Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. mr. rich aspired to get a self-portrait made by

1. Mr. Rich aspired to get a self-portrait made by an artist. He went to...

80.2K

Verified Solution

Question

Accounting

image

1. Mr. Rich aspired to get a self-portrait made by an artist. He went to the workshop of Mr. C, an artist and asked whether he could sketch the former's portrait on oil painting canvass. Mr. C agreed to the offer and asked for 350,000 as full advance payment for the above creative work. Mr. C clarified that the painting shall be completed in 10 sittings and shall take 3 months. On reaching to the workshop for the 6th sitting, Mr. Rich was informed that Mr. C became paralyzed and would not be able to paint for near future. Mr. C had a son Mr. K who was still pursuing his studies and had not taken up his father's profession yet? Discuss in light of the Indian Contract Act, 1872? (i) Can Mr. Rich ask Mr. K to complete the artistic work in lieu of his father? (ii) Could Mr. Rich ask Mr. K for refund of money paid in advance to his father

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

A car initially traveling at 25.7 m/s undergoes a constant negative acceleration of magnitude 1.80 m/s2...

General Management
1.2K views

What are the Mckinsey 7S framework for Flip Factory Inc. ? Please give details about the...

Geometry
1.2K views

S x 5 S x 8 M F 10 4 9 Find the length of...

Calculus
1.2K views

If s1 2 and sn 1 p2 sn for n 1 2 3 prove that...

Calculus
1.2K views

Evaluate the definite integral 1 0 32x7 dx

Algebra
1.2K views

COS B 2 given sin 3 1 B T 7 E 5 2

Accounting
1.2K views

Pumbaa Inc. sells a single product. Pumbaa 's income statement for the most recent year...

Accounting
1.2K views

Waterway Industries reported the following year-end information: How much is Waterway's cost of goods manufactured...

Accounting
1.2K views

Fletcher Company collected the following data regarding production of one of its products. Compute the...

Accounting
1.2K views

Consider the following scenario: Company A contracts with Company B to supply widgets. At ...

Finance
1.2K views

Your startup has been doing well and you think youre just a couple of years...

Accounting
1.2K views

My question for the problem below regarding Income statement : How is COGS calculated here?...