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.

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A: a.

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A:

Q: Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following…

A:

Q: Bob owned a duplex used as rental property.  The duplex had an adjusted basis to Bob of $86,000 and…

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Q: What is Barbara's recognized gain or loss in the current year related to this exchange?

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