In Scheerer V

question 371

Multiple Choice

In Scheerer v. Fisher where Scheerer, a real estate agent, sued Fisher for failing to pay Scheerer for his services in locating property for Fisher, the appeals court held that:

• A) there was no contract or basis for payment to Scheerer
• B) there was an implied contract and so Scheerer must be paid
• C) there was implied contract, but there was no need to pay Scheerer since the original deal fell through
• D) there was no contract, but Scheerer should be paid anyway, out of good will
• E) none of the other choices are correct

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Definitions:

Personal Exemption Rate

A tax deduction that a taxpayer is entitled to claim for themselves and any dependents, reducing the taxable income.

Capital Gains Tax

A tax on the profit realized from the sale of a non-inventory asset that was purchased at a cost amount that was lower than the amount realized on the sale.

Marginal Tax Rate

The percentage of tax applied to your next dollar of income, reflecting the tax bracket into which the last dollar of taxable income falls.

Corporate Tax System

The structure by which businesses are taxed by the government on their profits, incorporating varying rates and regulations depending on the country or jurisdiction.