1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
scoundrel [369]
2 years ago
5

A landowner owned a large piece of property containing an inn and a bakery. She entered into a contract to sell the property to

a purchaser for $1 million. The contract was recorded. The purchaser gave the landowner $200,000 as earnest money. The closing date was set for September 10, two months after the signing of the contract. On August 10, an arsonist set fire to the inn, which burned to the ground. On September 10, the landowner appeared at the closing and tendered the deed to the property. The buyer refused to tender the remaining $800,000 of the purchase price and demanded the return of his earnest money. The landowner sued the buyer for specific performance of the contract. The buyer countersued for the return of his earnest money. Both parties stipulate that the value of the property without the inn is $600,000, that insurance on the property had lapsed, and that the common law, unmodified by statute, applies. What is the most likely result at trial
Business
1 answer:
pickupchik [31]2 years ago
6 0

Answer:

The most likely result at trial is that the landowner's claim for specific performance will be successful, and she will be awarded the entire price of contract.

Explanation:

When there isn't a statute, the buyer bears the risk of loss when property subject to a contract for sale is destroyed without fault of any party prior to the date specified for closing. Unless the contract specifies otherwise, the buyer must pay the contract price even if the property is damaged by fire.

The inn was burned down in this case after the landowner and the buyer signed a contract for the sale of the property, but before the closing date. The contract appears to be silent on the risk of loss, and no appropriate statute exists. As a result of the common law rule, the buyer bears the risk of loss. Therefore, the landowner has the right to particular execution of the contract, which implies that the entire stipulated contract price must be paid by the buyer.

Regardless of the property's drop in worth owing to the fire, the $1 million contract price must be paid by the buyer because he bears the risk of loss.

Therefore, the most likely result at trial is that the landowner's claim for specific performance will be successful, and she will be awarded the entire price of contract.

You might be interested in
Suppose there were several large outstanding checks on the year-end bank reconciliation that did not clear the bank by the cutof
BigorU [14]

Insufficient funds and irregular signatures are reasons why a cheque may not be cleared in time.

<h3>What is a Cheque?</h3>

This can be defined as a written, dated, and signed instrument which directs a bank to pay a specific sum of money to the bearer.

Insufficient funds and irregular signatures may delay the clearing of cheque which is a result of human error and could lead to returning it.

Read more about Cheque here brainly.com/question/24555580

4 0
2 years ago
Type your summary here. Use the Internet to find an article that presents a forecast of the economy's performance in the next th
larisa [96]

Explanation:

an entrepreneur is always creative have ideas make best decision thinks before decision

7 0
3 years ago
In the month of April, a department had 600 units in the beginning work in process inventory that were 60% complete. These units
Eduardwww [97]

Answer:

cost to WIP at April 30th: 300,000

        materials  240,000

       conversion  60,000

Explanation:

<em><u>Materials equivalent units:</u></em>

Materials are addedirely at the beginning of the process thus, all are at 100%

transferred out - beginning x percentage of completion + ending x % completion

20,000 - 600 x 100% + 2,000 x 100% =

20,000 - 600 + 2,000 = 21,400

equivalent cost per unit: 2,568,000 / 21,400 = 120

Ending WIP: 2,000 units x 100% x 120 = $ 240,000

<u><em>Conversion equivalent units</em></u>

transferred out - beginning x percentage of completion + ending x % completion

20,000 - 600 x 60% + 2,000 x 20%

20,000 - 360 + 400 = 20,040 units

equivalent cost per unit CC: 3,006,000 / 20,040 = $ 150

Ending WIP_ 2,000 units x 20% x $ 150 = $  60,000

Ending WIP: 240,000 + 60,000 = 300,000 accumulated cost.

7 0
2 years ago
Gross profit is equal to:
ehidna [41]

Answer:

The correct answer is letter "A": sales minus cost of goods sold.

Explanation:

Gross Profit is one of several important measurements of a company's profitability. Specifically, <em>it is derived from taking sales revenue and subtracting the costs of goods sold</em>. The costs of goods sold include the expenditures of raw materials and labor involved in making the products.

3 0
3 years ago
Declining transport rates per unit of weight as the weight shipped increases represents ______.
Likurg_2 [28]

Answer: economy of scale

Explanation:

8 0
1 year ago
Other questions:
  • A company is going through a rough period owing to faulty management practices, increased bureaucracy, and a lack of strategic p
    9·1 answer
  • Which one of the following statements correctly describes export subsidies?
    7·1 answer
  • According to the definition used by the U.S. Bureau of Labor Statistics, a person is not in the labor force if that person:_____
    6·1 answer
  • In terms of team rewards and recognition, skill-based pay works well with ______.
    9·1 answer
  • Buckeye Incorporated has operating income of $ 434,000​, a sales margin of 7​%, and a capital turnover rate of 2. What amount wo
    7·1 answer
  • Which of the following account records would have the most current
    13·1 answer
  • If interest rates fall in the USA relative to the rest of the world the demand for US dollar will ________ because there is less
    12·1 answer
  • The IRS assessed a large tax and penalty against Karl. Karl retained Roger, the CPA who prepared the tax returns, to challenge t
    9·1 answer
  • The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2017, the fi
    5·1 answer
  • The following comparative balance sheets and income statement are available for AddieMae Inc.. Prepare a statement of cash flows
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!