Alice needed some tractors for her gardening services business in Windsor.She approached Cooper's Equipment Leasing Inc.She asked Cooper's to obtain two tractors meeting her specifications and lease them to her.After performing a credit assessment of Alice, Cooper's decide to proceed with the transaction.Under the terms of the lease, Alice was obliged to make regular monthly payments over two years, which would result in paying Cooper's more than the full purchase price.Alice had an option to purchase the tractors at the end of the lease for $500 each.Alice knew that it was likely that the value of the tractors at the end of the lease would be at least $1000.In January, Alice stopped making payments under the lease and went bankrupt.Cooper's claimed the tractors, but the trustee in bankruptcy has refused to give them up.Who is entitled to the tractors?
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q64: Kathy has a horse farm where she
Q65: Solomon Ltd carried on a boat building
Q66: Marlie carries on a business of selling
Q67: Baton Trucks Inc sold trucks in Alberta.Baton
Q68: Legrand Distribution Corp sells watches to wholesalers
Q70: Norman Cheese Inc operates a retail store
Q71: Joshua had a licence to operate a
Q72: Royal Bank is considering making a loan
Q73: Sabra carries on a business selling women's
Q74: Aruna ran a grocery store business in
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents