The Mitchells are selling their home. They did not set forth in the sales agreement whether the washing machine, a chandelier in the dining room, and a built-in bookshelf were to be included in the sale or whether they were planning to take these items with them. 4 The buyers are claiming these items are fixtures and should stay with the house. The Mitchells are claiming they are movable goods, and they should not be part of the real estate which was sold. Define "fixtures." Identify the tests used to determine whether an item is a fixture. Explain whether each of the contested items is a fixture and why or why not?

A8

Joseph and Mai each bought shares of Apple stock at $200 per share. About a week later, Joseph called his stockbroker and told him that if Apple was trading below $195, he wanted to sell. The broker was very busy, so he didn’t check but Apple was trading at $194 per share. He told Joseph that it was not below $195, so Joseph did not sell the stock. Mai also called her stockbroker that day also and told him that if Apple was trading below $195, she wanted to sell. Once again, the broker was very busy, so he didn’t check but Apple was trading at $194 per share. He told Mai that it was not below $195. However, Mai saw the price on her computer and knew it was $94. However, Mai did not sell either. Apple dropped to $180 per share by the end of the day and they both sold suffering a large loss. They both sue the brokers. What are the probable outcomes of the suits?

In 1950, Leaky Chemical Company began manufacturing fireproofing materials at its site in NY. The manufacturing process used a lot of water and as part of the process, it used water from the nearby river to cool its machinery. At the conclusion of the process, used water was discharged into a sump called "The Lagoon", behind the building. In 1975, Leaky went out of business & the property was unused until 1980, when Vinyl Window Corporation bought the property and began manufacturing replacement windows. The manufacturing process resulted in leftover liquid vinyl, which was put in metal drums and stored outside-where they rusted and leaked into the Lagoon and elsewhere. After VWC moved its entire business to China in 1995, at VWC's request, the factory buildings were bulldozed by an outside company, (Ace Demolition Corporation) which also bulldozed the metal storage drums, not knowing what was in the drums. In 2000, a residential community was built adjacent to the old VWC…

Buyer Javier makes a formal offer to Seller Joy: $250,000 and the appliances stay. Joy counters: $250,000, no appliances. Joy then reconsiders and accepts the first offer. Is Javier is obligated to buy the home? Why or why not? Yes, because Javier never formally withdrew the offer. No, because once Javier's offer is countered, it is considered rejected and is dead. Yes, because Joy's counter was for the same amount of money as Javier's initial offer. No. because a buyer can withdraw from a contract for any reason without penalty.

am. 119.

Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1500.00 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would b $3000. During the year, he drove his car a total of 12,000 miles (a combination of business and personal travel) Ryan can provide written documentation of the business purpose for trips totaling 3,000 mils. What business expense amount can Ryan deduct (if any) for these trips. Ryan estimates that he drove approximately 1300 miles on business trips, but he can only provide written documentation of the business purpose for trips totaling 820 miles. What business expenses amount can Ryan deduct (if any) for these trips?

Jensen purchased a six-room house for himself and his daughter. Jensen wishes to have a deed that states that, in case of the death of either of them, the other is to own the house. What form of ownership should Jensen choose?

Alan’s real estate broker suggested that he use a quitclaim deed to sell his super cool Brentwood condo so that the buyer would: Be the grantor under the deed and have full recourse against the seller for any title related claims Acquire only the legal interest in the property that Alan previously held Know that all prior mortgages, liens, and other encumbrances had either been reconveyed or removed from the property’s title Receive assurance that the property was free from any title defects

What was the correct interpretation of condition 4 in DTR Nominees Pty Ltd v Mona Homes Pty Ltd (1978) 138 CLR 423? Choose one of the following. A plan containing the 9 lots being sold should have already been lodged for registration at the time of contract. The plan attached to the contract containing 35 lots could be registered in 2 stages, so long as the plan already lodged at the time of contract contained the 9 lots being sold. The plan attached to the contract containing 35 lots should have already been lodged for registration at the time of contract. The plan attached to the contract containing 35 lots could be lodged within 14 days of the contract being signed.