Solve the Problem. -The Smith's Addition to Their House Is Going to Cost

question 91

Multiple Choice

Solve the problem.
-The Smith's addition to their house is going to cost $23,150. On March 2 they sign a note at 9.5% interest due in 200 days. They make a partial payment on April 30 of $8000. What is the amount due on the maturity date? What is the amount of interest charged?

• A)$15,713.71, $924.14
• B)$16,087.55, $937.55
• C)$16,520.23, $1370.10
• D)$16,032.63, $882.63

Understand the legal principles regarding negligent service and vicarious liability.

Comprehend the concepts of novation, equitable assignment, and statutory assignment in contract changes and transfers.

Grasp the rules around the assignment of rights and obligations, including notice requirements and effects on involved parties.

Identify the doctrine of privity of contract and its exceptions, including third-party beneficiary rights.

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Definitions:

Theory of Mind

The ability to attribute mental states—beliefs, intents, desires, emotions, knowledge—to oneself and others, and understand that these may differ from one's own.

Mental States

Conditions of the mind that can influence behavior and perception, such as thoughts, feelings, beliefs, and desires.

False Belief Tasks

Tasks used in developmental psychology to assess the understanding that other people can hold beliefs about the world that are different from one's own and may be false.

Autism Spectrum Disorder

A range of neurodevelopmental conditions characterized by challenges with social skills, repetitive behaviors, and communication.