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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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In CVP analysis, the term "cost":
almond37 [142]

Answer:

The correct answer is: includes manufacturing costs plus selling and administrative expenses.

Explanation:

The CVP analysis works as a tool for planning and decision making, as it indicates the relationship of costs, sales and price, also identifies the scope and magnitude of the economic problems facing a company as well as its possible solution, also It allows you to perform a sensitivity analysis by examining the impact of various levels of prices or costs on profits.

Costs refer to the fixed and variable costs incurred by the company. Each business has fixed and variable costs. Fixed costs are usually the general expenses incurred by the company, regardless of the number of products it produces or sells. Variable costs change depending on the business activity. CVP (cost volume utility) analyzes typically use the variable cost per unit of product manufactured and sold.

4 0
3 years ago
If the world price of a good exceeds the domestic price of the good, will the country export or import the good. In this scenari
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Answer:

1. Export the good

2. Domesctic producers

Explanation:

Export the good will be the logical thing to do as producers will gain for the higher price of the goodin foreign markets.

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4 years ago
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Miguel has been working at his job for 3 years and already filled out a W-4 when he was first hired. This year, he just got marr
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Based on the information regarding the W-4, the thing that should be done next will be C. Request to fill out a new W-4 from his employer.

The W-4 form simply tells the employer, the filing status of the employee, amount of credits, multiple jobs adjustment, amount of other income, deductions, etc that are needed to compute the federal income tax.

Since Miguel was single when he started working with the company but was now married, he should request to fill out a new W-4 from his employer.

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5 0
2 years ago
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Substituting the values to the equation.

Residual Income = $100,000  - (0.15 × <span>$500,000)
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</span>The residual income gives the company an idea on its success and influences the company's decision to close or to expand. If the residual income is positive, then it means the company is earning more than its minimum. If the residual income is negative, then the company has a deficit.
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