A residential contractor in Tennessee receives a $85,000 contract. The homeowner pays $25,000 upfront. What is the maximum allowable down payment under Tennessee law?
Correct Answer
A) $8,500 (10% of contract)
Tennessee law limits down payments for residential contracts to 10% of the total contract amount or $1,000, whichever is less, except for certain circumstances.
Why This Is the Correct Answer
Tennessee law limits down payments for residential contracts to 10% of the total contract amount or $1,000, whichever is less, except for certain circumstances.
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A residential contractor in Tennessee discovers that a subcontractor has been working without workers' compensation coverage. What is the contractor's primary liability under Tennessee law?
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A Tennessee contractor's employee is injured on a job site. The contractor's workers' compensation premium is calculated at $8.50 per $100 of payroll. If the injured employee's annual salary is $48,000, what is the annual premium for this employee?