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A promises to deliver to B a specific horse. Their contract contains a penal clause that in case of non-fulfillment, A shall pay a penalty of P10,000. A wants to just pay that penalty instead of delivering the horse. Has B the right to refuse to accept the penalty in lieu of the horse?
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- Ahmed, who was admitted in a hospital, was required to undergo a surgery. Before his operation, he agreed to sell his house which was already listed for sale, to his doctor for Rs. 9.7 million. The market price of the house was Rs. 10 million. After successful operation Ahmed rescinded the agreement alleging “Undue Influence” by the doctor. a. Can he succeed? b. Justify Your answer keeping in view the ingredients of undue influence as laid down in Contract Act, 1872.A binds himself to give P10,000 to B upon the death of the father of A. Is the obligation of A conditional or one with a period? L (seller) sold his TV set to M (buyer), who gave L the option to deliver instead his refrigerator. Is L liable to M in case the TV is lost through L’s fault?Mr. Asif is a minor who entered in a contract & offered to sale a Toyota Corolla GLI model 2019 & demanded Rs.2.5 Million. Mr. Aneel is willing to buy Mr. Asif’s car with same price. Whether it is a valid contract? Answer must be in (Yes or No) Give reason to support your answer in part a
- -G, guardian of M, sold the latter’s parcel of land worth P100,000 for only P90,000. Is the contract rescissible? Explain. -X orally sold his lot to Y for P500,000 and the latter gave an earnest money in the amount of P50,000 which the former acknowledged in a receipt. Later on, X refused to comply with the contract. Can Y enforce the contract against X? Explain.Riya writes an email promising to sell her car to Manish for $500, and Manish replies that he will pay Riya on the 24th of the month. On the 24th, Manish pays Riya and she gives him the title to the car. Manish and Riya have a(n) __________. a.) unilateral contract b.) implied contract c.) executory contract d.) executed contractMr. Anthony orally agreed to sell his refrigerator for P10,000 to Ms. Johnson who made a partial payment of P4,000. Later, Mr. Anthony denied there was such a sale. Can Ms. Johnson enforce the sale considering that the contract was oral and the price was more than P 500? Explain.
- Bill is cleaning his basement and finds an old vase. Believing the vase is worthless he sells it for $50.00. Later he discovers that the vase was really worth $25,000. Bill will be able to: A) recover $25,000. B) not recover anything because mistakes in judgement as to value do not permit you to avoid a contract. C) rescind the contract D) all of the aboveD is indebted to C for P10,000. For the purpose of defrauding C, D sold his only parcel of land to X valued P10,000. X has no knowledge of the intention of D. a. The contract D and X is binding. b. The contract is voidable because S is in bad faith. c. The right of C is to rescind the contract because the transaction is fraudulent. d. The contract between D and X is rescissible.M issued a negotiable order instrument to P in exchange for 10 cows to be delivered 90 days from date of issue. P endorsed it to A, then A to B. However, P was not able to deliver the cows on the due date. A did not know about the said non-delivery, but B did. Can B seek payment from M? YES OR NO?
- If Wu accepts the contract with Worthington, he would either have to (a) cancel two prom contracts each for one car for six hours or (b) cancel one business event for three cars contracted for two hours each. What are the relevant opportunity costs of accepting the Worthington contract in each case? Which contract should he cancel?Carol has a closed-end lease agreement in which the lessor has estimated that the value of the leased car will be $10,000 at the end of the lease term. If Carol returns the car in good condition and under the mileage limit at the end of the lease, but the car is then worth only $9,000, Carol will A : not get her security deposit back as a penalty. B : have to pay the extra $1,000 in depreciation at that time. C : be able to walk away without any responsibility for the extra loss in value. D : receive a rebate of $1,000 from the lessor.Daniel agreed that he would erect an apartment building for Steven for $12 million and that Daniel would suffer a deduction of $12,000 per day for every day of delay. Daniel was twenty days late in finishing the job, losing ten days because of a strike and ten days because the material suppliers were late in furnishing materials. Daniel claims that he is entitled to payment in full (a) because the agreement as to $12,000 a day is a penalty and (b) because Steven has not shown that he has sustained any damage. Discuss each contention and decide.