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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 After successful operation Ahmed rescinded the agreement alleging “Undue Influence” by the doctor.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.
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- Mr. Saeed wanted to purchase a horse from Raza, but the price he offered to pay for the horse was less than that Raza was willing to sell it for. The horse, therefore, was still in his possession. Saeed communicated his offer through a letter, saying, “If I hear no more about you, I consider the horse is mine at Rs 10000” Raza could not respond to the letter because he was busy with an auction on his farm. Mr. Saeed then sued Raza for the horse. Does Raza’s silence be considered an acceptance of the offer? Explain with relevant section of law.Ricky signed a contract to sell his slightly-used Suzuki Vitara Golf for $15,000 to an old friend Boris, after the latter threatened to tell Ricky's wife that Ricky is a discharged bankrupt. The vehicle still has a market value of $24,000. Boris told Ricky that if he didn’t sell his car to him, he will could always organise some of his former associates, who are all convicted felons, to visit Ricky and force him to do so. Advise Ricky on whether he has any remedies to have the contract declared void and get his car backOn July 24 of the current year, Sam Smith was involved in an accident with his business use automobile. Sam had purchased the car for 30,000. The automobile had a fair market value of 20,000 before the accident and 8,000 immediately after the accident. Sam has taken 20,000 of depreciation on the car. The car is insured for the fair market value of any loss. Because of Sams history, he is afraid that if he submits a claim, his policy will be canceled. Therefore, he is considering not filing a claim. Sam believes that the tax loss deduction will help mitigate the loss of the insurance reimbursement. Sams current marginal tax rate is 35%. Write a letter to Sam that contains your advice with respect to the tax and cash flow consequences of filing versus not filing a claim for the insurance reimbursement for the damage to his car. Also prepare a memo for the tax files. Sams address is 450 Colonels Way, Warrensburg, MO 64093.
- Dalisay was hit by a wayward bus while on his way to work. He survived but had to pay P400,000 for his hospitalization. He was unable to work for 6 months which meant that he did not receive his usual salary of P10 000 a month or a tolal of P60,000. He sued the bus company and was able to abtain a final judgment awarding him the following: P400,000 as reimbursement for his hospitalization; P60,000 for the solories he foiled io receive while hospitalize d P200.000 as moral damages fer his pain and suffering. -P100,000 as exemplary damages. He was able to collect in full from the judgment. How much is excluded from gross income? Zero P300,000 P700,000 P760,000Xander was hit by a wayward bus while on his way to work. He survived but had to pay P500,000 for his hospitalization. He was unable to work for 7 months which meant that he did not receive his usual salary of P10 000 a month or a tolal of P60,000. He sued the bus company and was able to abtain a final judgment awarding him the following: P100,000 as reimbursement for his hospitalization; P60,000 for the solories he foiled io receive while hospitalize d P200.000 as moral damages fer his pain and suitering. arid -P100,000 as exemplary damages. He was able to collect in full from the judgment. How much is excluded from gross income?Sining stole a watch of Benita, then sold it to Goreng for the amount of 5,000. Goreng is in good faith. Can Sining recover the watch from Goreng?a. No, Goreng is good faithb. Yes, with reimbursement of 5,000 to Gorengc. Yes, without reimbursement of 5,000d. No, Sining need to file a court proceeding
- Dr Greg Marshall acquired a house in Windsor under a contract dated 1 January 2011 for $560,000. He also paid $15,000 in legal fees and stamp duty upon settlement on 31 January 2011. Dr Marshall used the house as the main residence for himself and his family. Five months later on 1 June 2011, Dr Marshall decided to operate a doctor’s surgery at his home due to a falling out with his partners at the local surgery as well as his desire to spend more time at home with his family. A downstairs room was modified for this purpose on the same date. The room represented 10% of the total floor area of the house. The real estate agent estimated the market value of the home at 1 June 2011 was $600,000 Five years later, on 1 June 2016, Dr Marshall was invited to join a new larger practice focusing on holistic and natural medicines and therefore decided to close his home surgery on 31 May 2016. He then converted the surgery space back into a bedroom for his eldest son. Dr Marshall continued…Assume that A values his house at $90,000. B is willing to pay $110,000 for A’s house in order torelocate closer to work. After signing a contract, B’s employer announces that the company will moveto another city. In view of this fact, the value of the house to B is reduced to $75,000. From anefficiency viewpoint, who should own the house, A or B?How will the parties achieve efficiency in allocating the house if the court enforces the contract?Gary is the owner of a commercial building, and he has leased his space to John in order for him to operate a baking company. According to the terms of the lease agreement, John is responsible for repairing any changed or damaged components of the building once the lease period has expired. However, John is unable to restore Gary's building, which has been destroyed as a result of the installation of equipment and fixtures. Gary agreed to reimburse John $3,100 in order to meet the repair costs.
- To improve her body shape Ms. Ganda decided to undergo procedure and sought the services of the Body Beautiful, a clinic operated outside the hospital and owned by Below Medical Center Group Company. Body Beautiful charged Ms. Ganda the amount of P224,000 (inclusive of 12% but exclusive of excise tax) for the service rendered. Ms. Ganda bought residential house for P4,000,000. He paid P1,000,000 down and mortgage back the property as security for the P3,000,000. Based on the information above, how much is the excise tax?To improve her body shape Ms. Ganda decided to undergo procedure and sought the services of the Body Beautiful, a clinic operated outside the hospital and owned by Below Medical Center Group Company. Body Beautiful charged Ms. Ganda the amount of P224,000 (inclusive of 12% but exclusive of excise tax) for the service rendered) Ms. Ganda bought residential house for P4,000,000. He paid P1,000,000 down and mortgage back the property as security for the P3,000,000. Based on the information, how much is the VAT?To improve her body shape Ms. Ganda decided to undergo procedure and sought the services of the Body Beautiful, a clinic operated outside the hospital and owned by Below Medical Center Group Company. Body Beautiful charged Ms. Ganda the amount of P224,000 (inclusive of 12% but exclusive of excise tax) for the service rendered. Ms. Ganda bought residential house for P4,000,000. He paid P1,000,000 down and mortgage back the property as security for the P3,000,000. REQUIRED:1) How much is the DST from the mortgage? 2) How much is the Excise tax?
