Performance (fulfillment of purpose), expiration, destruction or condemnation, death, incapacitation, or bankruptcy, and loss of broker license are all types of agency termination due to: mutual decision broker decision operation of law acts of the parties
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- 1.An entity shall offset an asset relating to one plan against a liability relating to another plan when, and only when, the entity: has a legally enforceable right to use a surplus in one plan to settle obligations under the other plan intends either to settle the obligations on a net basis, or to realize the surplus in one plan and settle its obligation under the other plan simultaneously Neither. Both 1 and 2. 1 only. 2 only.All but which of the following must be present in order for a contract may be voided based upon mutual mistake? Multiple Choice 1. The mistake must result in a material effect on the contract. 2. a basic assumption about the subject matter of the contract is present. (Incorrect answer) 3. An adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement occurred. 4. Both of the parties were negligent in their representations to the other party.Under the frustration of purpose doctrine, performance is excused when: Group of answer choices 1. something that is essential to the promisor's performance is destroyed through no fault of the promisor, but its substitute is available. 2. statutes and legislation make the performance more difficult. 3. the promisor impliedly assumes the risk that the event would occur. 4. events occur after the formation of the contract that would make the return performance of the other party worthless to the promisor.
- Broker Alex decided to end her listing agreement with Seller Bonnie because Bonnie has been very slow to respond to requests to show the property and has made no effort to leave the place in good condition when she did allow a showing. Which of the following BEST describes the agency termination that Alex initiated? mutual agreement revocation renunciation abandonment +If any of the owners decided eventually to sell any or all of their shares and had identified a potential buyer, they all agreed that Ay-Bee-Cee-Dee Corp. should be granted the right to match the offer of the potential buyer and, thereby, buy back the shares rather than allowing that potential buyer to become a part owner of the company. To accomplish this, which of the following types of restrictions on transfer needs to be attached to the shares? Multiple Choice Provision disqualifying purchasers Buy-and-sell agreement Consent restraint Right of first refusal Option agreement1-Define briefly Quasi Contract providing the elements required and provide an example of a Quasi Contract. 2- Define Promissory Estoppel providing the elements required and provide an example of when the Court will use Promissory Estoppel.
- Non-forfeiture provisions are included in whole life and endowment policies to assure the policyowner that certain minimum policy benefits shall remain with him even under certain changed conditions. Non-forfeiture values guarantee to the policyowner that A) No death claim will be denied for any misstatement on the application B) Any guaranteed policy values will belong to the policy owner even if premium payments are discounted The face amount of the policy will remain the same even if the insured's health becomes impaired The premium on the policy will remain the same even when another beneficiary D) is added to the policyWhy is past consideration no consideration at all? The adequacy of past consideration is difficult to determine. Past consideration is considered to be illusory. Past consideration may involve parties who are not involved in the current contract. Past consideration was provided before the current contract was made, and the current contract requires a benefit that has not yet been conferred.Discjsss what is the scope of liability of the indemnifier in a contract of indemnity?
- BUSINESS LAW EXPERT PLS ATTAIN THIS 1. An offer to contract was made to you by email. You decided to accept that offer and replied by email stating your acceptance. When is the acceptance validly communicated? 2. P entered into a 10-year lease of a warehouse. Thereafter, the local authority closed the only street access to the warehouse because of a dangerous building. The street was to be re-opened after the dangerous building was demolished. Discuss whether P could refuse to pay rent and have the contract set aside on the basis of frustration.The listing agreement compensates the firm and agent that bring the property to market as well as the firm and agent that brings the buyer. How does the choice to decline a buyers agent effect the cost to the seller? Explain how a seller-sub agent bringing a buyer differs for the buyer from choosing a buyers agent to represent you as a buyer. The sellers sub-agent has a fiduciary responsibility to what party? Why is the idea "I don't want to pay an agent to work in my interest as the buyer" is flawed in it's logic and understanding of the structure of the listing agreement.Use a clear example to demonstrate when a valid and legal contract can be declared void and explain the reasons behind such a decision.