The city of Richmond needs land owned by the Neelans to expand a middle school. The Neelans do not want to sell. Discuss what course of action the city can take and the basis for this action.
What will be an ideal response?
The city has the power of eminent domain, which is the power of a government to take private property for public use. The Fifth Amendment to the U.S. Constitution states, ". . . nor shall private property be taken for public use, without just compensation." The Supreme Court has held that this applies to state and local, as well as the federal, government. Richmond must pay the Neelans a fair price for their real property. This generally means the reasonable market value. If the Neelans refuse Richmond's offer, Richmond will file suit seeking condemnation of the land. The court will specify what compensation is just and award title to Richmond.
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Mesquite, Inc is ordering a new machine to be used in its manufacturing facility. Which of the following events would trigger the recognition of the machine and related liability on Mesquite's books?
A) The company generates a purchase order. B) A technician installs the machine on the floor of the manufacturing facility. C) The company receives the machine. D) The company pays the bill from the supplier.
If a court deems any clause in a contract to have been unconscionable at the time it was made, the court can limit its application.
Answer the following statement true (T) or false (F)
KLM Corporation's quick assets are $5,888,000, its current assets are $11,700,000 and its current liabilities are $8,000,000. Its acid-test ratio equals:
A. 2.20. B. 1.50. C. 0.68. D. 0.50. E. 0.74.
The a. True
b. False
Indicate whether the statement is true or false