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 9, Problem 5Q
Summary Introduction
To discuss: Whether person B’s promise binding.
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Omar, owner of a copying machine leased it to Lisa at a rental of P4,000.00 a month for a period of one year with option on the part of Lisa to buy the copying machine at the end of one year for P80,000.00. to be paid by applying the rentals, so that Lisa needs only to pay P32,000.00.Lisa failed to pay the rentals for the 4th, 5th and 6th months so that Omar terminated the lease and repossessed the copying machine, then sued Lisa for the unpaid rentals of three months or P12,000.00.Is Omar’s suit legally tenable? Explain.
Omar, owner of a copying machine leased it to Lisa at a rental of P4,000.00 a month for a period of one year with option on the part of Lisa to buy the copying machine at the end of one year for P80,000.00. to be paid by applying the rentals, so that Lisa needs only to pay P32,000.00.Lisa failed to pay the rentals for the 4th, 5th and 6th months so that Omar terminated the lease and repossessed the copying machine, then sued Lisa for the unpaid rentals of three months or P12,000.00.Is Omar’s suit legally tenable? Explain only in 30 words.
Jim offered to buy James’s Porsche motor vehicle. Jim gave James 2 weeks for an answer. Two days after, Jane offered to sell her Porsche motor vehicle to Jim for which he was very excited to purchase because she had the latest model. Jim called James and told him personally that he is no longer interested in purchasing his Porsche. James is very upset, because he was keen to sell. He is of the view that Jim cannot withdraw his offer because the two weeks has not elapsed. He knows that you are a business law student at Open Campus and sought your advice on the matter. Advise James.
Will your answer be the same, if Jim failed to communicate to James within the two weeks that he no longer is interested in purchasing James’s Porsche motor vehicle and James accepted on the last day of the end of the two weeks? Required to use the IRAC* method to answer
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- Jim offered to buy James’s Porsche motor vehicle. Jim gave James 2 weeks for an answer. Two days after, Jane offered to sell her Porsche motor vehicle to Jim for which he was very excited to purchase because she had the latest model. Jim called James and told him personally that he is no longer interested in purchasing his Porsche. James is very upset, because he was keen to sell. He is of the view that Jim cannot withdraw his offer because the two weeks has not elapsed. He knows that you are a business law student at Open Campus and sought your advice on the matter. Advise James.Will your answer be the same, if Jim failed to communicate to James within the two weeks that he no longer is interested in purchasing James’s Porsche motor vehicle and James accepted on the last day of the end of the two weeks?arrow_forwardBlake wanted to buy Harry’s boat for $20,000 and sent his offer by text to the latter’s phone. In his offer, Blake specified that he would give Harry two weeks to decide if he would sell his boat. Harry wanted to sell the boat to Blake, but thought he would wait until the last day of the 2-week period to inform Blake. But he was so sure that he would sell it and was expecting to get paid $20,000 in two weeks that he hastily sent an offer to Ali to buy his motorcycle also for $20,000. Ali accepted Harry’s offer. One week after Blake made the offer to buy Harry’s boat, he withdrew it. Now Harry doesn’t have the money to pay for Ali’s motorcycle and Ali is insisting that he pay for it since it was already sold to him. Can Blake withdraw his offer to buy Harry’s boatarrow_forwardKathy gives property she has owned for 5 years to Janelle. At the time of the gift, the property had a basis of $35,000 and a FMV of $42,500. If on the day she receives the property Janelle sells the property for $33,000, what is Janelle’s gain or loss? Mark gives his son, Mac, stock which has an adjusted basis of $15,000 and a FMV on the date of the gift of $12,000. Mark owned the stock for three years before making the gift. If Mac sells the stock two weeks later for $16,000, what is his gain or loss? If Mac sells the stock two weeks after receiving the gift for $10,000, what is his gain or loss? If Mac sells the stock two weeks after receiving the gift for $13,000, what is his gain or loss?arrow_forward
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