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anastassius [24]
2 years ago
8

A widower owned a residence in fee simple absolute. He contracted to sell it to a couple. The couple did not record the contract

. The contract did not require either party to acquire or maintain casualty insurance on the premises, and neither party did so. After the parties entered into the contract, the widower continued to occupy the residence. A week before closing, the residence was completely destroyed by a fire caused by a lightning strike. On whom does the risk of loss fall
Business
1 answer:
White raven [17]2 years ago
4 0

The risk falls on the couple as the contract was not recorded and at that time widower has contracted the residence.

<h3>What is a contract?</h3>
  • A contract is a legally binding agreement that establishes, defines, and governs the mutual rights and obligations of its parties.
  • A contract usually involves the exchange of products, services, or money, or the promise to exchange any of these at a later period.
  • If a contract is breached, the damaged party may seek court remedies such as damages or rescission.
  • Contract law, or the law of obligations relating to contracts, is founded on the concept that agreements must be honored.
<h3>What happens if a contract is not recorded?</h3>
  • First and foremost, if your contract is not published, nothing in the public record prevents the seller from transferring the property to others.
  • If the seller sells your property to someone else and that person documents your acts at the county clerk's office in front of you, you may be liable for property damage.

Therefore, the risk fell on the couple as the contract was not recorded, and at that time widower has contracted the residence.

Know more about contract law here:

brainly.com/question/25789642

#SPJ4

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Which analytical tool determines the relative attractiveness of various strategies based on the extent to which key external and
mina [271]

Answer:

The correct answer is letter "E": Quantitative Strategic Planning Matrix (QSPM).

Explanation:

The Quantitative Strategic Planning Matrix (QSPM) is an approach used to combine different planning methods based on inputs obtained by the firm of possible ventures it could be involved in. The more strategies that can be comprised in the QSPM is likely to provide the best result for the company.

It is believed that QSPM helps internal and external factors that could influence a firm's plan to be analyzed properly, thus, the strategy to be pursued will be the fittest.

6 0
3 years ago
Last year’s sales were $9,815,000 and are projected to increase by 4.5% for next year. Last year’s expenses were 41% of last yea
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Answer:

t oadvertize there is 1,435,164.80   dollars available.

Explanation:

Sales: 9,815,000 x (1 + 4.5%)  =  10,256,675.00

general expenses are 41% of sales but will decay by 1.5%

10,256,675 x (0.41) x (1 - 0.015) =  4,142,158.20  

Profit will increase by 2%

4,587,600 x (1 + 2%) = 4,679,352

The amount available for advertizing spending is the difference between sales and the cost and profit:

sales - expenses - advertizing = profit

sales - expenses - profit = advertizing

advertizing = 10,256,675.00  - 4,142,158.20    - 4,679,352

advertizing = 1,435,164.80  

7 0
3 years ago
Oriole Chemicals Company acquires a delivery truck at a cost of $32,000 on January 1, 2022. The truck is expected to have a salv
emmainna [20.7K]

Answer:

$4,500

Explanation:

Depreciation expense using the straight line depreciation method = (Cost of asset - Salvage value) / useful life

($32,000 - $5,000)/6 = $4,500

The straight line depreciation method allocates the same deprecation expense for each year of the useful life of the asset.

Therefore, the depreciation expense each year would be $4,500.

I hope my answer helps you

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Answer: Option A

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Due to this high volume of small level buyers and sellers no single party has the power to influence the price. The price in such market are determined by the market forces of demand and supply.

Hence from the above we can conclude that the correct option is A.

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What do you think the challenges are for working with team members from around the world?
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