Mr Zin wants to renovate some part of his house. He hires a contractor to renovate...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mr Zin wants to renovate some part of his house. He hires a contractor to renovate his kitchen for Tk30,000. The contract requires a Tk12,000 down payment, Tk10,000 paid during the renovation process and the remaining tk 8,000 to be paid upon completion of the kitchen. However, when the kitchen is complete, the homeowner finds the work shoddy (not up to mark) and refuses to pay. Situation A. What kind of dealing would be following situation whereby the homeowner agrees to pay Tk.3,000; he is getting a discount on the price of the kitchen in return for having a shoddily constructed kitchen, and gives up his right to sue. The contractor is paying Tk5,000 in order to avoid being sued by the homeowner, and gives up his right to sue for the full Tk 8,000. Both parties give something up to limit their downside liability. Q1. Under which situation one party may take less than what he deserves? (mark 3) Q2 Discuss from both points of view accord and satisfaction (owner Mr. Zin and constructor ) Mr Zin wants to renovate some part of his house. He hires a contractor to renovate his kitchen for Tk30,000. The contract requires a Tk12,000 down payment, Tk10,000 paid during the renovation process and the remaining tk 8,000 to be paid upon completion of the kitchen. However, when the kitchen is complete, the homeowner finds the work shoddy (not up to mark) and refuses to pay. Situation A. What kind of dealing would be following situation whereby the homeowner agrees to pay Tk.3,000; he is getting a discount on the price of the kitchen in return for having a shoddily constructed kitchen, and gives up his right to sue. The contractor is paying Tk5,000 in order to avoid being sued by the homeowner, and gives up his right to sue for the full Tk 8,000. Both parties give something up to limit their downside liability. Q1. Under which situation one party may take less than what he deserves? (mark 3) Q2 Discuss from both points of view accord and satisfaction (owner Mr. Zin and constructor )
Expert Answer:
Related Book For
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
Posted Date:
Students also viewed these accounting questions
-
A homeowner hires a contractor to build a four-sided square fence around his home. The homeowner provides the materials and the contractor supplies the labor. The contractor estimates each side will...
-
Parties A building contractor is sued by homeowners alleging that their homes were poorly constructed resulting in several defects. The contractor adds to the lawsuit a building supplier that it...
-
What steps should a builder take to avoid liability on new houses?
-
A bond has an expected return of 15.33%, sensitivity to the term factor of 1.95 and to the default factor of 0.65. The current term risk premium is 3.01%. The risk-free rate of return is 3%. What is...
-
Why is input validation important?
-
State whether the inequality is true or false. 1. 2 - 3 2. -2 0 3. 7 7 4. 0 1/2
-
Use the data in Exercise 20 in Section 13.1 for the following. a. Compute a point estimate of the mean height of sons whose fathers are 70 inches tall. b. Construct a 95% confidence interval for the...
-
Century Lab plans to purchase a new centrifuge machine for its Manitoba facility. The machine costs $137,500 and is expected to have a useful life of eight years, with a terminal disposal value of...
-
Describe how to organize yourself at the end of the day. Suggest at least five ways to organize and inventory the office supplies and the workstation.
-
1. Alcoa was listed in Table 13-2 as a company that has a relatively high beta (a measure of stock price volatility). Alcoa produces aluminum and aluminum products. Go to its website at...
-
In what ways do you see gender ideologies having changed over your lifetime, either in their content, or in how closely people are expected to follow and "Perform" them? In what ways might some of...
-
Does a person using a public restroom in a government office building have a reasonable expectation of privacy from television security surveillance?
-
Should efforts be made to formulate a model state code of environmental regulations?
-
Should one have a reasonable expectation of privacy from infrared detectors and other high-tech devices that enable law enforcement officers to see heat emanating from a persons home? Why or why not?
-
Explain the difference between the objective and subjective approaches to the defense of entrapment. Which approach is more just? Why?
-
What rationale supports the search incident to arrest exception to the warrant requirement? What limitations do the courts impose on such searches?
-
A manager is trying to decide whether to build a small, medium, or large facility. Demand can be low, average, or high, with the estimated probabilities being 0.25, 0.40, and 0.35, respectively. A...
-
The slopes of the tangents at the points where the curve y = x2 - 4x intersects the X-axis is 1) 1 2) +2 3) +3 4) +4
-
Why is it important for the auditor to use risk analysis to develop expectations about client performance?
-
Financial institutions usually require collateral as part of a lending agreement. For example, loans to build shopping centers usually require the property to be put up as collateral in case the...
-
What alternatives are available to the auditor when a population contains a few items with negative balances, such as credit balances in accounts receivable, and the auditor wishes to utilize PPS...
-
An electronic instrument, of mass \(20 \mathrm{~kg}\), is to be isolated to achieve a natural frequency of \(15 \mathrm{rad} / \mathrm{s}\) and a damping ratio of 0.95. The available dashpots can...
-
A damped single-degree-of-freedom system has a mass \((m)\) of \(5 \mathrm{~kg}\), stiffness \((k)\) of \(20 \mathrm{~N} / \mathrm{m}\), and a damping constant \((c)\) of \(5 \mathrm{~N}-\mathrm{s} /...
-
A stepped bar, fixed at \(x=0\) and free at \(x=l\), has a cross-sectional area of \(2 A\) for \(0 \leq x
Study smarter with the SolutionInn App