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Contracts that are executory on both sides can be rescinded by agreement
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- Larry Lawstudent borrows $500 from Metropolitan Bank, under the North Carolina Stafford Act, which is modeled on, and copies from, the Federal Stafford Act. Under the program, banks make loans to students under individual loan agreements with each student. The statute setting up the program includes a guarantee that, if the student defaults, and the bank cannot collect after diligent efforts, the state will use a grant from the federal government to assure payment of the outstanding balance. Larry defaults on his loan, and Metropolitan sues him for the amount due in North Carolina state court. Larry removes to federal court, asserting that there is federal question jurisdiction. Is there?A.Yes because there is a federal issue in the lawsuit.B.No unless Larry can argue that a federal statute excuses him from paying because of financial hardship.C.No because the bank's complaint is based on state law.D.Yes because the North Carolina Stafford Act is based on federal law.
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- Ron, John, & Mary have discussed and arranged forming a business together. Ron and Mary exchange the following for stock on Oct. 10; John makes his exchange on Nov. 1. Their ultimate ownership is as follows:Ownership Asset Basis Fair Market Value Ron (furniture)20%$15,000$40,000John (services)25%$0$50,000Mary (building)55%$40,000$110,000Total100%$55,000$200,000How much income/gain must be recognized by Ron, John, and Mary, respectively?a)$0, $0, $0b)$0, $50,000, $0c)$25,000, $50,000, $70,000d)$25,000, $0, $70,000