Emily Had the Following Transactions During 2016 What Is Emily's AGI for 2017

question 60

Essay

Emily had the following transactions during 2016: $\begin{array}{lr}\text { Salary }&&\$90,000\\\text { Interest income on bonds- }\\\text { Issued by City of Nashville }&\$4,000\\\text { Issued by Chevron Corporation } & 5,000&9,000 \\\text { Alimony received } && 5,000 \\\text { Child support received } && 20,000 \\\text { City and state income taxes paid } && (5,000) \\\text { Bank loan obtained to pay for car purchase } && 15,000\end{array}$ What is Emily's AGI for 2017?

Differentiate between actual contracts and quasi contracts and understand their legal implications.

Grasp the concept that quasi contracts are imposed to ensure fairness and justice.

Understand the circumstances under which a party can claim the fair value of a benefit under the doctrine of quasi contract.

Comprehend the principles of contract law that govern compliance with contractual obligations despite changes in circumstances.