On February 8, 2019, A entered into a Contract to Sell with B to purchase the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On February 8, 2019, A entered into a Contract to Sell with B to purchase the latter's property in Antipolo for a total purchase price of P10,000,000. The parties agreed that A will first make a down payment of P1,000,000 and shall pay the remaining P9,000,000 balance in equal monthly installments for 10 years. On February 8, 2022, A defaulted in payments because of the financial hardships caused by the pandemic. Questions: 1. Can A back out and ask for a refund from B? 2. If yes, how much refund is A entitled to? On February 8, 2019, A entered into a Contract to Sell with B to purchase the latter's property in Antipolo for a total purchase price of P10,000,000. The parties agreed that A will first make a down payment of P1,000,000 and shall pay the remaining P9,000,000 balance in equal monthly installments for 10 years. On February 8, 2022, A defaulted in payments because of the financial hardships caused by the pandemic. Questions: 1. Can A back out and ask for a refund from B? 2. If yes, how much refund is A entitled to?
Expert Answer:
Answer rating: 100% (QA)
Can A back out and ask for a refund from B In general the ability of A to back out and ask for a ref... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
Students also viewed these accounting questions
-
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...
-
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...
-
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...
-
How to drive target audience or people of Cineplex to movie theaters? Come up with a campaigns with big idea about Cineplex
-
You measure the radius of a wheel to be 4.16 cm. If you multiply by 2 to get the diameter, should you write the result as 8 cm or as 8.32 cm? Justify your answer?
-
Two identical slender rods AB and BC are welded together to form an L-shaped assembly. The assembly is pressed against a spring at D and released from the position shown. Knowing that the maximum...
-
Lance Lot and Arthur King are opening a FedEx Kinko's store. There are no competing copy shops in the area. Their fundamental decision is how to organize the business. Lot thinks the partnership form...
-
First National Bank hired Longdon as a secretary and obtained a surety bond from Belton covering the bank against losses up to $100,000 resulting from Longdons improper conduct in the performance of...
-
Voila is an allequity firm with pretax earnings expected to be $800,000 in perpetuity. The firm has 100,000 shares outstanding. The cost of capital is 20% and the firm faces a 40% tax on all...
-
In the Reddy Mikks model of Example 2.2-1; (a) Determine the range for the ratio of the unit revenue of exterior paint to the unit revenue of interior paint. (b) If the revenue per ton of exterior...
-
What invention contributed to the location of mills not needing to be close to swift moving water? O the cotton gin O new forms of transportation O the steam engine a new factory system
-
Which of these describe an INDEXED FILE ORGANIZATION? (There can be more than one answer) [mark all correct answers] a. Referencing storage space, this method has no wasted space. b. Referencing...
-
1. A cup anemometer is a device for measuring wind speed. A schematic diagram is shown below (top view): 18 > L 00 L (a) We wish to find the relation between the wind speed V and the rotation rate w....
-
P. acquired 40% of the equity securities of A Co. on Jan 1, 20X1 for $3,800,000 to exert significant influence over the company. All the identifiable assets and liabilities of A. Co. at the time of...
-
Delicious Desserts makes cupcakes and cookies. The company gathered the following information for the current year regarding its use of flour and butter (flour is a direct material for cupcakes and...
-
Multiply and add common terms 2+ 32 2+ 2
-
A company that makes concrete sells it in three quality levels, type 1 the being lowest, and type 3 being the highest. After deducting all variable costs, the net revenue is $30 per Tonne for type 1,...
-
Smthe Co. makes furniture. The following data are taken from its production plans for the year. Required: 1. Determine the hazardous waste disposal cost per unit for chairs and for tables if costs...
-
Garvey owned four speedboats named Porpoise, Priscilla, Providence, and Prudence. On April 2, Garvey made written offers to sell the four boats in the order named for $4,200 each to Caldwell, Meens,...
-
Explain the role of the board of directors in the management of a corporation.
-
Riffe, while serving as an officer of Wilshire Oil Company, received a secret commission for work he did on behalf of a competing corporation. Can Wilshire Oil recover these secret profits and, in...
-
Describe the financial accounting journal entry to record the sale/disposal of a fixed asset.
-
Ski resorts are interested in the mean age that children take their first ski and snowboard lessons. They need this information to plan their ski classes optimally. identify: a. the population, b....
-
Insurance companies are interested in the mean health costs each year of their clients, so that they can determine the costs of health insurance. identify: a. the population, b. the sample, c. the...
Study smarter with the SolutionInn App