Answer:
substantial performance.
Explanation:
From the question we are informed about painter which contracts to paint the exterior of the home for $1,750 plus the cost of paint and any other necessary materials. About three-fourths of the way through the job, the contractor breaks his leg and can't finish. The owner offers to pay the contract price less deductions for the cost of having the job completed by another painter, and the original painter accepts the offer. In this case, the contract has been discharged under the principle of substantial performance.
Substantial performance can be regarded as a term that is been
used as regards contract law, it is a principle that can be explained as
degree of performance of a contract that is not regarded as complete or full performance, but regarded as nearly equivalent which will be considered to be unfair if the contractor is denied the agreed payment in the contract.
Answer:
Explanation:
This is an annuity question. You can solve this using a financial calculator with the following inputs;
Present value ; PV = -20,000
Duration; N = 15 payments
2 year interest rate; I = [(1.07)^2 ] -1 = 14.49%
One-time future cashflow; FV = 0
Then compute recurring payment ; CPT PMT = $3,336.28
Therefore, you'll pay $3,336.28 every 2 years
Answer:
Per year installment shall be $22,101
Explanation:
By using annuity formula we have
P=$58,000
Annuity Factor=2.62432
P=Installment*2.62432
$58,000=Installment*2.62432
Installment=$58,000/2.6243
Installment per year=$22,101
