Kendall purchased an office building in Atlanta's growing west end. The building is 70 years old and has been empty for over ten years. The offices are in disrepair. First thing Kendall must do is to hire a painter to paint the interior of the office building. Kendall reaches out to Cameron, and they have the following conversation: Kendall: I will pay you $25,000 to paint the interior of my office building. Cameron: I have seen your office building, it will cost you $75,000 for me to paint that building's interior. Kendall: Ah, yes. Well, let's split it down the middle. I will pay you $50,000.00. Cameron: OK. I agree to do it for $50,000, but you must also supply the paint, brushes, ladders, tarps, cleaner, and other equipment I need. Does a contract exist between Kendall and Cameron?? Explain fully using IRAC.
Kendall purchased an office building in Atlanta's growing west end. The building is 70 years old and has been empty for over ten years. The offices are in disrepair. First thing Kendall must do is to hire a painter to paint the interior of the office building. Kendall reaches out to Cameron, and they have the following conversation: Kendall: I will pay you $25,000 to paint the interior of my office building. Cameron: I have seen your office building, it will cost you $75,000 for me to paint that building's interior. Kendall: Ah, yes. Well, let's split it down the middle. I will pay you $50,000.00. Cameron: OK. I agree to do it for $50,000, but you must also supply the paint, brushes, ladders, tarps, cleaner, and other equipment I need. Does a contract exist between Kendall and Cameron?? Explain fully using IRAC.
Chapter16: Tax Research
Section: Chapter Questions
Problem 55DNC
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Transcribed Image Text:Kendall purchased an office building in Atlanta's growing west end. The building is
70 years old and has been empty for over ten years. The offices are in disrepair.
First thing Kendall must do is to hire a painter to paint the interior of the office
building. Kendall reaches out to Cameron, and they have the following conversation:
Kendall: I will pay you $25,000 to paint the interior of my office building.
Cameron: I have seen your office building, it will cost you $75,000 for me to paint
that building's interior.
Kendall: Ah, yes. Well, let's split it down the middle. I will pay you $50,000.00.
Cameron: OK. I agree to do it for $50,000, but you must also supply the paint,
brushes, ladders, tarps, cleaner, and other equipment I need.
Does a contract exist between Kendall and Cameron?? Explain fully using IRAC.
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