Can D make C’s estate liable for his debt
Q: Ms. Gail Go created a trust in favour of her son, Wilson Go. He appointed Atty. Ramulo as a…
A: Here discuss about the details of the important of Trustee appointed by the Trust and its rights and…
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: Rica, the president of XYZ Corporation was authorized by the Board of Directors of XYZ Corporation…
A: A loan means a contract in which one party lends money to other for a certain time period that is…
Q: Firenze is the holder of an instrument payable to him (Firenze) or his order, with Florence as…
A: Bill of exchange is a writing document which contain the information to confirm the order to make…
Q: S sold his lot to B. The lot is the subject of a case filed by X against S. S did not disclose this…
A: Consumer protection is the important term to be used for the consumers as in greed for more…
Q: WHAT HAPPENS IF A PARTNER BECOMES INSOLVENT? In 2010, three dentists-Ben Rogers, Judy Wilkinson, and…
A: The first alternative is that Wilkinson and Walker can contribute equivalent to the 1/3 portion of…
Q: (a) What are the tax consequences to Adams and Newco? Assume Adams had paid only $30,000 of the…
A: Introduction: Mortgage: Mortgage is defined as debt security in which the loan is backed by an asset…
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: CJ and Danny have incorporated and obtained a $100,000 loan in their corporate name. The loan is…
A: A lawful entity, ordinarily an organization that respects responsibility is characterized as being…
Q: The most that the owner of a sole proprietorship can lose, as a result of business debts or…
A: A sole proprietorship is a form of business that is operated and controlled by a company, individual…
Q: WHAT HAPPENS IF A PARTNER BECOMES INSOLVENT? In 2010, three dentists-Ben Rogers, Judy Wilkinson,…
A: When a person or organization becomes insolvent, they are unable to satisfy their financial…
Q: 1. The imputed interest rules apply to which of the following type of loan? a.Coercion-related…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Nicholas is a software engineer and is starting a consulting practice. What form of…
A: Proprietorship also is known as sole proprietorship is an ownership type where a single person owns…
Q: Determine what kind of defective contracts (A. Rescissible, B. Voidable, C. Unenforceable , D. Void…
A: Defective contracts refer to the type of contracts which defective in ways such as Voidable and…
Q: Which of the following liabilities would be considered nonrecourse? A bank loan for which the…
A: Lets understand basics. Non recourse liabilities are liabilities which are secured by the…
Q: Moustapha and Ava want to form a business to buy and sell small appliances. They will both actively…
A: Under general partnershipx they can set off the losses in future, therefore they should go for…
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: Which of the following is false?
A: Mrs. Y, wife of a deceased employee, received financial benefits voluntarily voted upon by the Board…
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: 5). Leno Hardware is owned and operated as a sole proprietorship by Larry Leno. The location…
A: When the situation arises to sell your business where the buyers are around the corner, the seller…
Q: S (debtor) is indebted to T (creditor) in the amount of PhP50,000.00. S proposed to T that Y will be…
A: Insolvency According to the business perspective insolvency of the firm which creates more problems…
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: an owner lists a property with a broker through an associate broker. which of the following would…
A: Agency Relationship: It's a fiduciary relationship formed when one person expresses agreement to…
Q: 1. Selisana is personally insolvent. He has no personal assets. 2. Selisana is personally solvent…
A: Liquidation of partnership means when the partnership comes to an end and the partnership agreement…
Q: ABC Corp took two keymen insurance on the life of its President, Mr. X. In one policy, the…
A: 1. No. The cost of key man life insurance is typically not tax-deductible. Premiums must be paid…
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: Sahana is the trustee of Gina’s bankrupt estate. Gina owns a boutique business which operates from…
A: Trustee refers to an individual who assumes a fiduciary duty and takes ownership of the assets owned…
Q: . T realizes $100,000 of income in Year 1. b. T doesn’t realize any income in Year 1 because he had…
A: The correct answer is:- c. T realizes $100,000 of income when the embezzlement is discovered in…
Q: A misrepresented himself to be a board of director of a Corporation TYY. Due to this…
A: According to Companies Act 2013, If any person misrepresented himself as the director of the…
Q: s property worth P1.5 million in exchange for shares in ABC Corporation. Later on, the same property…
A: Loan are to be paid back to the bank in the given period of time and that too with accrued interest…
Q: Mr. Ali started business with a small amount of capital and he is responsible for all his losses and…
A: Sole proprietor: It is an individual who owns and manages the business on his own. He is the sole…
Q: Mr. Ali started business with a small amount of capital and he is responsible for all his losses and…
A: The sole proprietor will be having only one partner and he enjoys all the profits and losses. The…
Q: First Bank Company holds a note from Jason Black and the first mortgage on real estate owned by…
A: We can come up on Mr, Black's position at the given stage using the steps below:
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: Edward prepares the report but carelessly fails to identify that C Ltd is not profitable. Which of…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…
Q: a. If Northeast Productions Company is a sole proprietorship owned by Ms. Smith,: (Select the best…
A: In case of proprietorship, A sole proprietor will be responsible for all the costs and debts of…
Q: S (debtor) is indebted to T (creditor) in the amount of PhP50,000.00. S proposed to T that Y will be…
A: Insolvency According to the business perspective insolvency of the firm which creates more problems…
Q: Auchiel and Ben are working in patnership as accountants. Kuria gives auchiel ksh. 100,000 for…
A: Partnership: A partnership is a for-benefit business association included at least two people. State…
Q: A firm in which A, B and C were partners, placed an order with D for supplying certain goods on…
A: Partnership: It is a type of business form. Under this business form, two or more individuals…
Q: ight or Wrong 1. A senior citizen earning minimum wage is exempt from income tax and exempt from…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: ABC Corporation’s CEO owns a condominium in Bahamas where top executives and their spouses stay,…
A: Here discuss about the details of taxation issues which are incurred for the benefits provided to…
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…
. A firm in which A, B and C were partners, placed an order with D for supplying certain goods on credit. Before D could supply the goods C died. D supplied the goods after C’s death, being totally ignorant about the fact. A and B subsequently became insolvent. Can D make C’s estate liable for his debt? Explain.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A firm in which A, B and C were partners, placed an order with D for supplying certain goods on credit. Before D could supply the goods C died. D supplied the goods after C’s death, being totally ignorant about the fact. A and B subsequently became insolvent. Can D make C’s estate liable for his debt.S sold his lot to B. The lot is the subject of a case filed by X against S. S did not disclose this fact to B. Is S liable to B for fraud? A. Yes, because S has the obligation to reveal the fact to B even if the latter did not ask. B. Yes, because the sale involves transfer of real rights to the property. C. No, because S did not say and do anything to convince B to buy the lot. D. No, because B is bound by the rule of "caveat emptor" or "buyer beware".nayla received a bill of exchange for value from Ahmed who had obtained the intrunment fraudulently. Nayla fearing the bill might lapse, presented it for payment where upon, it was dishonoured. state with reasons whether nayla can claim to be a holder in due course.
- 1. A misrepresented himself to be a board of director of a Corporation TYY. Due to this misrepresentation, A incurred debts to B. B thought that A was buying the supplies for Corporation TYY. What is the liability of A a. A bound the Corporation TYY to be liable against B b. A has no liability to B c. A has a personal liability to B d. A has a liability similar to a general partner2. Z agreed that he will only contribute P500,000.00 to the partnership. He secured all his properties by making sure that all the partners are aware that he will only provide the money in the partnership. Now, the other partners are planning to commence a different business. Z disagreed. Can Z disagree with the other partners? a. Yes. Being a partner, his consent is necessary in all the activities of the partnership. b. No. Being a partner, he must respect the majority. c. Yes. Being a partner, he is a co-owner. d. No. Being a partner, he has no involvement in the management.What is the legal relationship of a sole proprietorship to its owner? A. The owner and the sole proprietorship are considered to be the same legal entity. B. A sole proprietorship can survive the death of its owner. C. The owner can shelter profits of a sole proprietorship from taxation. D. Then owner is not liable for debts incurred by the sole proprietorship.Rica, the president of XYZ Corporation was authorized by the Board of Directors of XYZ Corporation to obtain loan from ABC Bank and to sign documents in behalf of the corporation. Rica personally negotiated for the loan and got the loan at very low interest rates. Upon maturity of the loan, XYZ Corporation was unable to pay. Which statement is most accurate? a. Because Rica was personally acting in behalf of the Corporation, she can held personally liable b. If XYZ Corporation cannot pay, Rica can be held subsidiarily liable c. Rica, as President, cannot be personally held liable for the obligation of the corporation even though she signed all the loan documents, because the loan was authorized by the Board d. ABC Bank can choose as to who it wants to hold liable for the loan
- Ray loses his job as a result of a corporate downsizing. Consequently, he falls behind on the mortgage payments on his personal residence. His friend Ted would like to make the delinquent mortgage payments for him. a. Could the payments be structured so that Ray can deduct the mortgage interest? b. Could the payment arrangement deny both Ray and Ted a mortgage interest deduction? c. Could the payments be structured so that Ted can deduct the mortgage interest?A, B and C are partners in an accounting firm with each partner owning an equal share of the business. B died suddenly of a heart attack. What will most likely become of the partnership? It will immediately cease to exist. A and C will have to find new jobs It will be dissolved. A and C will lose personal property to pay business debts. B's share of the business will automatically be split between A and C A and C will be able to purchase B's interest from his estate.Dennis owes Cart P1M. Xanabelle, without the knowledge or against the will of Dennis paid Cart P2M. Can Xanabelle get reimbursement from Dennis? P2M by way of reimbursement from Dennis to prevent unjust enrichment on the part of Dennis at the expense of Xanabelle. P1M only for that is the extent of benefit of Dennis. No reimbursement because the payment was not proper being without the knowledge or against the will of Dennis. P1M plus interest from the time of payment until reimbursement.
- Edward, an accountant, is hired by C Ltd to prepare a report on the financial strength of C Ltd. Edward is informed that the purpose of the report is to persuade H Ltd to buy all C Ltd’s shares. Edward prepares the report but carelessly fails to identify that C Ltd is not profitable. Which of the following is accurate concerning Edward’s potential liability for negligent misstatement: Select one: a. Edward will not be liable to H Ltd because there was no contract between him and H Ltd b. Edward will not be liable because his advice was prepared for C Ltd, not H Ltd c. Edward will be liable because the advice was prepared specifically for the purpose of persuading H Ltd to acquire shares in C Ltd, and it was reasonable for H Ltd to rely on Edward's advice. d. Edward will not be liable because it was not reasonable for H Ltd to rely on his advice.S (debtor) is indebted to T (creditor) in the amount of PhP50,000.00. S proposed to T that Y will be the one to pay the debt, making him (Y) as the new debtor. T agreed to the proposal. It turned out, however, that Y is insolvent so T was not able to collect the amount due from Y. Question: Can T enforce the obligation to S, given the insolvency of Y? ExplainThe sale with right to repurchase the property will be presumed equitable mortgage, when? a. When the price of a sale with right to repurchase is unusually inadequate b. When the vendee binds himself to pay the taxes on the thing sold c. When the vendee took over the property d. When the vendor does not want to deliver the property.