mages from: a. Coverage A
Q: AXE Co. is the defendant in a lawsuit. AXE reasonably estimates that this pending lawsuit will…
A: Contingent liability means the liability (loss) may arise in future based on the uncertain event in…
Q: Marsha transfers her personal use automobile to her business (a sole proprietorship). The car’s…
A: Marsha transfers her personal use automobile to her business i.e., sole proprietorship. Car's…
Q: Mr. Cruz was an employee of ABC Trading. He was killed by a co- employee in one of their regular…
A: Solution Return of capital is defined as the amount that is not taxable. Description Amount…
Q: Fatima and Saira are sisters. They own a land. Fatima and Saira gave their land to Fatima's…
A: A contract is an agreement enforceable by law. An agreement is a promise or set of promise between…
Q: ad executed a written contract which contained a liquidated damages clause for $200 in the event…
A: To explain the given case as,
Q: Due to his debt to Chur, Schwyz wrote a promissory note which is payable to the order of Chur.…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…
Q: Ann's car has been repossessed by Bob Finance without any notice after Ann defaulted on two…
A: Hire purchase is a method of purchasing high-priced consumer items in which the buyer pays security…
Q: Amy is a creditor of Bia. In order to escape the liability to Amy, Bia sells all his property to…
A: Recission of the contract means unwinding of the transaction, where the payer does a transaction to…
Q: Maya was involved in an auto accident in which she was at fault. Her own car sustained $1,326…
A: Here, Own Car Damages is $1,326 Cost of Repair of Other Vehicle is $1,186 Cost of Medical Treatment…
Q: (a) Consider whether Alice is entitled to a§ 199A deduction with respect to her income from Chez's…
A: QBI- Qualified Business Income is defined as the business incomes, gains, or any sort of profits…
Q: While driving Mohamed's car Sarah accidentally crashed and hit a house, the loss costs a total of…
A: The insurance policy of Individual M acts as the primary liability which makes the insurance policy…
Q: Sining stole a watch of Benita, then sold it to Goreng for the amount of 5,000. Goreng is in good…
A: Reimbursement: It implies to the repayment that is made to a person who has lost or spent his…
Q: Melissa, an individual, owns a business and has the following assets in servic 2021. She has never…
A: Cost recovery ratio it is the ratio of fare income to total operating costs, it is an important…
Q: Dennis owes Cart P1M. Xanabelle, without the knowledge or against the will of Dennis paid Cart P2M.…
A: Unjust Enrichment If a person receives a benefit from another person, and as a result, the other…
Q: exc
A: False
Q: A binds himself to give P10,000 to B upon the death of the father of A. Is the obligation of A…
A: Obligation is a course of action taken by a person because of legal commitment.
Q: Allen was involved in an auto accident in which he was at fault. His car sustained damages in the…
A: Here, The meaning of 50/100/50 liability is as follows: The first number 50 indicates Liability…
Q: In a certain civil case, plaintiff was awarded damages by the court in the sum of P20,000…
A: When cases are settled in a court, either of the parties may be liable to pay the other party…
Q: ose sued Mari for breach of promise to marry. Mari lost the duly paid the court's award that…
A: solution analysis of the case Jose sued Mari for breach of promise to marry Mari lost the duly paid…
Q: Lisa sells business property with an adjusted basis of $130,000 to her son, Alfred, for its fair…
A: Introduction:Recognized Gain/Loss: It is difference between the cost price of the asset less its…
Q: Finley Motor Company sells an automobile to Sara and retains a security interest in it. The…
A: Proceeds is defined as an amount of the received funds, which has the particular activities or…
Q: Mike purchased a Personal Auto Policy that included Part D (coverage for damage to your auto). He…
A: The accidental coverage of Mike’s car is being assessed under part D for the damage.
Q: After agreeing to rent a car from Drive-Around Inc., Eden is given the keys to one of the agency’s…
A: Answer
Q: D is indebted to C for P10,000. For the purpose of defrauding C, D sold his only parcel of land to X…
A: This question deals with the concept of "Rescissible Contact". A rescissible is a contract which is…
Q: Sean sued an unscrupulous person for derogatory remarks which he considered to have besmirched his…
A: Return on Capital = (Return / Capital) x 100 In the given case, Return = reimbursement for…
Q: Quince owns a used-car lot where Ray works as a salesperson. Quince tells Ray not to make any…
A: When there is contract an agreement between two person it is duty of both the parties to be abide by…
Q: 8. Giancarlo hired Hometown Handyman (HH) to renovate his home. Due to the extremely careless…
A: As per the Law, personal injury or damages get compensated, some compensation arises with the cases…
Q: Explain why the loss resulting from the sale of a computer in the following three situations is…
A:
Q: Taxpayer sulffers a casualty loss The property can be repaired and placed back in service Assuming…
A: Casualty loss is deductible. Casualty loss cab be claim on federal income tax, for claim loss you…
Q: Maria's property was damaged by an earthquake, Maria is unsure whether earthquake is covered by her…
A: An insurance policy is a legal agreement between the policy holder or insured and the insurance…
Q: John has an auto which is covered for collision losses subject to a $250 deductible. Kate's auto…
A: Collision insurance or coverage is described as an amount which is paid by the insurance company to…
Q: A firm in which A, B and C were partners, placed an order with D for supplying certain goods on…
A: Partnership: It is a type of business form. Under this business form, two or more individuals…
Q: Abel's employer provides Abel with a group life insurance benefit. Abel irrevocably transferred the…
A: Group life insurance is usually offered by an employer or other large-scale entity to its exisitng…
Q: Rusty Reft, who lives in Territory 5, carries 10/20/5 compulsory liability insurance along with…
A: States need the form which shows the automobile liability insurance coverage for the vehicles that…
Q: Nathaniel was severely injured while at work, he lost a portion of right arm. Nathaniel received…
A: The Gross Income does not include the following amounts received under workmen’s compensation acts…
Q: Megan crashed her car into another vehicle. The damage to her car cost $2,568 to repair. Damage to…
A: Insurance(Auto-insurance) for collision covers the damage of the property of the insured due to…
Q: Mort owns a property. Jessica Rosen holds a first mortgage against it, and Alex Nelligan holds a…
A: Meaning of mortgage: Mortgage is nothing but an instrument of debt that the creditor is obliged to…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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.Quince owns a used-car lot where Ray works as a salesperson. Quince tells Ray not to make any warranties for the cars. To make a sale to Sylvia, however, Ray adds a 50,000-mile warranty. Later, Sylvia sues Quince for breach of warranty. Quince may hold Ray liable for any damages he must pay to Sylvia under which remedy: a. indemnification b. avoidance c. constructive trust d. accountingDennis owes Cart P1M. Xanabelle, without the knowledge or against the will of Dennis paid Cart P2M. Can Xanabelle get reimbursement from Dennis? P2M by way of reimbursement from Dennis to prevent unjust enrichment on the part of Dennis at the expense of Xanabelle. P1M only for that is the extent of benefit of Dennis. No reimbursement because the payment was not proper being without the knowledge or against the will of Dennis. P1M plus interest from the time of payment until reimbursement.
- Sharp Accounting rents a floor in an office building. Their insurance advisor has suggested that they consider coverage under the Legal Liability Coverage Form. The Legal Liability Coverage Form Provides a lower premium rate than direct property insurance on the covered real property. Contains a coinsurance condition that applies to property in Sharp's custody. Contains a deductible that applies to damage caused by Sharp. Provides coverage for property of others in Sharp's custody regardless of fault.D is indebted to C for P10,000. For the purpose of defrauding C, D sold his only parcel of land to X valued P10,000. X has no knowledge of the intention of D. a. The contract D and X is binding. b. The contract is voidable because S is in bad faith. c. The right of C is to rescind the contract because the transaction is fraudulent. d. The contract between D and X is rescissible.After agreeing to rent a car from Drive-Around Inc., Eden is given the keys to one of the agency’s cars by Fess, a Drive-Around employee. With respect to the bailed property, this is a. not a delivery. b. an involuntary delivery. c. a constructive delivery. d. a physical delivery.
- Jose sued Mari for breach of promise to marry. Mari lost the duly paid the court's award that included, among others, P100,000 as moral damages for the mental anguish Jose suffered. Did Jose earn a taxable income? He had no taxable income because it was a donation. He had no taxable income since moral damages are compensatory. He had taxable income since he made a profit. He had a taxable income of P100,000 since income is income from whatever source.S sold his lot to B. The lot is the subject of a case filed by X against S. S did not disclose this fact to B. Is S liable to B for fraud? A. Yes, because S has the obligation to reveal the fact to B even if the latter did not ask. B. Yes, because the sale involves transfer of real rights to the property. C. No, because S did not say and do anything to convince B to buy the lot. D. No, because B is bound by the rule of "caveat emptor" or "buyer beware".LO.2 Leigh sued an overzealous bill collector and received the following settlement: a. What effect does the settlement have on Leighs gross income? b. Assume that Leigh also collected 25,000 of damages for slander to her personal reputation caused by the bill collector misrepresenting the facts to Leighs employer and other creditors. Is this 25,000 included in Leighs gross income? Explain.
- Mort owns a property. Jessica Rosen holds a first mortgage against it, and Alex Nelligan holds a second mortgage. Mort defaults on his mortgage payments. Ms. Rosen forecloses without joining Mr. Nelligan in the foreclosure suit. The property is sold to Shelia McBride at the foreclosure sale. What are Mr. Nelligan’s rights?. An insured dies in a fire at his/her home caused by careless smoking. What action will the insurer of the dwelling take? Deny the loss to building and contents as the insured caused the fire. Pay the loss to the building and contents to the insured's estate. Pay the building and contents loss into Court in trust. Be unable to pay the property loss as the named insured is no longer available to sign the proof of loss.If BrainTrain and Natasha had executed a written contract which contained a liquidated damages clause for $200 in the event that BrainTrain breached, and assuming BrainTrain admits to a breach, would that clause be upheld in court? Select Correct Answer a) Yes, it is reasonable and fair. b) No, in this case, actual damages can be easily determined. c) No, the amount is too low for the type of harm she suffered.
