calls Mike and says that he changed his mind and will buy the car of $450. Mike refuses to sell him the car. Is there a valid contract between Mike and Ricardo? OA No. The contract was discharged by Ricardo's breach. B. Yes. Ricardo's attempt to renegotiate does not affect the original contract. C. Yes. Mike agreed to sell his car and Ricardo accepted. D. No. Ricardo's counter-offer was never accepted.Scott agrees in writing to sell 10 new iPhones to Bradford for $750 each, payable upon delivery. This is a good deal because the price everywhere else is $1,250 each. Scott breaches the contract and never delivers the iPhones. Bradford is forced to buy the iPhones elsewhere for $1,250 each. If Bradford sues Scott in a court of law for compensatory damages for breach of contract, Bradford is not entitled to anything since he never paid for the iPhones. Bradford is not entitled to anything because he took advantage of the situation. O Bradford is entitled to $12,500 in damages. O Bradford is entitled to $5,000 in damages.Mary had a contract with Brick, whereby Brick will paint her Home for $2,000 TT. Brick regrettably got another job for a larger amount of money and told Mary that he cannot paint her house anymore. Mary is furious and has contacted her lawyer to sue Brick for breach of contract. Jeb contacted Mary soon thereafter and agreed to paint her house for $2,500 TT. Mary is however concerned that if she sues Brick, she may not be able to get any recourse via damages because she has not lost anything. Based on the rules of governing the payment of damages in the event of a breach of contract. Using IRAC please advise Mary on what she has to establish to be paid damages, clearly identifying each rule.
- Julie and Suresh conclude an agreement in terms of which they agree that Julie will pay Suresh the amount of R50 000 to murder her husband, Alex. This contract is not valid and enforceable. Explain why not.Suppose that Laurel agrees to pay Yanny $50 a month for 4 months to tutor him for his legal studies class. However, Laurel breaches the contract and terminates Yanny for no reason other than the fact she wanted a more attractive tutor. Yanny had two months left on the contract and could not find another tutoring job for those two months. How much in compensatory damages would Yanny be entitled to recover? O $500 O $200 O $100 O $0 O $50Ricky signed a contract to sell his slightly-used Suzuki Vitara Golf for $15,000 to an old friend Boris, after the latter threatened to tell Ricky's wife that Ricky is a discharged bankrupt. The vehicle still has a market value of $24,000. Boris told Ricky that if he didn’t sell his car to him, he will could always organise some of his former associates, who are all convicted felons, to visit Ricky and force him to do so. Advise Ricky on whether he has any remedies to have the contract declared void and get his car back
- Suppose that Alex's benefit to the game is $128. Suppose further that Alex already bought a ticket (price of $80). Finally, suppose his non-refundable ticket has no resale value. Suppose that Alex's boss is considering paying a raise to Alex if he goes to work. Which of the following is true? (select all that apply) If Alex receives a $80 raise, then he will be indifferent between going to work and going to the game. If Alex does not get a raise, then he will definitely go to the game. If Alex receives a $60 raise, then he will NOT go to the game. I Alex receives a $100 raise then he will NOT go to the game.A promise to buy "all the oil I need to heat my shop this winter" recites valid consideration. True False 2. Mary threatens Doug with a $50,000 civil lawsuit unless Doug agrees to a settlement of their dispute. Doug argees to a settlement of $25,000. Doug can rescind the settlement agreement because he was under duress at the time. True False 3. "In consideration for you having helped me when I was unconscious, I will give you $100.00." This is a binding promise because there is legally sufficient consideration. True False 4. A minor's right to disaffirm a contract must be exercised while he is still a minor. True FalseCharles wants to renovate the bathroom and kitchen in his home, and he hires Veronica to do this work. They enter into a contract after agreeing to a cost of $40,000. However, once Veronica starts work, she realizes that it will cost $15,000 extra to complete the work that she promised. To show good faith to Charles, Veronica tells him that she will split the added cost with Charles and asks Charles for an additional $7,500. Charles refuses to pay the additional $7,500, and Veronica threatens to stop work on the renovation. After fearing that another contractor will probably charge much more, Charles calls Veronica and tells her he’ll pay the additional $7,500. After the renovations are completed, Charles refuses to pay the additional $7,500, despite agreeing to it. Veronica sues Charles. Who wins? Please explain.
- Auchiel and Ben are working in patnership as accountants. Kuria gives auchiel ksh. 100,000 for investment in some good security. Auchiel hides this to co-partner (Ben) and misappropriates the money. Kuria files a suit on the firm for the recovery of his ksh. 100,000 in your opinion, will he succeed? Give reasons.If Wu accepts the contract with Worthington, he would either have to (a) cancel two prom contracts each for one car for six hours or (b) cancel one business event for three cars contracted for two hours each. What are the relevant opportunity costs of accepting the Worthington contract in each case? Which contract should he cancel?Imagine you are working for an insurance companies. An individual is calming 10,000$ worth of stolen objects on an insurance claim, but you suspect he may only as suffer a loss of 6,000$. You have the ability to offer a settlement. If accepted, the claim is close and the individual receives such payment. If rejected, a court will decide the payment is 6,000$ or 10,000$. If the individual really lost 10,000$, there is 60% chance the court will decide in his favor. If the individual only lost 6,000$, there is 60% chance the court will only grant him that amount. Propose a settlement amount that will allow you to figure out if the individual is lying or not. Between 7600 and 8400