Ralph received an inheritance of $30,000 from his aunt’s estate. He then bought a used sports car from Sid and paid $25,000 cash. Shortly thereafter, Ralph realized that Sid had fraudulently misstated the car’s mileage, horsepower, and engine condition. At the same time, Ralph realized he needed $15,000 in cash to close a real estate deal. As a consequence, he took out a loan using the sports car as collateral. a) Could Ralph still avoid and rescind the contract for the purchase of the car? b) Could he take any other legal action against Sid?

Question

07-01-2021
Law

Answered

Welcome to Westonci.ca, where finding answers to your questions is made simple by our community of experts. Our platform provides a seamless experience for finding precise answers from a network of experienced professionals. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

Ralph received an inheritance of $30,000 from his aunt’s estate. He then bought a used sports car from Sid and paid $25,000 cash. Shortly thereafter, Ralph realized that Sid had fraudulently misstated the car’s mileage, horsepower, and engine condition. At the same time, Ralph realized he needed $15,000 in cash to close a real estate deal. As a consequence, he took out a loan using the sports car as collateral. a) Could Ralph still avoid and rescind the contract for the purchase of the car? b) Could he take any other legal action against Sid?

Sagot :

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.

how many hours are in 10years

Please help with Social Studies How might the cultures of Latin America be different if the Spanish and Portuguese had never arrived? What kind of culture do y

What was the major accomplishment of the Apollo missions? A. orbiting the earth B. completing the first space walk C. sending the first human into space D.

What is the significance of Chernobyl to Russia? A) It is a center of industry. B) It lies along the Trans-Siberian Railway C) It is a place of ethnic conflict

jack, Jill and Bill each carried a 48-ounce bucket full of water down the hill. By the time they reached the bottom, jacks bucket was only 3/4 full. Jill's was

is a post oak tree is a autotrophic or heterotrophic

Physcs Questions from 8th grade.... 1)Discuss whether an object can be moving if the net force acting on th object is zero. 2)For the following actions, explain

What has been one effect of religious diversity on Lebanon? A. The government has allocated particular political posts for members of specific faith groups. B.

Which sentence uses a verb that agrees with its pronoun subject? A. Several of the lions roar at the sound of the horn. B. Everything in the pages of this bo

anthougo anthougo · Answer 1 · 2021-12-16T12:16:39-05:00

a) Ralph could void and rescind the contract with Sid the car because of fraud.

He had already paid Sid the sum of $25,000 for the car, whose mileage, horsepower, and engine condition were fraudulently misstated.

b) Ralph could take legal action against Sid to recover value for the fraudulent misstatements.

Thus, Ralph should immediately sue Sid to void the contract or recover damages.

Learn more: https://brainly.com/question/10084927

Sagot :

Other Questions