Question

In: Accounting

QUESTION 17 Which of the following actions by a buyer is least likely to persuade a...

QUESTION 17

Which of the following actions by a buyer is least likely to persuade a court to enforce an oral contract for the sale of land?

Buyer pays seller the full purchase price

Buyer pays part of the purchase price and takes possession of the property

Buyer pays part of the purchase price, takes possession of the property, and makes valuable improvements.

Buyer pays part of the purchase price, takes possession of the property, and makes property tax and mortgage payments.

QUESTION 20

Parole evidence is evidence based on

Oral statements

Usage of the trade

Provisions handwritten into a contract

Waivers of liability

QUESTION 24

Gourmet, an upscale restaurant chain, planned to open a new restaurant in downtown Smallville on Memorial Day weekend. Ye Olde Antique Shoppe, a merchant located next door to Gourmet, was looking forward to the increased sales it would realize from diners who dropped in from next door. Gourmet's contractor did not finish the building on time so Gourmet did not open for the big weekend. Can Ye Olde Antique Shoppe sue the contractor since it lost profits because of his failure to perform on time?

		Yes, because it is a business beneficiary of the contract between contractor and Gourmet
		Yes, because it is an intended commercial beneficiary of the contract between contractor and Gourmet
		No, because it is a donor beneficiary of the contract between contractor and Gourmet.
		No, because it is an incidental beneficiary of the contract between contractor and Gourmet.

Expert Solution

1) Solution: Buyer pays seller the full purchase price

Explanation: Article 2 of the Code covers the sale of land and improvements on the land.

2) Solution: Oral statements

Explanation: The parol evidence rule where (parol refers oral; it is related to parliament and parly—talking) is a substantive rule of law that operates to bar the introduction of evidence intended to reflect that the parties had agreed to certain activity different from what they finally arrived at and wrote down

3) Solution: No, because it is an incidental beneficiary of the contract between contractor and Gourmet.

Explanation: Since it is an incidental beneficiary of the contract between contractor and Gourmet Ye Olde Antique Shoppe sue the contractor thus Ye Olde Antique Shoppe cannot sue the contractor

ekkarill92 answered 2 years ago

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