Smith and Roberson’s Business Law
17th Edition
ISBN: 9781337094757
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Chapter 12, Problem 18CP
Summary Introduction
To determine: Whether person C prevail and the decision.
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Client Claire explicitly instructed Agent Jamie not
to present her with any offers for her home that
came in lower than $150,000. In the days after
that conversation, three offers were made: one
for $152,000, one for $160,000, and one for
$145,000.
Which of these offers should Agent Jamie
present to Client Claire?
only the $160,000 offer
the $145,000 offer and the $152,000 offer
the $152,000 offer and the $160,000 offer
All of then
Facts: On February 1, 2004, Buyer entered into a contract to buy Seller’s house in Las Vegas for $532,500 with a March closing date. On February 3, 2004 Seller notified Buyer that he was terminating the contract (without any legal basis for taking such action). The Seller then told Buyer that he would sell him the house for a higher price. On February 3, 2004, Buyer and Seller entered into a new contract for a price of $578,000. On February 16, 2004, the Seller refused to perform under the contract. The Buyer sued seeking to enforce the contract.
Question: Under the common law of contracts, is the modification to the original contract enforceable?
Deliverable: Write a clear, grammatically correct answer being sure to address the following points in your answer:
Provide a clear statement of the governing legal principle (also called a ‘black letter law’). The ‘governing legal principle’ in any case is the legal principle that is the key to completing the legal analysis of the problem…
In 2012, Angela took out a $15,000 loan against the cash surrender value of her whole life insurance policy.
The funds were required to help pay for remodeling and redecorating her home. As a consequences of taking
out the loan Angela had to report $3,000 of policy gain in 2014. She repaid $5,000 of the loan at the end of
2015, as well as paying the $600 of loan interest due for the year.
What were the tax consequences to Angela and the policy as a result of the 2015 payments?
A. She will be able to deduct $5,600 from her taxable income for 2015 ad the ACB of the policy will increased
by $2,000.
B. She will be able to deduct $3,000 from her taxable income for 2015 and the ACB of the policy will increase
by $2,600.
C. She will not be able to claim any deduction from her taxable income for 2015 and the ACB of the policy will
increase by $5,650.
D. She will be able to deduct $3,600 from her taxable income for 2015 and the ACB of the policy will increase
by $2,000
Chapter 12 Solutions
Smith and Roberson’s Business Law
Ch. 12 - Prob. 1COCh. 12 - Prob. 2COCh. 12 - Prob. 3COCh. 12 - Prob. 4COCh. 12 - Prob. 5COCh. 12 - Prob. 1QCh. 12 - Prob. 2QCh. 12 - Prob. 3QCh. 12 - Prob. 4QCh. 12 - Prob. 5Q
Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - Prob. 8QCh. 12 - Prob. 9QCh. 12 - Prob. 10QCh. 12 - Prob. 11QCh. 12 - Prob. 12CPCh. 12 - Prob. 13CPCh. 12 - Prob. 14CPCh. 12 - Prob. 15CPCh. 12 - Prob. 16CPCh. 12 - Prob. 17CPCh. 12 - Prob. 18CPCh. 12 - Prob. 19CPCh. 12 - Prob. 20CPCh. 12 - Prob. 1TSCh. 12 - Prob. 2TSCh. 12 - Prob. 3TS
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