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irina [24]
2 years ago
6

A woman decided to have a painting done of herself. She contracted in writing with an artist, who agreed to paint the woman for

$10,000.
Business
1 answer:
11111nata11111 [884]2 years ago
4 0

The cousin would be not be able to recover from the woman because of the following reasons:-

As the woman has a defense built into the contract, the cousin will not be able to recoup from her. The rights under a legal contract may be assigned by one of the original parties to a third party, who may then enforce those rights directly against the original party while typically being subject to whatever defenses the original party may have had against the assignor. The defense is always available against an assignee since it existed when the contract was created as long as it is an inherent defense, such as failure of a condition (even if whether the obligor would be able to utilize it was uncertain).

<h3><u>What does a legal contract suggest in this case?</u></h3>

In this case, the lady (the obligor) and the artist (the assignor) had a legally binding contract; as a result, the woman's commitment to buy the painting only if she was pleased with it was not illusory.

This is because she had to sincerely exercise her right to reject it. The contract's requirement that the woman be pleased with the painting became a condition of the cousin who the artist delegated his rights under the agreement to (the assignee). She can cite the painting's displeasure as an explanation for her failure to pay for it; this defense is included into the contract and prevents the cousin from suing the lady.

To know more about legal contracts, check the links.

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nformation taken from a Sears, Roebuck and Company annual report follows. December 31 Long-Term Debt ($ in millions) Year 2 Year
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The interest expense company recorded during Year 2 on the 7% debentures is $27,535,600

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As the interest expense is different from the interest payment made on the debenture. It also includes some other costs. Effective interest rate includes the effects of all related costs of debentures. So the interest expense of a debenture will base the effective interest rate of the debenture.

We can calculate the Interest expense on 7% debtures as below

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