Lagos State University

Define Physics and explain

Explain the terminology of our of the money

Explain the terminology of at the money

Explain the terminology of in the money

. Leona was interested in purchasing property that she intended to use for her family's expanding brickyard business. She spoke with the owner, who had recently inherited the property from his elderly aunt. Leona asked if there were any restrictions on the use of the land that would prevent it from being used as a brickyard. The owner replied: "Not that I'm aware of." Though this was literally true, the owner failed to tell Leona that he had never checked. Leona purchased the land and later learned that it could not be used as a brickyard. Can Leona have the contract rescinded on the bases of misrepresentation? Explain with reference to the applicable legal principles. As part of your answer explain what constitutes misrepresentation.

Leonard purchased a unit in a proposed condominium development in which units were being pre-sold. The purchase contract that Leonard signed on September 15, 2018, stated that the projected occupancy date for his unit was February 1, 2020. Construction proceeded on schedule, except on April 25, 2019, the whole development burned to the ground. Once the investigation into the cause of the fire was completed, in October 2019, the developer resumed the process of rebuilding. At that time, it looked as if Leonard's condo would be ready for occupancy within one year and, in fact, was ready for occupancy September 1, 2020. By then, however, property values had dropped 30% and Leonard wanted out of the contract. a. Is Leonard bound by the contract? Explain, referencing all applicable legal principles. b. Would it matter that the fire was caused by the developer's carelessness? Why or why not?