Some of the likely things which a court would do if Tonya sues to enforce the contract are:
- 1. X not enforce the contract, because people are free to choose to whom they sell their property.
- 2. award monetary damages to Tonya.
- 3. require Shania to go through with the sale.
- 4. X grant specific performance by requiring Shania to find a comparable piece of land for Tonya at a comparable price.
<h3>What is a Contract?</h3>
This refers to the legally binding agreement which is entered by two or more parties based on terms and conditions.
With this in mind, we can see that because Shania wants to sell her lakefront to Tonya for $150,000 and they sign a contract but before they close the deal, Shania discovers that the property prices would go up and declines to sell.
In conclusion, if Tonya sues to enforce the contract, we can see that the contract would not be enforced, but Tonya would be paid monetary damages.
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Answer:
54,075 Payment at Year 3
Explanation:
Because is an interest-only loan:
It will pay the principal completely and the interest for the year.
principal x rate = interest paid
50,000 x 0.0815 = 4,075
+ 50,000 principal
54,075 Payment at Year 3
<u>Remember:</u>
interes-only loan means during the life of the loan the monthly or annual payment are for the interest. At maturity, the principal is fully paid.
Option C. If the cross-price elasticity of two goods is negative, then the two goods are <u>complements.</u>
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What is Cross-Price Elasticity?
- Cross-price elasticity measures how sensitive the demand of a product is over a shift of a corresponding product price.
- Often, in the market, some goods can relate to one another.
- This may mean a product’s price increase or decrease can positively or negatively affect the other product’s demand.
- A price increase of a complementary product will lead to lower demand or negative cross-price elasticity, and a price increase in a substitute product will lead to increased demand or a positive cross-price elasticity.
- Unrelated products have zero cross-price elasticity.
- For substitute products, an increase in the price of a substitute product increases the demand for the competing product.
- This is often because consumers always try to maximize utility.
- The less they spend on something, the higher the perceived satisfaction.
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If a piece of land produces an income that grows by 5% per annum. The value of the land is $200,000.
<h3>Present value of the land</h3>
Using this formula
Present value=Income/Rate per annum
Let plug in the formula
Present value=$10,000/0.05
Present value=$200,000
Therefore If a piece of land produces an income that grows by 5% per annum. The value of the land is $200,000.
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2 3/10 miles is the answer.
