Answer the question based on what you have learned on a legal basis. Facts: You offered to sell your automobile to Wil for P100,000.00. After inspecting the automobile, Wil offered to buy it for P80 000 00 This offer was accepted by vou The next dav
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- Mysty offered to sell her car to Tim for $15 000. Tim faxed a letter to her that said, "Consider it sold. I'll bring the money to you next Monday when I pick up the vehicle. Of course, for that price, I'll want you to install a new stereo in it." Tim did not hear anything more from Mysty, but he arrived at her door the following Monday with $15 000 in cash. He was delighted to find that a new stereo had been installed in the car, but disappointed when Mysty refused to accept his money or hand over the vehicle.Mysty is required to do so because there was a valid offer and acceptance. – Is this true or false?Very briefly, explain why this is true/falseSpiderman 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…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.
- T wins a door prize as the one-thousandth customer walking through the door of his favoritecoffee shop. He is given a choice of $1,000 in cash or a cappuccino machine(which cost the shop $1,000, but has a retail value of $1,500). T chooses the machine.a. T has realized at least $1,000 of income.b. T will recognize income only if and when he sells the machine.c. Both (a) and (b) are correct.d. None of the above. T bought an antique desk and chair from her employer for $50 in Year 1 when the firmbought all new office furniture. The desk and chair had a fair market value of $500.The property increases in value to $700 in Year 2, and T sells it for $900 in Year 3.a. T has realized income of $450 in Year 1 only if the difference between thevalue of the items and their price was intended as compensation.b. T will realize income of $450 in Year 1 regardless of her employer’s motive.c. T will realize income in Year 2 because the property has increased in value.d. None of the aboveS asked B this question: “Will you buy my red car with plate no. AAA1234 for P500,000?" Can S withdraw the offer by communicating to B that she changed her mind and decided to keep the car? ExplainKerry purchases the Level I software at a price of $50 for his son, Tom, on December 1. Suppose Tom passedthe Level I test on December 10, and Kerry immediately purchased the access code for Level II for an additional$30. Cutler provided Kerry with the access code to Level II on December 20.Required:When would Cutler recognize revenue for the sale of Level I and Level II software?
- Would Qualifying an Indorsement Be Ethical? Suppose you have taken a promissory note for $3,500 payable in 12 months with interest at 10 percent as payment for some carpentry work you did for a friend. You have some reason to believe the maker of the note is in financial difficulty and may not be able to pay the note when it is due. You discuss with an elderly neighbor the possibility of her buying the note from you as an investment, and she agrees to buy it from you for $3,000. Would it be ethical for you to indorse the note with a qualified indorsement ("without recourse")?Ali, Ahmad and Sam shared and bought a Play Station III for RM1500. Each of them took turns to keep it for a week. While it was with Sam, he sold it to James for RM1450 without the knowledge of Ali and Ahmad. Now Ali and Ahmad are aware of the sale and want the Play Station III back but James is refusing to return it.Advise Ali and Ahmad.Mr. Samson hired the services of a broker to sell his property. The owner said he bought it at P6,300,000.00 and wants a 30% gross profit. If you were a broker, at how much would you sell the property? If you will be paid 5% commission, how much shall be added to the selling price that the 30% profit of Mr. Samson will not be affected?
- Toni asked Adler, a real estate broker, exclusive agency to sell her farm house, and promised to pay 5% commission on the sale. Toni’s friend, Deena, approached her to buy the farm house at $100,000 on 24th Nov 2010 and Toni decided to sell the farmhouse to Deena, entering into an agreement. On 1st Dec 2010 Alder found a buyer for the farmhouse who was ready to purchase the farmhouse at $105,000. However, the sale could not take place due to the prior agreement with Deena. What commission is Alder entitled to receive for this job? A. 5% of $100,000 i.e. $5,000. B. Half of 5% of $100,000 i.e. $2,500. C. 5% of $105,000 i.e. $5,250. D. Half of 5% of $105,000 i.e. $2,725. E. $0, because Toni had found the buyer.Hasanian is intended to buy a house having price of $600000. He approaches to Islamic bank to buy a house and therefore paid 20% as a down payment i.e. $120000 while the remaining 80% i.e. $480,000 provided by Islamic bank. Under the agreement 20% of house belonging to Hasanian while remaining 80% to Islamic bank. As per the market, fair rental for the same type of house is $4000 per month. Therefore, Hasanian pays $3200 as rent for the 80% share of Islamic bank at the beginning of the agreement. Islamic bank has provided this financing for 30 years. Taking into consideration rental value of the house and the time duration of the financing, Islamic bank has asked Hasanian to pay fixed monthly payments which consist each month rent for using the bank share of house and equal monthly payment to buy bank’s portion of the house. Using the above information you are required to make a monthly payment excel spreadsheet.An engineer bought a second-hand service car and later sold it to a client at a profit of 20%. The said client then resold the car to a trader at a profit of 28%. If the trader paid P30,000 more than it cost the engineer, how much did the engineer paid the car?