Smith and Roberson's Business Law
16th Edition
ISBN: 9781285428253
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Chapter 12, Problem 3CO
Summary Introduction
To discuss: Whether pre-existing public and contractual obligations satisfy the legal requirements of consideration.
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Write about the nature or features of Quasi - contract .
How is performance under a contract determined to be sufficient to discharge the duty to perform?
Explain the differences and similarities of obligations and contracts
Chapter 12 Solutions
Smith and Roberson's Business Law
Ch. 12 - Prob. 1COCh. 12 - Prob. 2COCh. 12 - Prob. 3COCh. 12 - Prob. 4COCh. 12 - Prob. 5COCh. 12 - Prob. 1QCh. 12 - Prob. 2QCh. 12 - Prob. 3QCh. 12 - Prob. 4QCh. 12 - Prob. 5Q
Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - Prob. 8QCh. 12 - Prob. 9QCh. 12 - Prob. 10QCh. 12 - Prob. 11QCh. 12 - Prob. 12CPCh. 12 - Prob. 13CPCh. 12 - Prob. 14CPCh. 12 - Prob. 15CPCh. 12 - Prob. 16CPCh. 12 - Prob. 17CPCh. 12 - Prob. 18CPCh. 12 - Prob. 19CPCh. 12 - Prob. 20CPCh. 12 - Prob. 1TSCh. 12 - Prob. 2TSCh. 12 - Prob. 3TS
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- Distinguish an ordinary contract from an obligationarrow_forwardWhy is past consideration no consideration at all? The adequacy of past consideration is difficult to determine. Past consideration is considered to be illusory. Past consideration may involve parties who are not involved in the current contract. Past consideration was provided before the current contract was made, and the current contract requires a benefit that has not yet been conferred.arrow_forwardHow are duties discharged by a party under a contract?arrow_forward
- Use a clear example to demonstrate when a valid and legal contract can be declared void and explain the reasons behind such a decision.arrow_forwardDifferentiate between a “void” and “voidable” contract.arrow_forwardA 72,000 square foot multi-tenant retail property with an Equinox gym and a Wendy’s restaurant in Columbus, Ohio was recently sold for $7,200,000. Selling costs, including a brokerage fee, totaled five percent of the purchase price. The mortgage loan balance at the time of sale was $3,760,000. The property was purchased eight years earlier for $4,200,000, and annual depreciation deductions of $120,000 were taken each year for tax purposes. If the combined effective federal and state income tax rates on capital gains and tax depreciation recapture is 30%, what was the after-tax cash flow from the sale of the property? a. $2,288,000 b. $2,252,000 c. $2,540,000 d. $2,000,000arrow_forward
- How can a party to a contract be discharged from performance, and what are the legal implications?arrow_forwardWhat are the essential elements that must be present for a quasi contract to be formed?arrow_forwardDiscuss the legal requirements for creating a valid and enforceable contract, including the elements that must be present.arrow_forward
- On Chapter 12, Recognizing Employee Contributions with Pay; define Principal and define Agent. Also, what is the difference between outcome-oriented and behavior oriented contracts?arrow_forwardAccording to Art. 1158 of the NCC, obligations derived from law are not presumed. Now, how can we determine whether an obligation arises from law or from some other source, such as a contract, a quasi-contract, a criminal offense, or a quasi-delict? Give examples.arrow_forwardBUSINESS LAW BUSS2422 Akram posted the offer letter on 2 October 2020 to Salam to sell his Honda City for RM50 000 to be accepted by 10 October 2020. On 4 October 2020 Akram posted another letter to revoke his proposal. The revocation letter reached Salam on 9 October 2020. On 8 October 2020, Salam posted his acceptance letter accepting the proposal. Based on the facts above: (a) Advise Salam as to his legal rights against Akram in relation to the agreement. (b) Explain if your answer would be different if Salam posted the letter of acceptance after the letter of revocation reached him. Support your answer with relevant statutory provisions of the Contracts Act 1950 and decided cases. Format: Times New Roman 12 1% spacing Front cover - Standard Format Number of pages - Minimum 3 pages, maximum 5 pagesarrow_forward
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