The Legal Environment of Business: Text and Cases (MindTap Course List)
10th Edition
ISBN: 9781305967304
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 15, Problem 6BCP
Summary Introduction
Case summary: Two people D and K asked a construction company J to remodel their farmhouse. The company J gave them an initial estimate of $45,975. As the work proceeded, significant changes were made in the plan that increased the cost of work which was informed by the company J to the people D and K. In the middle of the project, the people D and K paid $67,000 to the company and refused to pay more. The company J filed a suit against the people D and K in the state court.
To find: The most effective lien to the company J in an attempt to collect its money.
Summary Introduction
Case summary: Two people D and K asked a construction company J to remodel their farmhouse. The company J gave them an initial estimate of $45,975. As the work proceeded, significant changes were made in the plan that increased the cost of work which was informed by the company J to the people D and K. In the middle of the project, the people D and K paid $67,000 to the company and refused to pay more. The company J filed a suit against the people D and K in the state court.
To find: The way a Mechanic’s lien works.
Summary Introduction
Case summary: Two people D and K asked a construction company J to remodel their farmhouse. The company J gave them an initial estimate of $45,975. As the work proceeded, significant changes were made in the plan that increased the cost of work which was informed by the company J to the people D and K. In the middle of the project, the people D and K paid $67,000 to the company and refused to pay more. The company J filed a suit against the people D and K in the state court.
To find: The enforceability of the Mechanic’s lien in this case.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Q1. To prevail in an action brought under common law, the plaintiff must show all of the following except: (in your response, explain the burdens of proof for a third-party plaintiff under common law).
Q2. Kerry CPA is the auditor for Sammy Corp. During the audit, Kerry discovers a material misstatement in Sammy's financial statements. Sammy's management tells Kerry that if the misstatement is corrected or if Kerry issues an opinion that indicates there is a material misstatement, Sammy Corp. will likely have to declare bankruptcy and thousands of employees will lose their jobs. Which of the following statements is true if the misstatement is not corrected and Kerry issues an unqualified opinion on Sammy's financial statements? (in your response, identify the court case that makes Kerry liable to any person who suffered a loss as a result of the fraud).
Skip and Jack are the shareholders of the Blue Fish Event Corporation. Skip and Jack regularly put on classy events on or near the beach, so they have a special insurance policy to protect their assets. Business has been slow as fewer large beach weddings are taking place, so Skip and Jack use a large fan to blow down and damage most of their décor assets, some of which were personal assets of Skip and Jack, to collect the insurance benefits.
(a) Assuming their acts are proven, will a court allow Skip and Jack to recover the insurance money?
(b) Is this a situation where the corporate veil may be pierced? Why or why not?
(c) What would it mean for Skip and Jack if the corporate veil is pierced in this situation?
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 policy
Chapter 15 Solutions
The Legal Environment of Business: Text and Cases (MindTap Course List)
Knowledge Booster
Similar questions
- J owns a Disability Income policy Before purchasing the policy, I suffered a major back injury that is specifically excluded for coverage under the policy. The clause in J's policy that EXCLUDES back injury claims is found in lhe: A.Guaranteed Insurability rider B. Recurrent Disability clause C. Concurrent Disability clause D. Impairment riderarrow_forwardIllinois Accident and Health Producer General - Shayaan Shaikh Offer, acceptance, and consideration are necessary elements of: OA. OB. OC. OD. a warranty a representation a contract insurable interest Time Remaining Flag foarrow_forwardRachel had a fire loss in her condominium unit. As a result of the heat, Rachel's fish tank broke and the two exotic fish worth $5000 died. Rachel has a Condominium Comprehensive Form subject to a deductible of $500. Will the fish be covered under the policy and if so how much would Rachel be entitled to? Yes, Rachel would receive a claim payment of $4,500. Yes, however, Rachel will not receive any payment due to special limits of insurance. No, Rachel will not receive any payment as this loss is an exclusion under Rachel's policy. No, Rachel will not receive any payment as the fish was not a scheduled item on the policy.arrow_forward
- 32. Smith Construction Inc. is thinking about offering a QSEHRA that will provide each of its 25 full-time employees with a $3,000 annual benefit. Smith Construction plans to fund the entire benefit and will also give its employees the option of participating in a group health plan it sponsors. Why will Smith Construction's proposal not meet the requirements to be considered a QSEHRA? oa. Smith Construction cannot fund the arrangement. ob. Smith Construction cannot offer both a QSEHRA and a group health plan. OC. Smith Construction exceeds the employee limit. Od. The annual benefit exceeds the threshold limits. Warrow_forwardhttps://www.insurancejournal.com/news/southeast/2022/09/26/686645.htm 1. Who was the plaintiff and who is the defendant in this case? What remedy(s) was the plaintiff asking for the court to give? 2. Which aspect of "capacity" was the plaintiff in this case claiming was missing? Explain why. 3. What did the court rule and why? PLEASE ANSWER ALL 3 QUESTIONS IN AT LEAST 3-4 SENTENCESarrow_forward29. A sting broker is employed to find a purchaser and produces a full cash offer that meets the seller's terms. The seller refuses to accept the offer because he doesn't like the buyer. Which condition exists? (4) The broker is entitled to compensation since he produced a buyer who met the seller's terms for the sale A (b) The broker is obligated to find another buyer that the seler kes in order to be compensated (c) The troker is not entiled to compensation unit the contract is signed by all parties. The broker is only wted to compensation when the contract is consummated on the day of closingarrow_forward
- 10. X has an oral contract with Y for the purchase of Y's lake cabin. X's remedy(ies) is/are if Y breaches: a) Specific performance. b) Injunction. c) Damages. d) Probably no remedy available as this contract had to be in writing before X could take it to court as the Statute of Frauds requires this contract to be in writing.arrow_forwardPhillip is a broker who was hired by Sam to help him find a new investment property. Phillip identifies a property that fits Sam's investing criteria. Sam asks Phillip to do some research and provide him with an opinion of title on the property. Is Phillip permitted to do this? ○ No. This would be considered an unauthorized practice of law. No. Phillip needs his sales associates license in order to issue an opinion of title. Yes. Brokers are always permitted to issue an opinion of title. Yes. As long as Phillip notifies FREC, he can issue an opinion of title.arrow_forwardThe overall responsibility of a fiduciary estate manager is to a. make certain that payment of the decedent’s valid creditor’s claims is avoided b. avoid allowing the legitimate claims of non-probate beneficiaries c. minimize estate taxes d. “maximize” the value of the estate for which he or she is responsible for the beneficiaries of that estatearrow_forward
- Bryson is the owner of a deferred annuity. His son, Calvin, is the annuitant, and his daughter, Isabelle, is the beneficiary. Which parties to this annuity can select the type and timing of annuitized income payments?(Search Chapter 3) a. Bryson b. Calvin c. Isabelle d. Bryson, Calvin, or Isabellearrow_forwardQuestion 2 Which of the following is a true statement? A. As a general rule, if the Statute of Frauds requires a contract to be evidenced by a writing an oral contract will be unenforceable. B. The “part performance†exception to the Statute of Frauds may permit an oral contract for the sale of land to be enforced merely if part of the purchase price is paid. C. A mortgage represents an interest in personal property and thus can be oral. D. A contract for lifetime employment must be in writing to be enforceable since usually if will be for a long time. Question 4 Which of the following is true regarding Title VII of the federal Civil Rights Act in the workplace? a. The plaintiff employee must always prove a malicious, wrongful intent to discriminate on the part of the defendant employer against the employee to prevail in a Title VII civil rights lawsuit. b. Only “big” employers with 2000 or more employees are covered by the federal Title…arrow_forward(Q): Briefly explain following:1. Legal Contract 2. Professional liability Explain question with own words, examples and detail explanation.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
BUSN 11 Introduction to Business Student EditionBusinessISBN:9781337407137Author:KellyPublisher:Cengage Learning
Essentials of Business Communication (MindTap Cou...BusinessISBN:9781337386494Author:Mary Ellen Guffey, Dana LoewyPublisher:Cengage Learning
Accounting Information Systems (14th Edition)BusinessISBN:9780134474021Author:Marshall B. Romney, Paul J. SteinbartPublisher:PEARSON
International Business: Competing in the Global M...BusinessISBN:9781259929441Author:Charles W. L. Hill Dr, G. Tomas M. HultPublisher:McGraw-Hill Education
BUSN 11 Introduction to Business Student Edition
Business
ISBN:9781337407137
Author:Kelly
Publisher:Cengage Learning
Essentials of Business Communication (MindTap Cou...
Business
ISBN:9781337386494
Author:Mary Ellen Guffey, Dana Loewy
Publisher:Cengage Learning
Accounting Information Systems (14th Edition)
Business
ISBN:9780134474021
Author:Marshall B. Romney, Paul J. Steinbart
Publisher:PEARSON
International Business: Competing in the Global M...
Business
ISBN:9781259929441
Author:Charles W. L. Hill Dr, G. Tomas M. Hult
Publisher:McGraw-Hill Education