CHAPTER 5 GROSS INCOME: EXCLUSIONS SOLUTIONS TO PROBLEM MATERIALS | | | | |Status: | | Q/P | |Question/ |Learning | | |Present | | in Prior | |Problem |Objective |Topic | |Edition
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Misrepresentation Step 1. Determine whether the meaning of the representation is false or not – objective test Step 2. Three possibilities of a misrepresentation: 1) It is a term of the contract; 2) It constitutes a collateral contract; 3) Does not acquire contractual status at all. Step 3. Results: 1) Rescission of the contract; 2) Damages in tort (if the tort of deceit or the tort of negligence can be made out) Smith v Lane & House Property Corp This case deals with the situation
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contract for the purchase of a cigarette vending machine without reading the contract. The contract contained an exclusion clause‚ which took away all her rights under the Sale of Goods Act. The machine proved faulty and it was held that the sellers could rely on the clause because the purchaser had signified her consent to the terms of the contract by signing it and so the exclusion clause effectively exempted liability for breach. Application of the Legal Principle in the Law to the Issue It was
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Contracts – MacDougall 2010-2011 Sara Li FORMATION Offer & Acceptance Offer & Invitation to Treat Mere puffs Invitation to Treat Offer Mere puff: no reasonable person would take it as an offer Can the terms of the K (ie offer) only come from one party? * Battle of the forms - last shot/first blow? (Denning in Butler Machine Tool v Ex-Cell-O Corp) * Strict offer & acceptance is reaffirmed in Gibson v Manchester City Council [1979] - only extreme cases might not
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Has WIRETIME‚ Inc. committed any torts? If so‚ explain. Because Janet resigned and accepted the offer of WIRETIME‚ Inc. she committed a tort. A non-compete clause is a serious contract that can lead to severe punishment and fines. No matter if Janet was fired or if she quit‚ if she works for a competitor within the 2-year non-compete clause contract‚ illegal action has been committed and she will be punished one way or the other. If she would of resigned‚ and then waited 2 years to employee with
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non-compete clause. Scenario: WIRETIME‚ Inc. (Steve and Walter) Discuss any liability BUGusa‚ Inc.‚ may have for Walter’s actions. In this case‚ the security guard falsely imprisoned Steve. Walter was acting on his own accord and adhering to his job responsibilities‚ but Walter exceeded his authority by threatening Steve‚ creating a conflict. WIRETIME was also guilty of stealing BUGusa’s trade secrets by assigning Steve to work undercover. Scenario: BUGusa‚ Inc.‚ Plant Parking Lot What defenses
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invited to buy house. Council invited application on “may be prepared to sell” basis. Not an offer. Mere statement of price o Harvey v Facey [1893] Sale of Penn. H: “telegram lowest price”. F: “lowest acceptable £900”. Not an offer‚ merely statement. Lots at Auction o Harris v Nickerson [1873] Furniture listed in catalogue‚ Harris hoped to buy. Items withdrawn. Advertising was invitation to treat‚ acceptance only at fall of hammer. o British Car Auctions v Wright
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Assignment 1 Common Law By: Tita Amalia V. 1. Jonathan and an international business transaction Two parties reach agreement on the terms of the sale of a product from one party to the other. The agreement was written and signed by both parties in the presence of their lawyers. a) Do the parties have a valid and enforceable contract? Before a contract is formed‚ there must be agreement consisting of offer and acceptance‚ intention to form a contract‚ and consideration. Without
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552. CHAPTER 5GROSS INCOME: EXCLUSIONS Question MC #1 The taxpayer’s marginal tax bracket is 25%. Which would the taxpayer prefer? a. $1.00 taxable income rather than $1.00 tax-exempt income. *b. $.80 tax-exempt income rather than $1.00 taxable income. c. $1.25 taxable income rather than $1.00 tax-exempt income. d. $1.30 taxable income rather than $1.00 tax-exempt income. e. None of the above. 553. CHAPTER 5GROSS INCOME: EXCLUSIONS Question MC #2 Cash received by an individual: a. Is not
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the depression‚ China had to go through wars like the Opium War and the Sino-French War. Then came the idea that Asians were below other people‚ and the government issued the Chinese Exclusion Act on May 6th‚ 1882‚ to try to stop Chinese people from immigrating to America. During the same time as the Chinese Exclusion Act and before the Alien Acts happened in California‚ Japanese people began to immigrate to California‚ looking for a better life‚ as did the Chinese immigrants. They were intrigued
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