1. Torrence is driving his new 2021 Camero after graduating from JSU around the historic district...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. Torrence is driving his new 2021 Camero after graduating from JSU around the historic district near the university when he loses control of his car. The car rides up onto the sidewalk in front of Mrs. Reynold's lawn where her prize garden is growing. Torrence narrowly misses the garden and does no other damage to Mrs. Reynolds property. Nonetheless, when Mrs. Reynolds sees ow close to her garden Torrence came to being ruined, she threatened to sue Torrence. Torrence became afraid and offered Mrs. Reynolds $1,000 if Mrs. Reynolds would please not sue him since he was just graduating and wanted to begin his life free of legal troubles. Reynolds, who knows that Torrence hasn't done anything to her and that she has no claim against him, agrees. If Torrence fails to pay Mrs. Reynolds the $1,000 and Mrs. Reynolds sues him for it, she will probably: • Win because Torrence made the promise to keep himself out of trouble • Win, because Mrs. Reynolds agreed not to sue in exchange for the promise of $1,000 • Lose, because Mrs. Reynolds did not have a legal right to sue so she did not give up anything in exchange for the promise to pay $1,000 • Lose, because nothing happened to her garden Select a choice above and explain your answer using the definition of forbearance. 2. Rick Auto Sales has a new Camero on his lot for $10,000. Torrence, a recent graduate from JSU, is in the market to purchase a new car with the monies he has been saving since college began. The offer for the Camero is firm. Torrence has only $8,000. Torrence gave Rick $100 to hold the Camero for him until he had a chance to talk to his family and come up with the additional funds. Rick accepts the $1,000 and promises to hold the sale open for two weeks. One week later Rick tells Torrence that the car is no longer for sale. Nonetheless, one day before the two weeks concludes, Torrence brings the remainder of the monies and accepts Ricks offer for $10,000. When Rick refuses to sell the car, Torrence sues him. Torrence will probably: sell the car, Torrence sues him. Torrence will probably: • Win, because Torrence accepted the offer before the two weeks expired. • Win, because Rick had to keep the offer open for two weeks • Lose, because only a small amount was given for the promise to hold the offer open until April 15th • Lose, because Rick withdrew the offer 3. Veronica is the owner of a consignment boutique specializing in the resale of high-end handbags. Her customer Teresa, has been looking for a Telfar Clemons handbag with no success. Teresa tells Veronica, "You know what I am looking for. If you find a Telfar - get it!" Veronica locates the handbag and makes the purchase. Under these circumstances has an acceptance been made by Tisha? If so, identify at what point an acceptance was made. 4. John goes over to Ty's house to visit him one day. When John enters the house, he sees Ty on the floor gasping for breath. John immediately rushes Ty to the hospital afraid that Ty was having a heart attack. He was. After a few months, Ty is completely recovered. Ty tells John, in appreciation for saving his life, John is going to give Ty $10,000. If Ty does not pay and John sues to enforce the offer, John will probably: • Lose, because the promise was a gift. • Lose, because the general ruie is that promises based on past consideration are unenforceable. • Win, because Ty did not set a limit on when he would pay the money. Win, because Ty received a benefit from John which gave rise to the promise. 1. Torrence is driving his new 2021 Camero after graduating from JSU around the historic district near the university when he loses control of his car. The car rides up onto the sidewalk in front of Mrs. Reynold's lawn where her prize garden is growing. Torrence narrowly misses the garden and does no other damage to Mrs. Reynolds property. Nonetheless, when Mrs. Reynolds sees ow close to her garden Torrence came to being ruined, she threatened to sue Torrence. Torrence became afraid and offered Mrs. Reynolds $1,000 if Mrs. Reynolds would please not sue him since he was just graduating and wanted to begin his life free of legal troubles. Reynolds, who knows that Torrence hasn't done anything to her and that she has no claim against him, agrees. If Torrence fails to pay Mrs. Reynolds the $1,000 and Mrs. Reynolds sues him for it, she will probably: • Win because Torrence made the promise to keep himself out of trouble • Win, because Mrs. Reynolds agreed not to sue in exchange for the promise of $1,000 • Lose, because Mrs. Reynolds did not have a legal right to sue so she did not give up anything in exchange for the promise to pay $1,000 • Lose, because nothing happened to her garden Select a choice above and explain your answer using the definition of forbearance. 2. Rick Auto Sales has a new Camero on his lot for $10,000. Torrence, a recent graduate from JSU, is in the market to purchase a new car with the monies he has been saving since college began. The offer for the Camero is firm. Torrence has only $8,000. Torrence gave Rick $100 to hold the Camero for him until he had a chance to talk to his family and come up with the additional funds. Rick accepts the $1,000 and promises to hold the sale open for two weeks. One week later Rick tells Torrence that the car is no longer for sale. Nonetheless, one day before the two weeks concludes, Torrence brings the remainder of the monies and accepts Ricks offer for $10,000. When Rick refuses to sell the car, Torrence sues him. Torrence will probably: sell the car, Torrence sues him. Torrence will probably: • Win, because Torrence accepted the offer before the two weeks expired. • Win, because Rick had to keep the offer open for two weeks • Lose, because only a small amount was given for the promise to hold the offer open until April 15th • Lose, because Rick withdrew the offer 3. Veronica is the owner of a consignment boutique specializing in the resale of high-end handbags. Her customer Teresa, has been looking for a Telfar Clemons handbag with no success. Teresa tells Veronica, "You know what I am looking for. If you find a Telfar - get it!" Veronica locates the handbag and makes the purchase. Under these circumstances has an acceptance been made by Tisha? If so, identify at what point an acceptance was made. 4. John goes over to Ty's house to visit him one day. When John enters the house, he sees Ty on the floor gasping for breath. John immediately rushes Ty to the hospital afraid that Ty was having a heart attack. He was. After a few months, Ty is completely recovered. Ty tells John, in appreciation for saving his life, John is going to give Ty $10,000. If Ty does not pay and John sues to enforce the offer, John will probably: • Lose, because the promise was a gift. • Lose, because the general ruie is that promises based on past consideration are unenforceable. • Win, because Ty did not set a limit on when he would pay the money. Win, because Ty received a benefit from John which gave rise to the promise.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Who loses out on a companys cash flow when it adds more and more debt is added to the financing structure? Who gains as a company when more and more debt is added?
-
Mrs Rachel Doran is a trader who does not keep a full record of all her business transactions She has asked you to prepare her accounts for the year ended 31 December 2015 and has provided you with...
-
When Michelle told her boss that she was pregnant, his first comment was, Congratulations on your pregnancy. My sister vomited for months. Then he refused to speak to her for a week. A month later,...
-
Match the accounting terminology to the definitions. 1. Sarbanes-Oxley Act 2. Internal control 3. Encryption 4. Separation of duties 5. Internal auditors
-
Northend Motors sold a new BMW to Salvador Frezatti. The list price of the new car was $40,000. Mr. Frezatti traded in a 5-year old Audi that has a Blue Book value of $15,000. Northend also offered a...
-
(* means difficultnot just a plug-and-chug, that is) For small particles at low velocities, the first (linear) term in Stokes drag law, Prob. 1.10, is dominant, hence F = KV, where K is a constant....
-
On December 31, 2017, Green Company issued \(\$ 600,000\) of 15 -year, ten percent bonds payable for \(\$ 517,411\), yielding an effective interest rate of 12 percent. Interest is payable...
-
A refinery blends four petroleum components into three grades of gasolineregular, premium, and super. The maximum quantities available of each component and the cost per barrel are as follows: To...
-
A stock's returns have the following distribution: Demand for the Company's Products Weak Below average Average Above average Strong Probability of this Rate of Return if Demand Occurring this Demand...
-
Question (700 words) John Densmore, a law student and part-time musician, was seriously injured in a car accident. The other car's driver, Ray Manzarek, a renowned life motivation coach and a...
-
The manufacturers of a new oatmeal product want to determine the least expensive way to safeguard and transport their product. They chose lyophilisation (freeze drying), which removes most of the...
-
Fill in the Blank. The response of a system to suddenly applied nonperiodic excitation is called ___________ response.
-
Design a piston-cylinder-type viscous damper to achieve a damping constant of \(175 \mathrm{~N}-\mathrm{s} / \mathrm{m}\) using a fluid of viscosity \(35 \times 10^{-3} \mathrm{~N}-\mathrm{s} /...
-
What is the balance of trade? Use the information in the following table on Mexico's 2007 international transactions to answer exercises 4-6 (the amounts are the U.S. dollar values in millions):...
-
What is the equilibrium level of real GDP? Use the following equations C $100+.8Y 1 = $200 G= $250 X $100 2Y
-
Use a demand and supply graph of the youth smoking market to show the effects of the tax cut in eastern Canada. Assume that the initial price is $6.00, the initial quantity is 100 units, and each...
-
Example #9: The owner of The Smoke House founds that 800 people bought hamburgers as follows: Kind of Burger Frequency Relative frequency (Probability) Miniburger 140 Burger 345 Big Burger 315 Total...
-
If you want to solve a minimization problem by applying the geometric method to the dual problem, how many variables and problem constraints must be in the original problem?
-
Create a statement of cash flow for the Arrow Company for the years ended December 31, 2014 and December 31, 2015 from the balance sheets and income statement created in problem P1.32 from Chapter 1....
-
Recent financial statements for The Hoechst Group, a German conglomerate with operations in agriculture, chemicals, pharmaceuticals, and veterinary products are pre- ver sented as follows: The...
-
The 2015 annual report of The Procter & Gamble Company (P&G) is available at www.pginvestor.com. After reviewing P&Gs annual report, respond to the following questions: a. P&Gs 2015 statement of cash...
Study smarter with the SolutionInn App