iane orally sold a ringlight to Ms. V and both agreed that the delivery of the ringlight will be made 13 months after their agreement. Is the contract
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Ms. Diane orally sold a ringlight to Ms. V and both agreed that the delivery of the ringlight will be made 13 months after their agreement. Is the contract valid? Explain.
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- Riya writes an email promising to sell her car to Manish for $500, and Manish replies that he will pay Riya on the 24th of the month. On the 24th, Manish pays Riya and she gives him the title to the car. Manish and Riya have a(n) __________. a.) unilateral contract b.) implied contract c.) executory contract d.) executed contractPaul agreed to lend Marsha $500. Thereupon Marsha made and delivered her note for $500 payable to Paul or order “ten days after my marriage.” Shortly thereafter Marsha was married. Is the instrument negotiable? Explain.Lyka and Brigette entered into a contract of sale over a parcel of land. In their agreement. the buyer, Brigette, must pay the purchase price on or before December 9, 2022 with the condition that if Bridgette fails to pay, the contract shall be automatically rescinded.If Brigette fails to pay on December 9, 2022, can she still pay on December 12, 2022? Why or why not?
- In September, Amina hired Bryan as a delivery man. Bryan was to commence work on 1 November. On 1 October, Amina wrote to Bryan telling him that, despite their agreement, economic circumstances were such that she no longer required his services. Can Bryan sue Amina? Explain your answers in light of the principles learned on breach of contract. (maximum 500 words)Bob entered into a land contract to purchase real estate from Sam. The purchase price was to be paid over a 10-year period by monthly amortization. At the end of five years, Bob defaulted, having failed to make his required payments. The contract provided that in the event of default, the seller could declare a forfeiture after a period of 30 days and repossess the property. If the court should consider the land contract an equitable mortgage, what might be the rights of Bob and Sam?Kerry purchases the Level I software at a price of $50 for his son, Tom, on December 1. Suppose Tom passedthe Level I test on December 10, and Kerry immediately purchased the access code for Level II for an additional$30. Cutler provided Kerry with the access code to Level II on December 20.Required:When would Cutler recognize revenue for the sale of Level I and Level II software?
- Kiko and Kikay verbally agreed to enter into a two-year contract of lease in 2020. A year later, Kiko was collecting rents from Kikay, who refused to pay since the contract of lease was not in writing. Is Kikay’s argument correct? Yes, the contract involving real properties should be in writing under the Statute of Frauds. No, Statute of Frauds applies only to executory contracts and not those already fulfilled. No, fairness dictates that Kikay should pay rent. Yes, the contract for more than a year should have been in writing under the Statute of Frauds.Suzy sells an office building and the associated land on May 10, 2022. Under the terms of the sales contract, Suzy is to receive $450,000 in cash. The purchaser is to assume Suzy's mortgage of $175,000 on the property. To assist the purchaser, Suzy agrees to pay $12,000 of the purchaser's closing costs and the broker's commission on the sale is $37,500. What is the amount realized by Suzy from this sale? O $625,000 O $400,500 O $450,000 O $575,500W owes Y, the managing partner of XYZ Partnership, P50,000 due on Oct. 1, 2021. W also owes XYZ partnership P100,000 due on Oct 31, 2021. If W pays the managing partner P50,000. How will the payment be applied? Explain.
- A contract is entered into between Jane, a minor and Sisa, an insane person. Jose, the father of Jane ratified the contract. What is the status of the contract after ratification? * Rescissible Unenforceable Null and void VoidableRebecca entered into a written contract to sell certain real estate to Mary, a minor, for $80,000, payable $4,000 on the execution of the contract and $800 on the first day of each month thereafter until paid. Mary paid the $4,000 down payment and eight monthly installments before attaining her majority. Thereafter, Mary made two additional monthly payments and caused the contract to be recorded in the county where the real estate was located. Mary was then advised by her attorney that the contract was voidable. After being so advised, Mary immediately tendered the contract to Rebecca, together with a deed reconveying all of Mary’s interest in the property to Rebecca. Also, Mary demanded that Rebecca return the money she had paid under the contract. Rebecca refused the tender and declined to repay any portion of the money paid to her by Mary. Can Mary cancel the contract and recover the amount paid to Rebecca? Explain.Gloria Detoya and Esterlina Gevera have operated a successful partnership for years, sharing profit and losses equally. Evangelina Madelo is to be admitted to the partnership on June 1 of the current year, in accordance with the following agreement: many a. Assets and liabilities of the old partnership are to be valued at their book values of May 31, except for the following: Accounts receivable amounting to P20,000 are to be written off, and the allowance for uncollectible accounts is to be increased to 5% of the remaining accounts. Merchandise inventory is to be valued at P638,700. Equipment is to be valued at P900,000. b. Madelo is to purchase P300,000 of the ownership interest of Gevera for P375,000 cash and to contribute P350,000 cash to the partnership for a total ownership equity of P650,000. c. The income-sharing ratio of Detoya, Gevera, and Madelo is to be 2:1:1. The post-closing trial balance of Detoya and Gevera as of May 31 follows: Detoya and Gevera Post-Closing…