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Dima020 [189]
3 years ago
15

Duane and Evan orally agree to a transfer of forty acres of farmland. Evan asks Finance Bank to lend him the funds to buy the la

nd. Under the Statute of Frauds, the agreement between Duane and Evan is enforceable by__________.
a. Finance Bank.b. Duane, Evan, or Finance Bank.c. Duane or Evan.d. none of the choices.
Business
2 answers:
harina [27]3 years ago
8 0

Answer:

a. Finance Bank

Explanation:

According to Statute of Fraud, the agreement must be in writing to be within the statute and enforceable.  The oral contracts are usually enforceable but the transfer of land needs to be in writing to be enforceable according to law of Statute of Fraud. If the contract is in writing it would be adequate to be enforceable. While the contract with bank must have some written form which will make it enforceable contract by the finance bank.

Komok [63]3 years ago
4 0

Answer:

The correct answer is letter "D": none of the choices.

Explanation:

Land agreements must be written. These contracts apply for the sale of real estate property such as <em>land itself, houses, apartment buildings </em>or <em>commercial buildings</em>. After agreeing in the terms and conditions of the contract and after payment has been made, the property title is transferred from the seller to the buyer.

<em>In Evan's case, he dealt an oral agreement with Duan for the purchase of land. However, oral contracts are not enforceable under the Statute of Frauds because it requires some contracts -such as land contracts- to be written so they can be valid.</em>

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3 years ago
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What are three key pieces of information that you can retrieve from the new car labels?.
andreev551 [17]

The  three key pieces of information that you can retrieve from the new car labels are: exterior and interior color, engine and transmission combination, the model year and trim level of the vehicle.

<h3>What is labels?</h3>

Labels can be defined as a paper attach to a products or an item that contain information which help to describe a  products.

Them three key pieces of information that a person can tend to  retrieve from the new car labels are:

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4 0
2 years ago
Greiner, Inc., a calendar year S Corporation, holds no AEP. During the year, Chad, an individual Greiner shareholder, receives a
Likurg_2 [28]

Answer:

The long term capital gain= $30000-$25000

The long term capital gain= $5000

The basis in stock will be zero after the distribution.

Explanation:

Step 1 of 3

Tax treatment of amount distributed to shareholders:

The amount received as distribution to a shareholder under S Corporation is equal to the cash and fair market value of property distributed. The distribution is considered as tax-free to the limit that it does not exceed shareholder’s basis in the company’s stock. Any amount received in excess of basis will be treated as capital gain.

Step 2 of 3

However, taxation depends whether S Corporation has ever been a C Company or it posses’ accumulated earnings and profits. If it was never a C Corporation or doesn’t holds AEP then distribution equals to basis of share in S Corporation is a tax free gain for shareholder. Gain over and above basis is taxed as capital gains.

Step 3 of 3

In the given problem, C is a shareholder in S Corporation. He receives $30,000 as cash distribution. His basis in stock is $25,000. The distribution up to basis of stock is tax free distribution and above that is charged to capital gains. It is as follows-

Thus, capital gain of  is taxable in hands of C. His basis in S Corporation will reduced to zero as entire distribution is over and above basis of his stock.

3 0
3 years ago
Unlike consumer credit, trade credit does not involve the use of a
hammer [34]

Answer:

Trade credit means many things but the simplest definition is an arrangement to buy goods and/or services on account without making immediate cash or check payments. Trade credit is a helpful tool for growing businesses, when favorable terms are agreed with a business's supplier.

Explanation:

Trade credit allows businesses to receive goods or services in exchange for a promise to pay the supplier within a set amount of time. New businesses often have trouble securing financing from traditional lenders; buying inventory, for example, on trade credit helps increase their purchasing power.

3 0
2 years ago
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