Julian Decides That He Would Like the House Being Built

question 30

True/False

Julian decides that he would like the house being built for him, under contract with Porter Developers, to have a blue tile roof instead of a red tile roof. The two kinds of tile are equally available and are the same price, and no roofing of the house has yet been done. Porter alleges that this is a material alteration of the terms of the contract, since the roof is one-tenth of the value of the house, and that, therefore, it cannot be done without their agreement to the change, which they will only give for a further payment of $5,000. They are right.

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Definitions:

Dividends

Payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders.

Company Liquidates

The process in which a company ceases operations and sells off its assets to pay creditors.

Professional Corporation

A professional corporation is a type of business entity that is organized to provide professional services, such as legal or medical services, and offers its members liability protection.

Lawyer

A professional who is qualified to offer advice about the law or represent someone in legal matters.