Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For each of the following scenarios, identify (i) the way this debt was created (by contract, assignment, law, or court judgment); (ii) whether the debt

For each of the following scenarios, identify (i) the way this debt was created (by contract, assignment, law, or court judgment); (ii) whether the debt or claim is liquidated, unliquidated, or partially liquidated; and (iii) whether the debt is contingent or noncontingent. (9 points)

  1. Sally Client has pled guilty to the crime of shoplifting and has been ordered by the court to pay $500 in restitution to the merchant from whom she stole. Client is relieved she got no jail time and plans no appeal.
  2. Richard Client bought a car from Honest Jack's Used Cars for $15,000. Later, he learned that Honest Jack had run back the mileage odometer on the car before selling it to him. The car showed only 60,000 miles when Client bought it, but it actually had 160,000 miles on it. The car that he paid $15,000 for is actually worth only $5,000. Client sues, asking for the difference in the value of the car plus punitive damages.
  3. Dorothy Client agreed to paint Fred's house for $1,000. She finished the job and Fred was happy with it but said he had no money to pay her.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: James D. Stice, Earl K. Stice, Fred Skousen

17th Edition

032459237X, 978-0324592375

More Books

Students also viewed these Law questions

Question

2. How do I perform this role?

Answered: 1 week ago