Search & Filtering
Your client is a parent who lent $40,000 to her son to provide a short-term housing loan. The agreement is that the son will repay $50,000 at the end of five years.
Reconsider this question in light of the following facts. The loan was made to the son without any formal agreement and without any security provided for the sum lent. In addition, the client (the mother) has informed you that she told her son that he need not pay interest. However, the son repaid the full amount after two years and included in his payment an additional amount which was equal to 5% pa on the amount borrowed. Only one cheque was presented for the total amount.
Reconsider this question in light of the following facts. The loan was made to the son without any formal agreement and without any security provided for the sum lent. In addition, the client (the mother) has informed you that she told her son that he need not pay interest. However, the son repaid the full amount after two years and included in his payment an additional amount which was equal to 5% pa on the amount borrowed. Only one cheque was presented for the total amount.
Law
Xander and Wanda were married out of community of property with inclusion of the accrual system. They had three sons, Ben, Charl and David. David was predeceased and before his death, he had been married to Zola. they had a child, Elize. David also had another child, Frank with Petro from his previous relationship.Zola had an adult child from his previous marriage. David died intestate and the value of his estate is R900 000.
Calculate how Xander's estate is going to devolve and giving reasons for your calculations
Calculate how Xander's estate is going to devolve and giving reasons for your calculations
Law
Describe the literal approach to contractual interpretation and explain how it may cause problems. Provide an example to illustrate your point. How might other approaches overcome this difficulty? Describe and explain them in the business context.
Law
a) Explain the following terms using a suitable illustration
i. Subscription in arrears
ii. Issued share capital
iii. Capital expenditure
b) Differentiate between non-purchased goodwill and purchased goodwill.
c) State and briefly explain any three distinguishing features between
i. A receipts and payments account
ii. An income and expenditure account
d) A limited has an authorized share capital of 200,000 shares of Kshs. 1 each out of which only 150,000 shares have been issued. Although the firm requested the shareholders to pay 80 cents per share, they were able to pay 50 cents per share.
Required:
Determine the:
i. Authorized share capital
ii. Issued share capital
iii. Called up share capital
iv. Uncalled up share capital
v. Paid up share capital
i. Subscription in arrears
ii. Issued share capital
iii. Capital expenditure
b) Differentiate between non-purchased goodwill and purchased goodwill.
c) State and briefly explain any three distinguishing features between
i. A receipts and payments account
ii. An income and expenditure account
d) A limited has an authorized share capital of 200,000 shares of Kshs. 1 each out of which only 150,000 shares have been issued. Although the firm requested the shareholders to pay 80 cents per share, they were able to pay 50 cents per share.
Required:
Determine the:
i. Authorized share capital
ii. Issued share capital
iii. Called up share capital
iv. Uncalled up share capital
v. Paid up share capital
Mary, a director of XYZ has altered the Article of Association so that Ahmad, a minority shareholder could purchase the share of the company. Mary has also altered the object of the company so that the company can enter contracts with a foreign company. Vellu, a majority shareholder objects to the alteration and says that the alteration was invalid. Advise Mary in the above situation
Law
In 2006, Sally opened a restaurant called Traders’ Place in rented premises in Ottawa’s booming financial district. She operated the restaurant as a sole proprietorship. By 2012, the business had grown and she determined that she needed experienced help to run the business. In November 2012, Sally approached Marty to see if he would become the manager of the Traders’ Place business. He agreed and the following were the terms of his agreement with Sally.
Each month, Marty was paid $1000 plus 1 percent of the total restaurant revenues for that month. Total monthly revenues, on average, were about $100 000. At the end of each complete calendar year that Marty worked, if the restaurant had made a profit for the year equal to or exceeding $200 000, Marty was entitled to receive 10 percent of the profits.
Marty was responsible for managing the restaurant, including
opening and closing the restaurant,
hiring, firing and scheduling staff, and
ordering food and paying suppliers.
Sally was responsible for the financial side of the business, including budgeting, accounting and payroll, as well as marketing. In 2013, Traders’ Place profits exceeded $200 000 and Marty was paid 10 percent of the profits in accordance with the agreement.
Are Marty and Sally carrying on business as a partnership?
Each month, Marty was paid $1000 plus 1 percent of the total restaurant revenues for that month. Total monthly revenues, on average, were about $100 000. At the end of each complete calendar year that Marty worked, if the restaurant had made a profit for the year equal to or exceeding $200 000, Marty was entitled to receive 10 percent of the profits.
Marty was responsible for managing the restaurant, including
opening and closing the restaurant,
hiring, firing and scheduling staff, and
ordering food and paying suppliers.
Sally was responsible for the financial side of the business, including budgeting, accounting and payroll, as well as marketing. In 2013, Traders’ Place profits exceeded $200 000 and Marty was paid 10 percent of the profits in accordance with the agreement.
Are Marty and Sally carrying on business as a partnership?
Law
Njoroge’s wife obtained money from Njoroge’s account by forging his signature on cheques which she drew in her favour. When Njoroge discovered the fraud, he informed the bank. The bank refused to credit his account for the amount wrongly debited against him on the ground that the forged signature appeared quite genuine. Is the bank liable? Advise Njoroge.
Law
Joseph, a businessman employed John as a driver of his van. Joseph had expressly forbidden John from giving a lift to any unauthorized person and affixed a notice to this effect on the dashboard of the van. Nevertheless, John gave a lift to Peter, an unauthorized person, who was killed after an accident owing to John’s negligent driving. Peter’s widow wants to know her rights against Joseph and John. Advice the widow
Law
Alex, a commission agent is employed by Peter to sell Peter’s land to ZQ Company Ltd in which he is both a shareholder and director but he does not disclose this fact to Peter. After selling the land, Alex makes a claim for payment of commission which Peter refuses to pay after discovering Alex’s connection with ZQ Company Ltd. Advise Alex over his right of payment.
Law
Kamau writes to Gitau offering to sell him his car at ksh. 500,000. Gitau accepts the offer subject to the price being reduced to Ksh.450, 000. Kamau is not willing to sell the car for Shs.450,000. Gitau writes back and agrees to buy the car for Shs.500, 000. Kamau has refused to sell the car and Gitau is aggrieved. Advise Gitau on the legal position of the situation.
Finding a professional expert in "partial differential equations" in the advanced level is difficult.
You can find this expert in "Assignmentexpert.com" with confidence.
Exceptional experts! I appreciate your help. God bless you!
#340153 on Dec 2023
#340153 on Dec 2023