A tenant has an estate for years and vacates the property at the specific ending date. The landlord refuses to return the security deposit because the lessee did not give him notice. Is the landloard's action correct?
A. Yes, an estate for years requires a 30 day notice
B. Yes, an estate for years requires a 60 day notice
C. No, no notice is required
D. No, security deposits cannot be held for breach of lease.
Answer: C. No, no notice is required
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Cafejo Company made a package purchase of three pieces of machinery for $24,000. The fair market values of the machinery were determined to be as follows: Machine A 12,000 Machine B 20,000 Machine C 16,000 What cost should Cafejo record for Machine C?
A. $ 8,000 B. $10,000 C. $12,000 D. $ 6,000
Carlton Dean is late for his class at Grinnell College in Grinnell, Iowa and carelessly runs a stop sign. As luck would have it, Elliot Klein is driving through the intersection. Elliot is a visitor in Grinnell from Arizona. Although Elliott is not injured, his Mercedes suffers badly, with $7,000 total damages, and he is forced to rent a car for a week while it is repaired. Additional expenses
for car repair bring his total damages to $7,600. a. Elliott can sue Carlton in an Iowa court, because the accident occurred in Iowa. b. Elliot can sue Carlton in a federal court, because of diversity of citizenship. c. Elliot can sue Carlton in an Arizona court. d. all of the above