Mr. Tom promises to find a job for Mr. Martin in a public company. Mr. Martin promises to pay 1000 OMR in return of this favour. Question a. Is this a valid contract? b. Is this agreement enforceable by law? Explain why or why not?
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Mr. Tom promises to find a job for Mr. Martin in a public company. Mr. Martin promises to pay 1000 OMR in return of this favour.
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- D borrowed a sum of money from C with a certain rate of interest. C now wants to increase the rate of interest without the consent of D. What principles in contracts prohibit C from doing so? Explain.Fill in the blanks to complete sentence. 8. ______bond ensures the repayment of the advance by the exporter in the event of the non-performance of his contractual obligations.Define the following: Condition Civil loss Reciprocal obligations Pure obligation Potestative condition Problems Explain or state briefly the rule or reason for your answer. 1. D (debtor) borrowed P20,000 from C (creditor) payable on or before August 30. Before the arrival of the due date, C agreed to the promise of B to pay C if B wants. Can C insist that B pay not later than August 30? 2. Suppose in the same problem, D obliges himself to pay C P10,000 after C has paid his obligation to T. Is the obligation valid? 3. S (seller) agreed to sell to B (buyer) a specific car for P200,000, delivery of the car and the payment of the price to be made on June 15. Suppose S delivered the car on June 15 but B failed to pay the price, what are the remedies of S? 4. S sold a parcel of land to B for P240,000 payable in installments of P20,000 a year. The land was delivered to B who obtained ownership thereof. After B had paid P200,000, he could no longer continuing paying in view of…
- Which of the following is NOT an example of a contingency? Salaries payable to top management Potential expense related to repair or replace products sold under warranty Note receivable sold with recourse An amount potentially payable to settle a lawsuit All the other alternatives are contingenciesA lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be TRUE? a. Because it is voluntary, it will not be an adverse item on the buyer's credit. b. The lender will take the title subject to any junior liens. c. The lender will usually retain his rights under mortgage insurance or VA guarantee. d. The loan will still be assumable.Stafford Surety Co. agreed to act as the conditional guarantor of collection on a debt owed by Preston Decker to Cole. Stafford was paid a premium by Preston to serve as surety. Preston defaults on the obligation. What are Cole’s rights against Stafford Surety Co.?
- 3326 J requests insurance on a neighbor's home in his own name. The insurance producer explains that such a policy also would violate the principle of: a. subrogation b. assignment c. warranty d. insurable interest 3330 Which of the following actions represents consideration in an insurance contract? a. paying the premium b. filing a claim c. missing the policy d. endorsing a policyWhich of the following arises when the seller's right to consideration from a customer is conditional upon something other than the passage of time? A receivable A contract asset A contract liability None of these choicesWhy would a buyer want to have a contract with a real estate brokerage? What benefits would there be?
- 13 If any contractual party breaches the obligation then what can be the course of specific action from the court of law ? ut of Pay monetary compensation Provide time for either of the party to perform Return of Property estion All of the options46. S1. Contracts are binding and effective only between the parties, their heirs and assigns. S2. Thus, an heir of a debtor is liable to the creditor for the full amount of the obligation. A. True, True B. True, False C. False, True D. False, Falselook at the following situation: client D sold a June Oil future contract and plans to deliver. 1- what is the role played by the clearinghouse in the above situation? 2- is the existence of a clearinghouse important?