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- Coby is plumber who engages Peter to buy materials on his behalf. Peter is given a limit of $1,500 on purchases that he makes on Coby’s behalf. U-Bend Pty Ltd is a wholesaler of PVC piping from whom Peter has purchased pipes before . The company was selling piping at a discount price. Peter purchase a quantity of this piping for $2,000 and arranged for delivery. Peter thought it was too good a deal to pass up, even though it was in excess of his limit of $1,500 . Coby is refusing to accept the delivery of the pipes from U- Bend Pty Ltd Under Agency Law, will Coby be bound by the purchase?Andria was invited to a gala dinner and wanted to buy an expensive dress so she visited Marian, a well-known fashion designer. They entered into a contract for the acquisition of the for a total price of 2000 dollars. After finishing with the dress, Marian received a call from Andria saying that she no longer needed the dress because the dinner party was cancelled. Marian already paid for 1500 dollars on fabric and immediately started an action against Andria for breach of contract. However, two weeks before the court hearing, Marian sold the dress for the same amount of money which she would have receive from Andria. REQUIRED: State the purposes of awarding damages for breach of contract State the duty to mitigate loss State the level of damages Marian can claim for breach of contractMysty offered to sell her car to Tim for $15 000. Tim faxed a letter to her that said, "Consider it sold. I'll bring the money to you next Monday when I pick up the vehicle. Of course, for that price, I'll want you to install a new stereo in it." Tim did not hear anything more from Mysty, but he arrived at her door the following Monday with $15 000 in cash. He was delighted to find that a new stereo had been installed in the car, but disappointed when Mysty refused to accept his money or hand over the vehicle.Mysty is required to do so because there was a valid offer and acceptance. – Is this true or false?Very briefly, explain why this is true/false
- 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.Charles 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.Kate is an executive for the Cozy Furniture Manufacturing Company. She purchased furniture from the company for $9,500, the price Cozy ordinarily would charge a wholesaler for the same items. The retail price of the furniture was $12,500, and Cozy’s cost was $9,000. The company also paid for Kate’s parking space in a garage near the office. The parking fee was $600 for the year. All employees are allowed to buy furniture at a discounted price comparable to that charged to Kate. However, the company does not pay other employees’ parking fees. Kate’s gross income from the above is: answer choices: $3,500. $4,100. $-0-. $900 $600.
- Dylan Engineering Corporation has a contract with Marley Stores to provide customized software for Marley's inventory control system. Cliff Outlets, Inc., Marley's competitor, pays $2,500 to Costello, a Dylan subcontractor, who is writing code for the Marley software, to delay delivery of the code for one week. As a result, Dylan's delivery of the software to Marley is delayed, and Marley sustains $100,000 in lost profits. On what ground could Marley recover damages from Cliff? What would Marley have to prove to win their case? Fully discuss, including explaining what must be proven to establish any legal theories and how such issues are most likely to be resolved in court.To support herself while attending school, Daun Deloch sold stereo systems to other students. During the first year of operations, Deloch purchased the stereo systems for $165,000 and sold them for $310,000 cash. She provided her customers with a one-year warranty against defects in parts and labor. Based on industry standards, she estimated that warranty claims would amount to 4 percent of sales. During the year, she paid $2,350 cash to replace a defective tuner. eBook Required Ask a-1. Prepare an income statement for Deloch's first year of operation. a-2. Prepare a statement of cash flows for Deloch's first year of operation. Print Complete this question by entering your answers in the tabs below. Required A1 Required A2 Prepare an income statement for Deloch's first year of operation. DELOCH STEREOS Income Statement Required A1 Required A2 >To support herself while attending school, Daun Deloch sold stereo systems to other students. During the first year of operations, Deloch purchased the stereo systems for $166,000 and sold them for $312,000 cash. She provided her customers with a one-year warranty against defects in parts and labor. Based on industry standards, she estimated that warranty claims would amount to 4 percent of sales. During the year, she paid $2,560 cash to replace a defective tuner. Required a-1. Prepare an income statement for Deloch's first year of operation. a-2. Prepare a statement of cash flows for Deloch's first year of operation. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Prepare an income statement for Deloch's first year of operation. DELOCH STEREOS Income Statement
- To support herself while attending school, Daun Deloch sold stereo systems to other students. During the first year of operations, Daun purchased the stereo systems for $240,000 and sold them for $350,000 cash. She provided her customers with a one-year warranty against defects in parts and labor. Based on industry standards, she estimated that warranty claims would amount to 3 percent of sales. During the year, she paid $3,820 cash to replace a defective tuner. Required Prepare an income statement and statement of cash flows for Daun's first year of operation. (Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.) DAUN'S STEREOS Income StatementTo support herself while attending school, Daun Deloch sold stereo systems to other students. During the first year of operations, Deloch purchased the stereo systems for $145,000 and sold them for $272,000 cash. She provided her customers with a one-year warranty against defects in parts and labor. Based on industry standards, she estimated that warranty claims would amount to 6 percent of sales. During the year, she paid $2,350 cash to replace a defective tuner. Required a-1. Prepare an income statement for Deloch's first year of operation. a-2. Prepare a statement of cash flows for Deloch's first year of operation.Dean and Donna Testa hired a home inspector before they purchase a $250,000 home. The inspector charged $400. The original contract for his services contained a clause titled, "Consequential Damages." The clause was drafted by the Testa's and stated that if the inspection failed to identify flaws which resulted in expensive repairs, the inspector would pay for the repairs. The inspector's final report stated that the home's septic system had all 4 required parts. A reasonably competent inspector would have discovered that the system did not have all 4 parts. Each of the 4 part costs $10,000. After the purchase, the Testa's discover that 2 of the 4 parts of the septic system are missing. The Testa's sue the inspector. Group of answer choices The Testa's damages are limited to the value of the contract, $400. The Testa's may recover punitive damages for fraud. The Testa's may recover $20,000 The Testa's may recover $40,000.