Arthur Rabe is suing Xavier Sanchez for breaching a contract in which Sanchez promised to sell Rabe a Van Gogh painting for $150,000. Required:
a. In this lawsuit, who is the plaintiff, and who is the defendant?
b. If Rabe wants Sanchez to perform the contract as promised, what remedy should Rabe seek?
c. Suppose that Rabe wants to cancel the contract because Sanchez fraudulently misrepresented the painting as an original Van Gogh when in fact it is a copy. In this situation, what remedy should Rabe seek?
d. Will the remedy Rabe seeks in either situation be a remedy at law or a remedy in equity?
e. Suppose that the court finds in Rabe's favor and grants one of these remedies. Sanchez then appeals the decision to a higher court. Read through the subsection entitled "Appellants and Appellees" in the appendix following this chap-ter. On appeal, which party in the Rabe-Sanchez case will be the appellant (or petitioner), and which party will be the appellee (or respondent)?

Remedies

a. The suing party is called the plaintiff. The party being sued is the defendant. Therefore, since Arthur Rabe wants to sue Xavier Sanchez. Rabe is the Plainttiff and Sanchez is the Defendant.

b. If Rabe wants Sanchez to perform the agreement as promised, Rabe would seek remedy of Specific performance of Contract from the Court. Failure to do so will attract charges.

c. If Rabe wants the contract to be cancelled, then Rabe would ask the court for a rescission which is the cancellation of a contractual obligation.

d. The term remedies refers to a legal means to enforce a right or redress a wrong. Remedies of law include land, items of value or money. Remedies in equity includes specific performance, injunction and rescission. Thus, both remedies in part b and c are remedies in equity.

e. The party appealing a case is called the appellant or petitioner while the appellee is the party against whom the appeal is taken. So Sanchez would be the appellant and Rabe would be the respondent.

both are integral parts of a corporate balance sheet. the cash flow statement, or statement of cash flows, measures the sources of a company's cash and its uses of cash over a specific time period. the income statement measures a company's financial performance, such as revenues, expenses, profits or losses over a specific time period (in fact, it's sometimes called a statement of financial performance).

a cash flow statement shows exactly how much money a company has received and how much it has spent, traditionally over a period of one month. it captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include noncash accounting items such as depreciation and amortization. the cash flow generally comes from revenue received as a result of business activity, but it may be augmented by funds available as a result of credit. a cash flow statement is used to determine the short-term viability and liquidity of a company, specifically how well it is positioned to pay its bills and vendors.

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