Jamie McFarland Has Determined That the Value of Her Liquid

question 44

Multiple Choice

Jamie McFarland has determined that the value of her liquid assets is $4,500,the value of her real estate is $128,000,the value of her personal possessions is $62,000,and the value of her investment assets is $73,000.She has also determined the value of her current liabilities is $7,500 and the value of her long term liabilities is $98,000.What is the total value of her debts?

• A)$267,500
• B)$105,500
• C)$162,000
• D)$205,500
• E)None of the above

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Definitions:

Full Payment

Completion of all required payments, settling a debt in full or fulfilling the total cost of a purchase.

Quantum Meruit

A legal principle meaning "as much as he has earned," used to determine compensation based on the value of services rendered when no contract price is agreed upon.

Valid Contract

A legally binding agreement between parties that meets all required elements, such as offer, acceptance, consideration, and lawful purpose.

Eliminates Need

Removes the requirement or necessity for something, making it unnecessary.