Sue puts an ad in the paper as follows: $500 reward for the return of my cat." John finds the cat and returns it to Sue, but Sue refuses to pay John the $500. What result if John sues Sue for the money? O Because John did not pay Sue to keep the offer open, Sue is free to revoke and need not pay John anything. John may not recover because he did not contact Sue before he began his search. O Because the ad was merely a solicitaion of offers, there was no contract until Sue accepted John's offer to find her cat, which she never did. The ad was an offer for a unilateral contract, which John accepted by returning the cat. Sue must pay John the $500.

Sue puts an ad in the paper as follows: $500 reward for the return of my cat." John finds the cat and returns it to Sue, but Sue refuses to pay John the $500. What result if John sues Sue for the money? O Because John did not pay Sue to keep the offer open, Sue is free to revoke and need not pay John anything. John may not recover because he did not contact Sue before he began his search. O Because the ad was merely a solicitaion of offers, there was no contract until Sue accepted John's offer to find her cat, which she never did. The ad was an offer for a unilateral contract, which John accepted by returning the cat. Sue must pay John the $500.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 22DQ: Ray loses his job as a result of a corporate downsizing. Consequently, he falls behind on the...

See similar textbooks

Similar questions

Mary had a contract with Brick, whereby Brick will paint her Home for $2,000 TT. Brick regrettably got another job for a larger amount of money and told Mary that he cannot paint her house anymore. Mary is furious and has contacted her lawyer to sue Brick for breach of contract. Jeb contacted Mary soon thereafter and agreed to paint her house for $2,500 TT. Mary is however concerned that if she sues Brick, she may not be able to get any recourse via damages because she has not lost anything. Based on the rules of governing the payment of damages in the event of a breach of contract. Using IRAC please advise Mary on what she has to establish to be paid damages, clearly identifying each rule.
Sining stole a watch of Benita, then sold it to Goreng for the amount of 5,000. Goreng is in good faith. Can Sining recover the watch from Goreng?a. No, Goreng is good faithb. Yes, with reimbursement of 5,000 to Gorengc. Yes, without reimbursement of 5,000d. No, Sining need to file a court proceeding
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
Mike offers to sell his car to Ricardo for $450. Ricardo accepts Mike's offer. Three days after accepting the offer, Ricardo calls Mike and says that he no longer has the money and cannot buy the car. Mike then enters into a valld contract to sell the car to Jim for $15.000. Once Ricardo hears about the contract. he calls Mike and says that he changed his mind and will buy the car of $450. Mike refuses to sell him the car. Is there a valid contract between Mike and Ricardo? OA No. The contract was discharged by Ricardo's breach. B. Yes. Ricardo's attempt to renegotiate does not affect the original contract. C. Yes. Mike agreed to sell his car and Ricardo accepted. D. No. Ricardo's counter-offer was never accepted.
Scott agrees in writing to sell 10 new iPhones to Bradford for $750 each, payable upon delivery. This is a good deal because the price everywhere else is $1,250 each. Scott breaches the contract and never delivers the iPhones. Bradford is forced to buy the iPhones elsewhere for $1,250 each. If Bradford sues Scott in a court of law for compensatory damages for breach of contract, Bradford is not entitled to anything since he never paid for the iPhones. Bradford is not entitled to anything because he took advantage of the situation. O Bradford is entitled to $12,500 in damages. O Bradford is entitled to $5,000 in damages.
Niño is very much interested in buying Jasper’s business, but Jasper is not open to the idea of selling his business. Since Niño is used to getting what he wants, he threatened Jasper that he has connections with the Department of Trade and Industry (DTI) and he can have Jasper’s business closed. Out of fear, Jasper sold his business to Niño. What should Jasper do to get back the business? What should be the basis of his remedy?
A promise to buy "all the oil I need to heat my shop this winter" recites valid consideration. True False 2. Mary threatens Doug with a $50,000 civil lawsuit unless Doug agrees to a settlement of their dispute. Doug argees to a settlement of $25,000. Doug can rescind the settlement agreement because he was under duress at the time. True False 3. "In consideration for you having helped me when I was unconscious, I will give you $100.00." This is a binding promise because there is legally sufficient consideration. True False 4. A minor's right to disaffirm a contract must be exercised while he is still a minor. True False
Jane has written out a check to Manny for $100. Unfortunately, the check was stolen by Stringer Bell who sold it to Freddy for $90. Stringer signed Manny's name even though he is not Manny. Freddy has no idea of the wrongdoing. Freddy presents the check to the bank but Jane and the bank say, "No way". Can Freddy get the $100? How?
Trent is broke and needs cash immediately to pay off a debt he incurred. He visits the local pawn shop and leaves his grandfather’s watch in exchange for $100.00 cash. This is an example of what type of loan? Multiple Choice Unsecured loan Chattle loan UCC loan Secured loan The Environmental Defense Fund, an environmental watchdog group, files a lawsuit to prevent future open-pit coal mining in West Virginia. This type of lawsuit is known as a Multiple Choice wrongful-damage suit. negligence suit. citizen suit. nuisance suit. All of the following may be used as collateral for a secured transaction except Multiple Choice Future profits of a business A promissory note A patent Seeds and crops
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.
Lucas writes a check to Paige for $250. The face of the check says, "pay to the order of Paige." Paige signs the check on the back and heads to the bank. Before Paige gets to the bank, however, Paige loses the check. Paige is not really worried, though, because the check is made out to her. If Carla finds the check and tries to cash it, Carla will: be able to cash the check because it is bearer paper. X be able to cash the check because it is order paper. be unable to cash the check because it is bearer paper. be unable to cash the check because it is order paper.
A friend of the family believes that depreciation provides him with a reserve to purchase new assets. His secretary has blown up his computer, but he knows he has the funds to replace it in the accumulated depreciation account. You know he is wrong and have grown tired of listening to him going on about it, but he won’t listen to what you have to say. You decide to put him out of his misery by writing a letter to him about it that he may actually read before he realises that it is telling him things he does not want to hear. Write him a letter, using fictitious names and addresses, which defines depreciation and explains why his view is incorrect.