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Hamid and Ali entered into a contract on 1st January 2010 to sell and purchase...

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Accounting

  1. Hamid and Ali entered into a contract on 1st January 2010 to sell and purchase a house located in Putra Heights. In this contract, Hamid agreed to sell the house to Ali for a price of RM 290,000. Ali paid a deposit of RM 50,000 and agreed to pay the balance within three months in equal monthly instalments. Hamid also agreed to transfer the vacant house to Ali two days after the final instalment has been paid. Ali made the final instalment on 1st April 2010 and claimed to transfer the vacant house. However, Hamid refused to transfer the house by saying that it is, in fact, worth RM 350,000 and thus the price was inadequate. Advise Ali. (20 marks)

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