Under a Contract of Sale, Ana bound herself to deliver a diamond ring to Ben for P50,000 to be used by the latter in his proposal to Apple on June 15, 2021. (Hint: this is a reciprocal obligation) What is the prestation? Who is the active subject? Who is the passive subject? What is the vinculum juris?
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Under a Contract of Sale, Ana bound herself to deliver a diamond ring to Ben for P50,000 to be used by the latter in his proposal to Apple on June 15, 2021. (Hint: this is a reciprocal obligation)
- What is the prestation?
- Who is the active subject?
- Who is the passive subject?
- What is the vinculum juris?
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- On 10 September 2021, Michelle purchases a 10-year annuity from the “Retirees Gold Ltd” (RGL). Under the agreement, Michelle pays a lump sum amount of $1 million, and in return RGL would pay her $24,000 per year over and above Michelle’s $1 million investment. On 16 September 2021, Michelle sells the right to receive the annual payments to Alex for $210,000. Required: Advise Michelle of the income tax consequences on receipt of $210,000 from Alex. Cite relevant legislation and cases in support of your answer.Lyka and Brigette entered into a contract of sale over a parcel of land. In their agreement. the buyer, Brigette, must pay the purchase price on or before December 9, 2022 with the condition that if Bridgette fails to pay, the contract shall be automatically rescinded.If Brigette fails to pay on December 9, 2022, can she still pay on December 12, 2022? Why or why not?Ami, a professional soccer player, is offered a 5-year contract that pays him the following amounts: Year 1: $1.2 million Year 2: 1.6 million Year 3: 2.0 million Year 4: 2.4 million Year 5: 2.8 million Under the terms of the agreement all payments are made at the end of each year. Instead of accepting the contract, Ami asks his agent to negotiate a contract that has a present value of $1 million more than that which has been offered. Moreover, Ami wants to receive his payments in the form of a 5-year annuity due. All cash flows are discounted at 8 percent. If the team were to agree to Ami’s terms, what would be Ami's annual salary (in millions of dollars)? (Answer must have step by step explainations.)
- D is indebted to C for P10,000 due on March 31, 2022. To secure the fulfillment thereof, D endorsed a negotiable promissory note executed by P for P15,000 due on January 31, 2022. In this case,a. The pledge is void since the promissory note would be due earlier than the obligation it secures.b. D will collect the P15,000 on January 31, 2022 and pay C with the proceeds of the collectionc. C may collect the proceeds of the note and apply the P15,000 for the payment of D’s obligationd. C may collect the proceeds of the note and applyP10,000 for the payment of D’s obligation and return the excess P5,000 to D.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?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 contract
- On January 1, 2021, Mrs. Erich entered into a franchise agreement with KK to market their products. The agreement provides for an initial fee of P15,500,000 payable as follows: P6,500,000 to be paid upon signing of the contract and the balance in five equal annual payments every end of the year starting December 31, 2021. Mrs. Erich signs a non-interest bearing notes for the balance. His credit rating indicates that he can borrow money at 15% interest for a loan of this type. The present value of an annuity of P1 at 15% for 5 periods is 3.352. The agreement further provides that the franchisee must pay a continuing franchise fee equal to 3% of the monthly gross sales. On August 31, the franchiser completed the initial services required in the contract at a cost of P7,290,120 and incurred indirect cost of P475,000. The franchisee commenced business operations on November 30, 2021. The gross sales reported to the franchisor were P1,800,000 for December, 2021. The first installment…On January 1, 2020, Scott’s employer gave him a City of Denver Bond and a City of Hong Kong (China) bond in compensation for his services. The Denver bond has a fair market value of $8,000 and pays interest of $400 that is attributable to Scott. The Hong Kong Bond has a fair market value of $10,000 and pays interest of $500 that is attributable to Scott. How much should Scott include in his Gross Income for 2020? Group of answer choices a)$8,400. b)$18,000. c)$18,500. d) $18,900.Saar Associates sells two licenses to Kim & Company on September 1, 2021. First, in exchange for $100,000, Saar provides Kim with a copy of its proprietary investment management software, which Saar does not anticipate updating and which Kim can use permanently. Second, in exchange for $90,000, Saar provides Kim with a three-year right to market Kim’s financial advisory services under the name of Saar Associates, which Saar advertises on an ongoing basis. How much revenue will Saar recognize in 2021 under this arrangement?
- Mr. Waqas obtains an asset under Ijarah from an Islamic bank. The asset has a value at the start of the contract of PKR 68,000 and is estimated to have a useful economic life of 3. The contract starts on 1 January Year 1 and lasts 3 years; the trader does not have the option to cancel the contract early. The trader agrees to pay equal monthly installments, and the first payment made by the trader will be at the start of the contract. Furthermore, the trader will pay the residual value at the end of the third year and will purchase the asset. The estimated value of the asset after 3 years is PKR 10,000, and this is also the guaranteed minimum value of the asset at the end of year 3. The profit rate by the bank is 10%. Required: Calculate monthly payments and Islamic Bank’s profitIn June 2020, Sue exchanges a sport-utility vehicle (adjusted basis of $105,440; fair market value of $131,800) for cash of $19,770 and a pickup truck (fair market value of $112,030). Both vehicles are for business use. Sue believes that her basis for the truck is $112,030. Is Sue correct? Why or why not? As part of your response, compute Sue’s realized gain or loss (and recognized gain or loss, if any) on the exchange. Yes . She must treat the transaction as a regular sale or exchange . Therefore the basis of the new property is $________________ and Sue has a gain recognized gain of $_______________.On January 1, 1999, A signs a promissory note and binds himself to pay X P100,000 plus 15% per annum interest on June 30, 1999. Before June 30, 1999, X can demand payment IF on June 30, 1999, A is paying X, X can refuse the payment Because the period is for the benefit of the debtor, A can compel the creditor X to accept payment any date before June 30, 1999. Because the period is for the benefit of the debtor and the creditor, X can refuse any rendered payment before June 30, 1999.