In Order to Encourage the Redevelopment of Its Urban Center,the

question 60

Essay

In order to encourage the redevelopment of its urban center,the city of Birmingham contributes undeveloped land (fair market value of $900,000)and cash of $350,000 to Blue Corporation.Within the year,Blue constructs a new office building at the site at a cost of $850,000.

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Definitions:

Donee Beneficiary

A third party who benefits from a contract in which a promisee promises to perform certain actions that benefit this third party.

Acquired Rights

are rights that employees gain as a result of working for their employer over a period, often concerning job security and benefits.

Intended Third-party Beneficiary

A person or entity not party to a contract but whom parties to the contract intend to benefit directly through the contract’s performance.

Proving

The process of establishing the truth or validity of something through evidence or argument.