Spouses Robert and Yollie wanted to sell their house. They found a prospective buyer, Nina. Yollie negotiated with Nina for the sale of the property. They agreed on a fair price of P2 Million. Nina sent Yollie a letter confirming her intention to buy the property. Later, another couple, Marius and Ellen, offered a similar house at a lower price of P1.5 Million. But Nina insisted on buying the house of Robert and Yollie for sentimental reasons. Nina prepared a deed of sale to be signed by the couple and a manager’s check for P2 Million. After receiving the P2 Million, Robert signed the deed of sale. However, Yollie was not able to sign it because she was saying she changed her mind. Yollie filed suit for nullification of the deed of sale and for moral and exemplary damages against Nina. Does Nina have any cause of action against Robert and Yollie?

Rocky and Adrien are selling their house. Offer #1 puts $8000 down and pays the lump sum $145703 in 4 months. Offer #2 puts $8000 down and pays the lump sum $150513 in 12 months. At what rate of interest would Adrien and Rocky be indifferent to the two offers (use today as a focal date)?

Tom accepted a written offer from Jill to build a house for Jill. Tom agreed to a price of $800,000. Two months into the construction, Tom realizes that he will barely make a profit on the deal. Tom informs Jill that he will not continue building her house unless Jill agrees to pay Tom an additional $200,000. Jill and Tom agree in writing that Jill will pay Tom an additional $200,000 to complete construction of the house. After Tom completes the construction of the house, Jill refuses to pay Tom the additional $200,000. Tom sues Jill alleging breach of contract with regard to the additional $200,000. Based on the facts stated in this questiona. None of the answers are correctb. Tom will win as long as he is not a minorc. Tom will lose because there was no contract for this $200,000.d. Jill will lose because there was a contract for this $200,000

Jack and Kim were coworkers who fell in love and got married. They sold their principal residence in MD for the net amount of $1,000,000 after all selling expenses. Jack and L bought the house 9 years ago and occupied it until it was sold. On the date of sale, the house had a cost basis of $200,000. What amount of gain should Jack and Kim recognize from the sale of the residence? $1,000,000 $800,000 $300,000 $550,000

9

The following are conditional obligations, except * Dante to pay Carlos P 1,000, if Carlos has the means. Dante to give Carlos P 1,000, if Carlos passes the examination. Dante to give Carlos a horse, if Carlos marries X. None of the above.

Explanation

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.

Spiderman offered, in writing, to sell Black Widow a piece of land for $200,000. Spiderman signed the offer and wrote that it was contingent on Black Widow accepting within 10 days. On day five, Spiderman received and accepted a better offer from Captain America and transferred the land to Captain America on that day. Black Widow, who didn't know about the sale to Captain America, called Spiderman on day seven and accepted his offer. Spiderman told Black Widow it was too late, that he got a better offer from Captain America, and that Captain America now owned the land. Black Widow sues Spiderman for breach of contract. Judgment for whom? Choose the best answer. a. Judgment for Black Widow, because Spiderman's offer was irrevocable for ten days, and Black Widow accepted on the seventh day b. Judgment for Spiderman, because her offer was revocable c. Judgment for Black Widow, because Spiderman's offer was in writing d. Judgment for Spiderman, because even if Spiderman is liable to Black…