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- JP received an amount ofP100,000.00 from RT, payable on orbefore November 15, 2021. It isstipulated in their contract that incase no payment is received onNovember 15, 2021, JP will act asthe courier of plants in the liveselling business of RT until his loanis paid. However, despite demandfrom RT when the obilgationbecomes due, JP refused & stillrefuses to act as courier in theplants live sellinsiness of RT.A mortgage is transfer of an interest in specific immoveable property for the purpose ofsecuring payment of some amount of money. Elaborate in what different ways amortgage is created by highlighting their characteristics and mutual rights and liabilitiesof the parties in a precise manner?Give two (2) cases when the conditional obligation is valid although the condition depends entirely upon the will of the debtor. Explain
- true or false 1. Captive insurer may be used to insure loss exposures that the parent firm finds it difficult to insure with private insurers. 2. Ali incorporated his business so that he has unlimited liability to shield him against personal liability claim by the creditors 3. For the safety of the residents of the apartment, a barrier is installed at the entrance of the apartment. Only the vehicles belong to the residents are allowed to pass through. This physical barrier system is a risk management technique called loss prevention 4. Applying first-aids to an injured worker while waiting for an ambulance to send him to hospital is a risk management technique called salvage.Your insured lives in an apartment but takes a temporary position in another city and must store some me for fur ture items in a storage ware apartment is sublet to a friend. Subsequently, the warehouse is broken into and some of your Insured's furniture is stolen. What Would a Tenant © A) The actual cash value or replacement cost of the property stolen less the policy deductible, subject to the 10% limitation on property temporanlite O B Nothing. The loss is not covered © C The actual cash value or replacement cost of all the personal property stolen, less the policy deductble, subject to the polis limit © D That proportion of the loss which the value of the property at the warehouse bears to the total value of all of his her personal propertyIqbal and Syafidie have been friends since they studied in UniMAP together. Nowthey are in the business of providing IT services to their clients. Syafidie tried to secure an ITtender from Penang Port Sdn Bhd worth RM300,000 and seek Iqbal assistance. Iqbal thenprovided consultancy work to Syafidie in his business. When Syafidie asked Iqbal if he owedIqbal anything for his services, Iqbal said: “My fee is RM20,000 but until you get that bigcontract, I know you cannot afford that. Perhaps we should just wait and see what happens?”Syafidie wanted to give Iqbal something now. Iqbal thought about it and said that if Syafidiepaid university fees of RM9,000 for his nephew, Aslam, he would not look for any morefrom him as regards the balance. Syafidie agreed that he would pay Aslam’s fees. The nextday Syafidie contacted Aslam explaining what had been agreed. Aslam was delighted andgave him all the relevant details about his account. One week later, Iqbal phoned Syafidieasking if he had paid…
- Gustav desires to deposit with a Trust Company a sum just sufficient to provide his family with an annuity of $600 per month for twenty-four years. How much he deposit if the Trust Company agrees to accumulate interest at the rate of 6% payable monthly?1.An entity shall offset an asset relating to one plan against a liability relating to another plan when, and only when, the entity: has a legally enforceable right to use a surplus in one plan to settle obligations under the other plan intends either to settle the obligations on a net basis, or to realize the surplus in one plan and settle its obligation under the other plan simultaneously Neither. Both 1 and 2. 1 only. 2 only.explain who might breach a contract because of malpractice 2.Give an example of a bailment where the bailee is not expected to return the bailed property in its original condition. 3.what is the differen.ce between a private carrier and a common carrier
- Sondra and Neil Kumaraperu owned a private day-care center and preschool. The preschool maintained a checking account and an operating account, but only Neil and Ranjini Niyarapola (a former owner) were on the signature cards. after Neil’s death, Sondra discovered that the school’s director had inadvertently deposited a check for the operating account into the checking account. so she wrote a check out to herself, signed Niyarapola’s name, and deposited it into the operating account. Was the check issued?CARLA sold her cow to IZA forP40,000.00. No date or conditionwas stipulated for the delivery ofthe cow. While still in possessionof CARLA, the cow gave birth totwo (2) calves. Who has the rightto the 2 calves? ExplainA sells B his horse for $10000. The horse is blind in one eye but B does not know this until after the sale in completed. Is A liable to B on the ground or fraud? Why or why not?