Amy is a creditor of Bia. In order to escape the liability to Amy, Bia sells all his property to Cathy. May Amy ask for rescission of the contract of sale between Bia and Cathy? * Yes even if the right of levy and execution and accion subrogatoria are still available. Yes because creditors are protected in cases of contracts intended to defraud them. No because Amy is not a party to the contract. No because Amy has no right of rescission.

T embezzles $100,000 from his employer in Year 1. The embezzlement isdiscovered during the course of an audit in Year 2, at which time T repays the money infull.a. T realizes $100,000 of income in Year 1.b. T doesn’t realize any income in Year 1 because he had a legal obligation torepay the money at the time he took it.c. T realizes $100,000 of income when the embezzlement is discovered in Year 2,but only if he doesn’t repay it in that year.d. None of the above.   While shopping at a flea market in Year 1, T bought a simple jewelry box for $20.When T got home with her new purchase, she discovered that the box had a hiddencompartment which contained an emerald ring. She then immediately had the ringappraised by an expert on emerald jewelry and learned that it was worth $5,000. T soldthe ring to her mother for $4,000 in Year 2.a. There are virtually no cases dealing with the recognition of income for noncashor non-bullion “treasure trove.”b. T would be required to recognize $4,980 of…

8. Giancarlo hired Hometown Handyman (HH) to renovate his home. Due to the extremely careless actions of HH employees, there was extensive damage to the home. Giancarlo sued HH for breach of contract and negligence. Which of the following remedies is NOT designed to compensate the plaintiff for a loss? a) Special damages b) General damages c) An accounting of damages d) Exemplary damaqes

Terry owns land that serves as security for a $50,000 mortgage held by Key Bank. When Terry's tax basis is the land was $15,000 and the land's fair market value was $40,000, Key Bank forecloses on the land and takes title in full satisfaction of the mortgage balance. Which of the following statements is correct? a. If the mortgage is recourse, Terry must recognize gain on the foreclosure but no income from the discharge of indebtedness. b. If the mortgage is nonrecourse, Terry must recognize gain on the foreclosure but no income from the discharge of indebtedness. c. Terry only recognizes income from the discharge of indebtedness if the land was used in a trade or business. d. If the mortgage is nonrecourse, Terry must recognize gain on the foreclosure and income from the discharge of indebtedness. None of the above e.

Please dont use any AI. It's strictly prohibited. Help me please asap.

Haresh

Sebastian and Sunny are married. They are currently contemplating filing as married filing separately. Under current law, spouses filing separately must A) use the standard deduction if the other spouse uses the itemized deductions or vice versa. B) both use standard deduction. C) both use itemized deductions. D) either both use itemized deductions, or both use standard deduction.

Gabrielle files a suit against Hard n Fast Adhesives, Inc. Hard n Fast responds that even if Gabrielles statement of the facts is true, according to the law Hard n Fast is not liable. This is Group of answer choicesa. a counterclaim.c. a motion for summary judgment.b. a motion for judgment on the pleadings.d. a motion to dismiss.

Margaret issues a promissory note payable to the order of Pancho. Pancho indroses the note toAdolfo, then Adolfo to Beatrice, then Beatrice back to Margaret. What happened to the obligationof Margaret?

Thompson’s house was destroyed by fire and claims were filed with the insurance company.  The insurance company (insurer) hired Cannon to investigate the fire as it was suspicious about the cause.  Subsequently, the insurer denied the claims based on Cannon’s report.  Thompson sued the insurer and Cannon.  Thompson claimed to be a third party beneficiary of the Cannon-insurer contract.     Is Thompson correct?  If not, what type of beneficiary is he and why? ​