Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Financial Management Expert

Susan, who just acted a job in Europe, decided to sell his house and his car.   After some discussion Chris signs a valid written contract for the purchase of the house for $200,000 and the car for $4000. Before either the house or the car is conveyed to Maude some problem develop.

While Chris is measuring the basement rooms for her rugs she discovers water leakage into the basement. Susan and Chris never discussed the subject of water leakage previously and Susan claims she never had this problem during her three years in the house. Chris points to the newly applied paint, which he claims that Susan has employed to cover the leak. Susan denies this. Chris indicates his unwillingness to proceed with the purchase because she can’t put fine rugs and furniture in a basement that leaks. After much discussion, Susan and Chris agree on a new deal and sign a new contract that is identical in all other respects for the sale of the house for $190,000.

A few days later, Chris calls Susan on the phone very upset about the purchase of the car. On Sunday he had been seen advertising for similar cars for a good deal less money and she discovered that he mistakenly agreed to pay Susan $500 over the blue book price of the car. After a long conversation, Susan agrees to pay Chris’s demand to lower the price to $35000 and the parties execute a written, signed agreement to this effect.

At the time conveyance of the car and house, Susan demands the original prices and refuses to convey either for less money.

Advice Chris on his legal rights with respect to both contracts. In doing so be sure to address these questions. Assume that the house and car are 2 separate contracts.

a. If Susan had not lowered the price on the house, what legal arguments could Chris have made to get out of the contract? Explain fully.

Is there any consideration present to support Susan’s promise to lower the price of the house and the car? Explain fully.

Financial Management, Finance

  • Category:- Financial Management
  • Reference No.:- M92090039

Have any Question?


Related Questions in Financial Management

As we learned about in our lecture there are three types of

As we learned about in our lecture, there are three types of exercise: Aerobic exercises, e.g. running, cycling, walking, and skiing, are performed for longer intervals and require oxygen. Aerobic exercise primarily uses ...

Assignmentaccording to recent reports produced by the

Assignment According to recent reports produced by the Council of Saudi Chambers, healthcare turnover is on the rise within the Kingdom of Saudi Arabia. Nurses and physicians are leaving the Kingdom to Western countries ...

Management control systems and national cultures and

Management Control Systems and National Cultures and Corporate Social Responsibility o What steps, if any, is Amazon taking to be sensitive to the national culture. o What is Amazon doing with regard to Corporate Social ...

1 comparative advantagethe following chart represents the

1. Comparative Advantage The following chart represents the production capabilities of the US and Japan:.   Output per worker- day   Country Food Clothing US 2 1 Japan 3 9 a) Which country has an absolute advantage in fo ...

Introductionthroughout this course the focus has been on

Introduction Throughout this course, the focus has been on the problem-solving model and learning how to complete the steps. In addition, you learned how to utilize analysis tools to help you with some of the problem-sol ...

Assignment1research online to find 3 articles from news or

Assignment 1. Research online to find 3 articles from news or professional business publications that talk about the improv - business connection. Your search may extend to include the connection of improv &:education, a ...

Answer the following questions 1evaluate the criteria fel

Answer the following Questions : 1. Evaluate the criteria FEL uses to assign managers to project teams. What effi-ciencies do these criteria create? What are the resulting problems? 2. Why is it even more important that ...

1 activities of a company that require the spending of cash

1) Activities of a company that require the spending of cash are known as: A) Uses of cash. B) Cash on hand. C) Cash receipts. D) Sources of cash. E) Cash collections. 2) Relationships determined from a firm's financial ...

Grounded theory and ethnography assignment instructionseach

Grounded Theory and Ethnography Assignment Instructions Each qualitative design is slightly different from the others; these differences are important for researchers to consider when selecting a design that is most appr ...

Scenario your team has been hired to provide financial

Scenario: Your team has been hired to provide financial analysis for a start-up company, Bobble in Style, which produces customized bobble heads. The bobble heads are made out of less rigid materials and are more true to ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As