Peter and Donald disagree on the interpretation of a business contract. Peter believes Donald owes him $20,000 and Donald believes he owes nothing. Peter believes he (Peter) has a 60% chance of prevailing. The cost of litigating is $2,000 each. Donald is100% certain that he (Donald) will prevail. Which of the following statements are true?O This case will not settle because Peter and Donald have different expectations about who would win in court.O The case can settle with Donald paying Peter $9,000.O The case can settle with Donald paying Peter nothing.O The case can settle with Donald paying Peter $2,000.

This is a situation based question of contract law where both parties contradict each other.

Answered: hald disagree on the interpretation of…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

If any of the owners decided eventually to sell any or all of their shares and had identified a potential buyer, they all agreed that Ay-Bee-Cee-Dee Corp. should be granted the right to match the offer of the potential buyer and, thereby, buy back the shares rather than allowing that potential buyer to become a part owner of the company. To accomplish this, which of the following types of restrictions on transfer needs to be attached to the shares? Multiple Choice Provision disqualifying purchasers Buy-and-sell agreement Consent restraint Right of first refusal Option agreement
Dick offered to sell Jane his property. Before Jane can accept the offer, lightning strikes the house, starting a fire and it is totally destroyed. Which of the following is true? Group of answer choices The offer is terminated by operation of law. Jane can still accept the offer, and if she does, Dick must sell it to her at a discounted price for the value of the remaining land. Jane can still accept the offer. She will be entitled to the insurance proceeds. Dick can still revoke his offer, so long as he does so before Jane accepts.
In 2010, X and B agreed that they will pretend that they will enter into a contract of sale so that X will have a lesser tax to pay. In the contract of sale, it was indicated that X will sell the car for P50Million to which B agreed. What is this kind of contract? A. Absolute simulation B. Relative simulation C. Factual simulation D. Fictional simulation
Brown’s TV Production is considering producing a pilot for a comedy series for a major network. While the network may reject the pilot and series, it may also purchase the program for 1 or 2 years. Brown may produce the pilot or transfer the rights for the series to a competitor for $100,000. Brown’s profits are summarized in the following payoff table (profits in thousands). sate of nature reject 1 year 2 years produce pilot -100 50 150 sell to competitor 100 100 100 For a consulting fee of $2500, an agency will review the plans for the comedy series and indicate the overall chances of a favorable network reaction to the series. Draw the decision tree for this revised decision problem. Label the tree (actions, states of nature, payoffs);
Bob is 45 years old and a multi millionaire. He creates a trust with $2,000,000 and names his mentor, Rick (age 85), as a beneficiary to receive the income from the trust until he died. Once Rick dies, the income will be paid to his father, John (75). Once John dies, the trust will end and be paid to Bob's three children equally. Is Rick a skip person? (yes or no) Is John a skip person? (yes or no) Are the children skip persons? (yes or no) Will this trust ever be subject to GSTT? (yes or no)
Chris, the president of SGC Properties, is considering submitting a bid to purchase property that will be sold by sealed bid at a county tax foreclosure. Chris’ initial judgment is to submit a $5 million. Based on his experience, Chris estimates that a bid of $5 million will have a 0.2 probability of being the highest bid and securing the property for SGC. The current date is July 1. Sealed bids for the property must be submitted by September 15. The winning bid will be announced on October 1. If SGC submits the highest bid and obtains the property, the firm plans to build and sell a complex of luxury condominiums. However, a complicating factor is that the property is currently zoned for single-family residences only. Chris believes that a referendum cold be placed on the voting ballot in time for the November election. Passage of the referendum would change the zoning of the property and permit construction of the condominiums. The sealed-bid procedure requires the bid to be…
Chris, the president of SGC Properties, is considering submitting a bid to purchase property that will be sold by sealed bid at a county tax foreclosure. Chris’ initial judgment is to submit a $5 million. Based on his experience, Chris estimates that a bid of $5 million will have a 0.2 probability of being the highest bid and securing the property for SGC. The current date is July 1. Sealed bids for the property must be submitted by September 15. The winning bid will be announced on October 1. If SGC submits the highest bid and obtains the property, the firm plans to build and sell a complex of luxury condominiums. However, a complicating factor is that the property is currently zoned for single-family residences only. Chris believes that a referendum cold be placed on the voting ballot in time for the November election. Passage of the referendum would change the zoning of the property and permit construction of the condominiums. The sealed-bid procedure requires the bid to…
Hello! In the case study you referenced, John is trying to sell his bike, and Emily is willing to buy it. John put up a $2,000 advertisement on the internet. When Emily reached out to him with an offer of $1,600 for the bike, John responded with a bid of $1,800. John chose to sell the bike to Michael instead after receiving a higher offer of $2,200 from another person. Emily believes she had a legitimate contract with John and was informed later. To analyze this situation, one must look at the rules of offer and acceptance. John's advertisement in this case appears to be an invitation to treat, as it solicits offers from prospective buyers. Explanation: John countered with a new offer of $1,800, which can be seen as a rejection of Emily's first offer of $1,600, which Emily had made. This can be seen as Emily accepting John's invitation. please indentify the relevant issue? Explanation of the appropriate regulatory and governance frameworks? Analysis of the frameworks to the particular…
A client is transferring their estate to their daughter. They aren't charging their daughter any money for the estate (what a deal!) and are unsure what to put in the deed as consideration. You advise them that consideration: must be equal to the appraised value of the property can be "love and affection," and will be conveyed using a gift deed must be explicitly specified, down to the penny, on the deed must be money, but doesn't have to be a lot of money
Sometimes an issur with a property is discovered during the pre-closing stage. Buyers may be willing to accept deficiencies if they an compensate through a price reduction. Which of the following is correct regarding adjusting a purchase price to offset a deflciency.Select one: O. The value of the price adjustment may become a matter of negotiations between the parties. O. A new agreement of purchase and sale must be drafted and signed to finalize the price adjustment. O. A formal appraisal is always required to determine the adjusted purchase price. O. Buyers are contractually obligated to negotiate an adjusted purchase price.
In this unit, we have been examining under what grounds a contract may be rescinded or declared void and voidable. This assignment asks you to review a hypothetical business situation and conduct an analysis. Consider the following hypothetical: Ed contracted with Becky to build a house.Immediately prior to that meeting, Becky was so nervous that she drank an entire bottleof champagne and she does not remember all of the details of the meeting. Shortlybefore the closing, Ed met with Becky, accused her of fraud and threated to prevent thecontract from going to closing. Ed’s associate, a former stunt double for Dwayne “theRock” Johnson, stood outside the door for two hours to prevent Becky from leaving. Edgave Becky the choice of signing a new contract promising him more money for thebuild or going to court. Becky signed the agreement but now has sought legal advice.• Imagine that you are Becky’s attorney. What would you tell her about whethershe can rescind the contract? (Big Hint:…
Margo Riche is married to John Riche. John has a mental infirmity. They have a 22 year old daughter who has a physical infirmity. Neither infirmity is severe enough to qualify for the disability tax credit. John has 2020 Net Income For Tax Purposes of $6,600. Their daughter has no 2020 income. Determine the amount of any 2020 tax credits that Margo will have related to her spouse and daughter. Answer: Margo will be entitled to the spousal tax credit, including the additional amount for an infirm spouse. In addition, she can daim the Canada caregiver credit for her 22 year old infirm daughter. The tofal credits would be calculated as follows: $2,427 $1,557 $341 $3,257

SEE MORE QUESTIONS

Recommended textbooks for you

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Management Information Systems: Managing The Digi…

Management

ISBN:

9780135191798

Author:

Kenneth C. Laudon, Jane P. Laudon

Publisher:

PEARSON

Business Essentials (12th Edition) (What's New in…

Management

ISBN:

9780134728391

Author:

Ronald J. Ebert, Ricky W. Griffin

Publisher:

PEARSON

Fundamentals of Management (10th Edition)

Management

ISBN:

9780134237473

Author:

Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo

Publisher:

PEARSON

SEE MORE TEXTBOOKS