Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please, may you solve this case Click Submit to complete this assessment. Question 4 of 4 Question 4 5 points Save Answer Land Corp is

Please, may you solve this case

image text in transcribed
Click Submit to complete this assessment. Question 4 of 4 Question 4 5 points Save Answer Land Corp is a real estate developer. Land Corp employed Kim, a licensed real estate broker, to identify and obtain land which was suitable for a townhouse development. Kim was paid a weekly salary of $1000. Kim told Land Corp that a parcel of land known as Blueacre was available for purchase. Land Corp instructed Kim to purchase the land as a "straw man". This meant that although Kim was buying the land in his (Kim's) own name it was not intended that he (Kim) would be the true owner. Rather, Kim would be required to later transfer the land to Land Corp. Kim told Land Corp that the land would cost $50,000. Land Corp gave this money to Kim. However, unknown to Land Corp, Kim had an interest in Blueacre. This interest came about as follows: Before Kim had been employed by Land Corp, he had been offered the option to buy Blueacre for the price of $25,000.00. When Land Corp gave the $50, 0000 to Kim, Kim told the person selling Blueacre that he was ready to use the option that he had been given. Kim used $25,000 out of the $50,000 to complete the purchase of Blueacre and kept the remaining $25,000. As agreed with Land Corp, Kim later transferred Blueacre to Land Corp. You are required identify and discuss (resolve) the legal issue(s) (if any) which arise on these facts TT TT Paragraph h - Arial 3 (12pt) fx Mashups . 1 4 0 + HTH CSS

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

Step: 3

blur-text-image

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

Contract Law

Authors: Ewan McKendrick

13th Edition

1352005255, 978-1352005257

More Books

Students also viewed these Law questions

Question

What an ADR is? LO.1

Answered: 1 week ago

Question

2. Find five metaphors for communication.

Answered: 1 week ago