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igor_vitrenko [27]
3 years ago
13

Barbara made a contract to sell a house to Bolton. The agreement stated that it was contingent upon the buyer being able to secu

re a loan at nine percent interest. The buyer obtained the loan and sought to enforce the contract. Barbara then claimed that the contract was not binding because the contract did not impose an obligation on both parties because of the loan provision. Was the contract binding? Explain your answer.
Business
1 answer:
Levart [38]3 years ago
6 0

Answer and Explanation:

A due on sale clause is simply a stipulation in the mortagage agreement that the

"borrower if he wants to sell the property to some other person, first of all he (borrower) shall repay the entire outstanding mortagage amount and then only it is possible to sell the property which is secured under Mortagage agreement.

Hence in essence, the borrower must repay before selling it to some other person which will result in paying the sale proceeds of house to the lender first and the Borrower again has to take loan sometimes from the same lender.

Hence it is imperative that the mortagage obligation cannot be transferred to any other person. That is any subsequent buyer cannot ASSUME the mortagage. Therefore due on sale

Clause prevents assuming of mortagages.

You might be interested in
Research shows that most managers have characteristics that fall into two or three decision-making styles, and that decision-mak
Alex787 [66]

Answer:

False

Explanation:

There are 3 main decision making styles that most of us have regarding our normal day to day activities that includes our work and our personal lives, e.g. families and individual decisions. They are consumer, business, and personal decision making styles.

But managers, and specially true leaders have it a little more complicated. The four main decision making styles that apply to leaders are:

  1. directive: type of autocratic leadership where the leader decides everything by himself/herself
  2. conceptual: look for different alternatives and analyze each one of them
  3. consultative: seek advice from colleagues and subordinates, but the leader makes the decision
  4. consensus: seek advice from others and decisions are made by the group

The second part of the question is true; this leadership styles vary across countries, occupations and job levels.

3 0
3 years ago
You are a stringer for your local newspaper, covering local sports events. For a special football spread, you have taken video f
AVprozaik [17]
<h2>DVD or Portable hard disk or Pen drive would be the right choice to share the video files.</h2>

Explanation:

Dear Sir,

I have an eye-catching content for our local news paper. The content is about "Football game event" scheduled today. I have taken photos and videos pertaining to the event and I am sharing it in the form of "hard drive". The best photos and videos which would be apt for the news paper are selected and shared through hard disk. I hope it would be good resource. Kindly accept.

Regards,

(Name)

Evaluating options or pointers:

Photo / video should be neat and not shaky. You can share photos through google drive too if the size is reasonable.

Photos / videos should have been captured in such a way that it attracts readers and project the significant of the event.

Storage options: Listed in the first line.

5 0
2 years ago
The key feature of an oligopolistic market is that Select one: a. a single firm chooses a point on the market demand curve. b. e
Lesechka [4]

Answer:

c. a small number of firms are acting strategically.

Explanation:

The Firms in oligopoly can influence market outcome and thus they act strategically to achieve the expected outcome.

6 0
3 years ago
Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining
Nata [24]

Answer:

The statement is true

Explanation:

Marketing strategy is the strategy which is defined as all of the marketing objective as well as goals of the company combined into a one or a single comprehensive plan. It is the one which develop and create marketing mix.

It is designed in order to develop or promote the good and service so that the business could earn or make profit.

So, the statement is true as it is stating that the strategies involve selecting activities and define 1 or more target markets. Also maintain and develop the marketing mix.

4 0
3 years ago
A process control system costs $200,000, has a three year service life, and a salvage value of $20,000. Find the depreciation an
Advocard [28]

Answer:

A.

Depreciation expense each of the three years would be $60,000

Book value at the end of year 1 = $140,000

Book value at the end of year 2 =$80,000

Book value at the end of year 3 =  $20,000

B.

Depreciation expense in year 1 =$90,000

Depreciation expense in year 2 =$60,000

Depreciation expense in year 3 =$30,000

Book value at the end of year 1 =$110,000

Book value at the end of year 2 = $50,000

Book value at the end of year 3 =  $20,000

C.

Depreciation expense in year 1 = $133,333.33

Book value at the end of year 1 = $66,666.67

Depreciation expense in year 2 =  $44,444.45

Book value at the end of year 2 = $22,222.22

Depreciation expense in year 3 = $14,814.16

Book value at the end of year 3 = $7,407.40

Explanation:

Straight line depreciation expense = (Cost of asset - Salvage value) / useful life

($200,000 - $20,000) / 3 = $60,000

Depreciation expense each of the three years would be $60,000

Book value at the end of year 1 = $200,000 - $60,000 = $140,000

Book value at the end of year 2 =  $140,000 - $60,000 = $80,000

Book value at the end of year 3 = $80,000 - $60,000 = $20,000

Sum-of-the-year digits = (remaining useful life / sum of the years ) x  (Cost of asset - Salvage value)

Sum of the years = 1 + 2 + 3 = 6 years

Depreciation expense in year 1 = (3/6) x ($200,000 - $20,000) = $90,000

Depreciation expense in year 2 = (2/6) x ($200,000 - $20,000) = $60,000

Depreciation expense in year 3 = (1/6) x ($200,000 - $20,000) = $30,000

Book value at the end of year 1 = $200,000 - $90,000 = $110,000

Book value at the end of year 2 = $110,000 - $60,000 = $50,000

Book value at the end of year 3 = $50,000 - $30,000 = $20,000

Depreciation expense using the double declining method = Depreciation factor x cost of the asset

Depreciation factor = 2 x (1/useful life) = 2/3

Depreciation expense in year 1 = (2/3) x $200,000 = $133,333.33

Book value at the end of year 1 = $200,000 - $133,333.33 = $66,666.67

Depreciation expense in year 2 = (2/3) x $66,666.67 = $44,444.45

Book value at the end of year 2 = $66,666.67 - $44,444.45= $22,222.22

Depreciation expense in year 3 = (2/3) x$22,222.22 = $14,814.16

Book value at the end of year 3 =$22,222.22 - $14,814.16 = $7,407.40

4 0
3 years ago
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