Alice M., has operated a furniture store in Victoria, BC, for a number of years. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Alice M., has operated a furniture store in Victoria, BC, for a number of years. The store has been successful to the point where it has outgrown its current leased space. Alice recently discovered a newer strip mall for sale in what she considers to be an ideal location for her store. The strip mall was developed on land that was previously occupied by a gas station and grocery store. A business colleague, Phil B. is interested in joining Alice in the strip-mall venture. They will incorporate ABC Ltd., to purchase and operate the mall, Half of the space is currently occupied by a number of businesses leasing space from the current owner. The plan is for Alice's store to occupy most of the vacant space and to find new tenants for the balance of the vacant space. The list price for the mall is $2 million. Alice and Phil can raise $800,000 and plan to borrow the remainder. Before she and Phil proceed further. Alice wants to know how she can escape from her lease with her current landlord. She also wants to understand the implications of buying the mall, obtaining the necessary financing and dealing with current and future tenants. Question: What does Alice need to know about the rights and obligations of her current lease and leases for the mall? Joe is shopping for a new TV at Big Screen City Ltd. The company's return policy applies to regularly priced products only. The salesperson, who is new to the job. mistakenly tells Joe he may return any TV within seven days if he returns the box and packaging materials as well. Joe relies on this representation when he chooses a very large plasma television on sale for 10 percent off the regular price. When Joe returns home, he learns his wife just lost her job. He immediately returns to Big Screen City with the TV and the packaging materials. The manager tells him the store policy does not allow for returns of sale merchandise. Question: In this scenarion identify who is the principal, who is the agent and who is the third party. Is this an example of actual or apparent authority? explain your answer. Alice M., has operated a furniture store in Victoria, BC, for a number of years. The store has been successful to the point where it has outgrown its current leased space. Alice recently discovered a newer strip mall for sale in what she considers to be an ideal location for her store. The strip mall was developed on land that was previously occupied by a gas station and grocery store. A business colleague, Phil B. is interested in joining Alice in the strip-mall venture. They will incorporate ABC Ltd., to purchase and operate the mall, Half of the space is currently occupied by a number of businesses leasing space from the current owner. The plan is for Alice's store to occupy most of the vacant space and to find new tenants for the balance of the vacant space. The list price for the mall is $2 million. Alice and Phil can raise $800,000 and plan to borrow the remainder. Before she and Phil proceed further. Alice wants to know how she can escape from her lease with her current landlord. She also wants to understand the implications of buying the mall, obtaining the necessary financing and dealing with current and future tenants. Question: What does Alice need to know about the rights and obligations of her current lease and leases for the mall? Joe is shopping for a new TV at Big Screen City Ltd. The company's return policy applies to regularly priced products only. The salesperson, who is new to the job. mistakenly tells Joe he may return any TV within seven days if he returns the box and packaging materials as well. Joe relies on this representation when he chooses a very large plasma television on sale for 10 percent off the regular price. When Joe returns home, he learns his wife just lost her job. He immediately returns to Big Screen City with the TV and the packaging materials. The manager tells him the store policy does not allow for returns of sale merchandise. Question: In this scenarion identify who is the principal, who is the agent and who is the third party. Is this an example of actual or apparent authority? explain your answer.
Expert Answer:
Answer rating: 100% (QA)
In the first scenario involving Alice and Phil purchasing a strip mall Alice wants to understand the rights and obligations of her current lease and the leases for the mall Here are some key considera... View the full answer
Related Book For
Accounting Information Systems basic concepts and current issues
ISBN: 978-0078025334
3rd edition
Authors: Robert Hurt
Posted Date:
Students also viewed these finance questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
In a given week, 12 babies are born in hospital. Assume that this sample came from an underlying normal population. The length of each baby is routinely measured and is listed below (in cm): 49, 50,...
-
Your consulting firm was recently hired to improve the performance of Shin-Soenen Inc, which is highly profitable but has been experiencing cash shortages due to its high growth rate. As one part of...
-
Define corporate citizenship.
-
In 2015, the city of San Francisco enacted an ordinance that required health warnings on advertisements for certain sugar-sweetened beverages (SSBs) that read: WARNING: Drinking beverages with added...
-
The Incredible Donut owns and operates six doughnut outlets in and around Kansas City. You are given the following corporate budget data for next year: Revenues .......... $10,400,000 Fixed costs...
-
1. Convert the following iteration Even method to recursive method: (Ex: EVEN(0,10) Void enas iteration even(int Lint n) { } int i=1: while(i
-
Adjustment data for SLO Health Care Inc. for January are as follows: 1. Insurance expired, $450. 2. Supplies on hand on January 31, $600. 3. Depreciation on building, $1,150. 4. Unearned rent revenue...
-
Different cultural perspectives of a region can impact several aspects of a company's global business operations. Considering Human Resources Management, culture does not have any impact on...
-
Identify Types of Interviews and "Tricks" that reporters and interviewers use.
-
If a contract specifies lease payments of $1,250 to be made at the beginning of each quarter for the next four years, what lump sum payment at the beginning of the lease should satisfy the landlord...
-
Which statement is correct? Commercial paper is highly marketable. All T-bills are issued with 90-day maturities. A certificate of deposit is a short-term loan to the government. Any CD with a face...
-
Describe with sources how sales incentives have a positive impact on seller's performance.
-
Please discuss about the 4 function of nonverbal of communication and which 2 you need to work on most and why?
-
The incidence of occupational disease in an industry is such that the workers have a 20% chance of suffering from it. What is the probability that out of 6 workers 4 or more will come in contact with...
-
1. As a general strategy, would you recommend that Carl take an aggressive approach to capacity expansion or more of a wait-and-see approach? 2. Should Carl go with the option for one facility that...
-
In each of the following independent cases, use a systems documentation technique specified by your instructor to model the process. a. Daves Pool Service is based in Upland, California; the firm...
-
a. Does Dairy Queen need an accounting information system? Why, or why not? b. Suggest one example of each generic AIS element within the context of Dairy Queen. c. How might this case be...
-
a. What are the elements of COSOs enterprise risk management framework? b. What is business process management? List and discuss the steps managers often use to change a business process. c. List and...
-
Using the data from Table 2, construct a \(95 \%\) confidence interval estimate of the mean difference, \(\mu_{d}\). By Hand Approach Step 1 Compute the differenced data. Because the sample size is...
-
Problem Decide whether the sampling method is independent or dependent. Then determine whether the response variable is qualitative or quantitative. (a) Joliet Junior College decided to implement a...
-
In the Spacelab Life Sciences 2 payload, 14 male rats were sent to space. Upon their return, the red blood cell mass (in milliliters) of the rats was determined. A control group of 14 male rats was...
Study smarter with the SolutionInn App