Ricky signed a contract to sell his slightly-used Suzuki Vitara Golf for $15,000 to an old friend Boris, after the latter threatened to tell Ricky's wife that Ricky is a discharged bankrupt. The vehicle still has a market value of $24,000. Boris told Ricky that if he didn’t sell his car to him, he will could always organise some of his former associates, who are all convicted felons, to visit Ricky and force him to do so.   Advise Ricky on whether he has any remedies to have the contract declared void and get his car back

Aubrey owns an office supply store. She borrowed $100,000 from U.S. Bank ("USB") and executed a security agreement granting a security interest in "all of my presently- owned and after-acquired inventory" to USB. USB properly filed a financing statement to perfect its interest. Without notifying USB, Aubrey sold a computer from her inventory to Nissa for use in her home. Does USB have priority over Nissa with respect to the computer purchased by Nissa? Explain. S S D wwww...

Jessica is a professional consultant. She agrees to consulting services for Joe for $2,000. After she finishes, Joe does not have cash to pay Jessica, but he has an antique, collectible baseball card with a fair market value of $2,000 that he gives her to satisfy the payment. The baseball card cost Joe $500. How much should Jessica include in her gross income?

Agnes transfers a four-apartment investment condominium subject to a non-recourse mortgage to Brad. Brad, in return, transfers to Agnes a residential rental apartment building subject to a non-recourse mortgage. Agnes's condo cost $500,000 and she has taken depreciation of $25,000. The amount of the non-recourse debt is $475,000. The fair market value of the condo is $600,000. Brad's apartment building cost $700,000 and has a current fair market value of $600,000. He has taken depreciation deductions of $100,000 and the amount of the non-recourse debt is $600,000. As a result of this exchange transaction Brad has received boot of $125,000. Agnes has received boot of $125,000. Brad has given up boot of $125,000. Agnes has given up boot of $475,000.

Dan sells his expensive sports car to his brother for $100. The next week, Dan files for bankruptcy under Chapter 7. Regarding the sale of the car, the trustee may 1) not cancel it, but can sue Dan's brother for return of the $100. 2) cancel it as a voidable preference. 3) not cancel it because it is a sale, not a gift. 4) cancel it as a fraudulent transfer.

Ichabod Crane, on behalf of his law firm, Crane Law, LLC., contracted with TOAD, a local radio station to create commercials. Ichabod, the sole member of the firm, helped to create the commercials. Ichabod's voice was used, and the ads used his name and experience. The ads asked potential clients to contact "defense attorney Ichabod Crane." TOAD was not paid for the airing of the advertisements. The total due was $25,000. TOAD filed a law suit against Ichabod Crane both as member of an LLC. and personally. Pending the trial TOAD filed a request for a writ of attachment. In support of the request, TOAD offered copies of the parties contracts, the transcripts of the ads, and the invoices as evidence of the debt. Ichabod claimed he could not be held personally liable for the cost of the ads. TOAD argued that Ichabod Crane had been unjustly enriched (an equitable claim) by TOAD's actions and to TOAD's detriment. Instructions: • What is the purpose of attachment? • Do you believe TOAD is…

Jagdeep sold his Indian restaurant “Maya no Dhaba” to Jasleen for the amount of $450,000. On top of that, Jasleen paid another $50,000 for Jagdeep to agreed that he won’t open a new Indian restaurant in the radius of 10 Kms for the next five years.Discuss whether the $50,000 payment is considered as Ordinary Income?

Donna currently owns a large position in Facebook. She originally purchased the stock at $39.50 per share. However, since the last presidential election, she has been concerned about the issues of privacy and risks associated with potential investigations that the company is exposed to. The stock is currently near the all-time high again. She is concerned about losing value because she is going on a two-week vacation and will not be able to initiate trades at that time. She would prefer to sell her stock if the price drops to $165.00. What type of trading strategy can she use to protect her gains? O Place a limit order to sell at $165 now. O Place a stop-loss order at $165 now. O Place a price alert to notify you when the stock trades near $165, so you can place a market order. O Place a price alert to notify you when the stock trades near $165, so you can place a limit order.

Magnum, a well-known private investigator, has a very unhappy client, C, who does not like her (Magnum’s) work because he was hoping for a different kind of truth. C refuses to pay and calls every TV station in town saying “Magnum is a liar and a crook!” The story gets lots of coverage. Magnum sues and wins – $100,000, her fee as charged; $400,000 compensatory damages for defamation; and   $500,000 punitive damages. For the year in which she collects this $1M, Magnum will have to include in her gross income $____. Why is that the correct amount

Kurt has 50/100/15 auto insurance coverage. One evening he lost control of his vehicle hitting a parked car and damaging a store front along the street. Damage to the parked car was 5,400 and damage to the store was 12,650. What amount will the insurance company pay for the damages? What amount will Kurt have to pay?