X was so in love with M. To show his true love, he insisted that M take his Toyota Fortuner worth P2Million. M was embarrassed but she is in need of a car. In order not to be entirely indebted to X, M agreed that she will pay X P10,000.00 for the car. Is the contract of sale valid? A. Yes. The gross inadequacy of the price does not render the contract invalid. B. Yes. The property is properly located and identified. C. No. X cannot sell a car for a very low price. It shows that he has no intention to really sell it. D. No. X must first obtain the permission from the Bureau of Internal Revenue if he can sell the car for a very low price.
X was so in love with M. To show his true love, he insisted that M take his Toyota Fortuner worth P2Million. M was embarrassed but she is in need of a car. In order not to be entirely indebted to X, M agreed that she will pay X P10,000.00 for the car. Is the contract of sale valid? A. Yes. The gross inadequacy of the price does not render the contract invalid. B. Yes. The property is properly located and identified. C. No. X cannot sell a car for a very low price. It shows that he has no intention to really sell it. D. No. X must first obtain the permission from the Bureau of Internal Revenue if he can sell the car for a very low price.
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter16: Government Regulation
Section: Chapter Questions
Problem 8E
Related questions
Question
X was so in love with M. To show his true love, he insisted that M take his Toyota Fortuner worth P2Million. M was embarrassed but she is in need of a car. In order not to be entirely indebted to X, M agreed that she will pay X P10,000.00 for the car. Is the contract of sale valid?
A. Yes. The gross inadequacy of the price does not render the contract invalid.
B. Yes. The property is properly located and identified.
C. No. X cannot sell a car for a very low price. It shows that he has no intention to really sell it.
D. No. X must first obtain the permission from the Bureau of Internal Revenue if he can sell the car for a very low price.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning