Business, 21.02.2020 03:58, pamelakroll98

An entrepreneur opened a specialized business on her land. After using up most of her capital to purchase inventory, however, the entrepreneur needed more funds and asked her friend for a $30,000 loan, to be secured by the business's inventory. The friend declined the loan. A desperate entrepreneur then told the friend she would convey the land, which had a fair market value of $100,000, to him if he would give her the loan at the current market rate of interest. The friend agreed, and the entrepreneur conveyed the land to the friend the next day. At that time, the friend gave the entrepreneur $30,000 in cash, and the parties orally agreed that the entrepreneur would pay the friend back at the rate of $1,000 per month, and that after the loan was paid in full, the friend would reconvey the land to the entrepreneur. The friend immediately recorded his deed to the land.

The entrepreneur made three $1,000 payments to the friend and then paid no more. She continued to live on the land but, being very much in debt, could not repay the loan. The friend, meanwhile, had received an offer to buy the land for $100,000.

Which of the following most accurately states the friend's right to sell the property?

A The friend may sell the land and keep the entire proceeds.
B The friend may sell the land, but he must give $73,000 of the proceeds to the entrepreneur.
C The friend may sell the land only after formally foreclosing on the property.
D The friend may not sell the land.

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 12:10, montgomerykarloxc24x

The cost of the beginning work in process inventory was comprised of $3,000 of direct materials, $10,000 of direct labor, and $10,000 of factory overhead. costs incurred during the period were comprised of $15,000 of direct materials costs, and $100,000 of conversion costs. the equivalent units of production (eup) for the period were 9,000 for direct materials and 6,000 for conversion. the costs per eup were:

Answers: 3

continue

Business, 22.06.2019 20:00, tvoalicea

Harry is 25 years old with a 1.55 rating factor for his auto insurance. if his annual base premium is $1,012, what is his total premium? $1,568.60 $2,530 $1,582.55 $1,842.25

Answers: 1

continue

Business, 22.06.2019 22:40, Conner5459

Crowding out is a phenomenon focused upon most by the macroeconomists of whereby a government deficit interest rates, which in turn private investment spending. this group also believed that fiscal policy is the only thing that can lower natural unemployment. is just as effective in countering recessions as monetary policy. can be used most of the time, but monetary policy becomes a better option when velocity is fluctuating. should be used only if the central bank follows a monetary policy rule. faces problematic lags in propagating changes throughout the economy.

Answers: 3

continue

Business, 22.06.2019 22:40, deeknuk

Problem 3: access control pokeygram, a cutting-edge new email start-up, is setting up building access for its employees. there are two types of employees: managers and engineers, and there are three departments: security, networking, and human resoures. each employee works in a single department, and each department is housed on a different floor. managers are allowed access to any floor, while engineers are allowed access only to their own floor. there are three badge-operated elevators, each going up to only one distinct floor. every employee has one badge. pokeygram wants to use the best possible access control method in order to minimize delay for the elevators (a) access control matrix, 1. which of the following would you recommend that pokeygram use: (b) access control lists, or (c) capabilities? make sure to justify your answer. 2. what, if any, would be the benefits (and/or disadvantages) of using rbac (role-based access control) in this situation? keep your solution for this problem limited to 10-12 lines of text.

Answers: 2

continue

Do you know the correct answer?

An entrepreneur opened a specialized business on her land. After using up most of her capital to pur...