Is Omar’s suit legally tenable?
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- Omar, owner of a copying machine leased it to Lisa at a rental of P4,000.00 a month for a period of one year with option on the part of Lisa to buy the copying machine at the end of one year for P80,000.00. to be paid by applying the rentals, so that Lisa needs only to pay P32,000.00.Lisa failed to pay the rentals for the 4th, 5th and 6th months so that Omar terminated the lease and repossessed the copying machine, then sued Lisa for the unpaid rentals of three months or P12,000.00.Is Omar’s suit legally tenable? Explain.“O” verbally leased his house and lot to “L” for two (2) years at a monthly rental of P2,500.00 a month. After the first year, “O” demanded a rental of P5000.00 claiming that due to the energy crisis, with the sudden increase of the price of oil, which no one expected, there was also a general increase in prices. “O” proved an inflation rate of 100%. When “L” refused to vacate the house, “O” brought an action for ejectment. “O” denied that they had agreed to a lease for two (2) years. A.) Can the lessee testify on a verbal contract of lease? Reasons. b.) Assuming that “O” admits the two (2)-year contract, is he justified in increasing the rental? Why?X, the owner of a house and lot in Quezon City, gave an option to A to purchase said property for P1,000,000.00 within 90 days from May 1, 1999. A gave X one hundred thousand (P100,000) as option money. Before the expiration of the 90-day period, A went to X to exercise his option and to pay the purchase price but X refused because somebody wanted to buy his property for P1,500,000.00 and because there was no sufficient of withdrawal of the offer which was received by B at 5:00 P.M. Was the contract perfected? Reasons.
- Kathy gives property she has owned for 5 years to Janelle. At the time of the gift, the property had a basis of $35,000 and a FMV of $42,500. If on the day she receives the property Janelle sells the property for $33,000, what is Janelle’s gain or loss? Mark gives his son, Mac, stock which has an adjusted basis of $15,000 and a FMV on the date of the gift of $12,000. Mark owned the stock for three years before making the gift. If Mac sells the stock two weeks later for $16,000, what is his gain or loss? If Mac sells the stock two weeks after receiving the gift for $10,000, what is his gain or loss? If Mac sells the stock two weeks after receiving the gift for $13,000, what is his gain or loss?Gerry a plumber is hired under a written contract to refurbish Bryan's master bathroom and Bryan's first floor half bath for $45,000. Bryan gave Gerry a $5,000 check to start. Upon completion of the project Gerry gave Bryan his final invoice. Bryan refused to pay. What can Gerry do to protect his interest and receive his pay? Would your answer change if the contract was to refurbish all the bathrooms at Bryan's grocery store? If yes what changes would you make?1) Jim offered to buy James's Porsche motor vehicle. Jim gave James 2 weeks for an answer. Two days after, Jane offered to sell her Porsche motor vehicle to Jim for which he was very excited to purchase because she had the latest model. Jim called James and told him personally that he is no longer interested in purchasing his Porsche. James is very upset, because he was keen to sell. He is of the view that Jim cannot withdraw his offer because the two weeks has not elapsed. He knows that you are a business law student at Open Campus and sought your advice on the matter. Advise James. Will your answer be the same, if Jim failed to communicate to James within the two weeks that he no longer is interested in purchasing James's Porsche motor vehicle and James accepted on the last day of the end of the two weeks?
- On January 1, 2021, Crane, Inc. signs a 10-year noncancelable lease agreement to lease a storage building from Holt Warehouse Company. Collectibility of lease payments is reasonably predictable and no important uncertainties surround the amount of costs yet to be incurred by the lessor. The following information pertains to this lease agreement.(a) The agreement requires equal rental payments at the beginning each year.(b) The fair value of the building on January 1, 2021 is $6550000; however, the book value to Holt is $5500000.(c) The building has an estimated economic life of 10 years, with no residual value. Crane depreciates similar buildings using the straight-line method.(d) At the termination of the lease, the title to the building will be transferred to the lessee.(e) Crane’s incremental borrowing rate is 11% per year. Holt Warehouse Co. set the annual rental to insure a 10% rate of return. The implicit rate of the lessor is known by Crane, Inc.(f) The yearly rental payment…Ciara decides to sell her car, a Nissan Skyline, and puts anotice on the back windscreen of the car. The notice reads,‘Sporty car for sale, excellent condition, low mileage,bargain at €2,000. Please phone Ciara Clarke 0899792949or call in at 16 Liffey Glen’.On Monday morning, Sean telephones Ciara and offers tobuy the car for €1,500. Ciara refuses to accept his offer.Later that day, Sean changes his mind about the car andtelephones Ciara. She is out so he leaves a message on heranswerphone saying, ‘I agree to give you the full askingprice of €2,000 for your car and will be round to collect ittomorrow’.On Tuesday morning, Conor sees Ciara’s car and writes aletter of acceptance to Ciara enclosing a cheque for €2,500.He immediately puts the letter in the post box. On Tuesdayafternoon, Riona calls at 16 Liffey Glen but Ciara is out, soshe puts a note through the letterbox stating, ‘I had a goodlook at your case – it is just what I want – I enclose a chequefor the full asking price of…Jim offered to buy James’s Porsche motor vehicle. Jim gave James 2 weeks for an answer. Two days after, Jane offered to sell her Porsche motor vehicle to Jim for which he was very excited to purchase because she had the latest model. Jim called James and told him personally that he is no longer interested in purchasing his Porsche. James is very upset, because he was keen to sell. He is of the view that Jim cannot withdraw his offer because the two weeks has not elapsed. He knows that you are a business law student at Open Campus and sought your advice on the matter. Advise James. Will your answer be the same, if Jim failed to communicate to James within the two weeks that he no longer is interested in purchasing James’s Porsche motor vehicle and James accepted on the last day of the end of the two weeks? Required to use the IRAC* method to answer
- Jim offered to buy James’s Porsche motor vehicle. Jim gave James 2 weeks for an answer. Two days after, Jane offered to sell her Porsche motor vehicle to Jim for which he was very excited to purchase because she had the latest model. Jim called James and told him personally that he is no longer interested in purchasing his Porsche. James is very upset, because he was keen to sell. He is of the view that Jim cannot withdraw his offer because the two weeks has not elapsed. He knows that you are a business law student at Open Campus and sought your advice on the matter. Advise James.Will your answer be the same, if Jim failed to communicate to James within the two weeks that he no longer is interested in purchasing James’s Porsche motor vehicle and James accepted on the last day of the end of the two weeks?Janelle acquires a used seven-year class asset on November 3, 2020, for $40,000. She does not elect to expense any of the asset under § 179 or straight-line cost recovery. No election for additional depreciation is made. She sells the asset on December 4, 2021. This is the only asset she acquires in 2019. Determine Janelle’s cost recovery depreciation in 2020 and 2021.Clive who lives in Johannesburg agrees to buy a horse from Pretty who lives in Cape Town as Pretty is finding it too expensive to pay stable fees.The parties agree on the purchase price of R 500 000 to be paid on delivery of the horse on 30th December 2020. Whilst Clive is en route to Cape Town there is a vicious storm. Due to the loud thunder and lightning, the horse experiences severe shock from which it eventually dies. Identify the type of impossibility that applies to the above scenario.
