contracts - it or rent/sell is to the Jackson family 7 No...

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Tomek Michalik Business law 2205 Contract Assignment 1. The two parties are the Lyons Music, Inc. and the Smith family, more specifically the paying lessee Sally Smith. 2. The Smith family (Bobby) is receiving the Oboe (rented) and gets possession of the Oboe after all payments have been made. Lyons Music is receiving money, $100/month for 23 months + $100 initial rent payment. 3. Bobby Smith does not have legal capacity he is a minor. This is irrelevant since he is not the lessee just a beneficiary of his mother’s contract. 4. No, it is stated that sales tax must be added to all prices in the agreement. 5. Yes, stated in the contract it will be added to amount due (5% of past due amount) and may be charged to the credit card with the information provided. 6. No, because 4+ months of rent have already been paid and the Smith family is bound to either return the Oboe or pay the entire amount and then let Johnny use
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Unformatted text preview: it or rent/sell is to the Jackson family. 7. No, it has a contract with the Smith family to transfer ownership of the Oboe when all payments have been made. They could move out of the west suburbs and still receive payments via credit card, but are still entitled to transfer ownership to the Oboe at the payments end or to cease charging payments if the Oboe has been returned. 8. The theft has to be reported to law enforcement authorities and the company within 24 hours of discovery of theft 9. No, it is stated than any damages should be brought to this company, no others will be honored 10. Compensatory damages, they may accelerate the debt and have it and late fees do after trial, if they value this specific Oboe they may try to retrieve it so they can rent it again....
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