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asambeis [7]
1 year ago
7

General Contracting was hired by the city of Rockyville to put in a new road through a mountain pass for $2 million. General Con

tracting did reasonable soil tests as would be expected of a contractor under their circumstances. The job would involve about 80% costs related to highway materials and 20% labor costs. When General Contracting started building the road, they discovered that it was solid granite a few feet down and that the mountain was unlike any they had ever seen in the state. It would cost them over $5 million in costs just to complete the job. If General Contracting refuses to complete the job at a loss and Rockyville sues, what result
Business
1 answer:
REY [17]1 year ago
3 0

If General Contracting is sued by Rockville for refusing to complete the job, General Contracting can have the contract discharged on an impracticability basis.

<h3>What would make a contract impractical?</h3>

When parties to a contract agree to a contract that based on normal circumstances and due course, and one party discovers that they cannot complete the contract based on unforeseen circumstances, the contact can be ruled impractical.

General Contracting could not foresee the solid granite foundation and so they could not have known they would pay so much to complete the project. The contract can therefore be impracticable.

Find out more on impracticable contracts at brainly.com/question/10160005.

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On January 3, 2019, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basi
Mama L [17]

Answer: $1,900

Explanation:

Theft loss deduction is calculated by adjusting the fair market value of the asset for a theft loss floor limitation of $100 and 10% of the person's AGI.

Theft loss deduction is:

= Fair value -Theft floor limitation - 10% of AGI

= 7,000 - 100 - (10% * 50,000)

= $1,900

3 0
3 years ago
A bank quotes a stated annual interest rate of 4.00%. If that rate is equal to an effective annual rate of 4.08%, then the bank
Mrrafil [7]

Answer: Quarterly

Explanation:

Annual interest rate = 4.00%

Effective annual rate = 4.08%

To know if the bank is compounding interest daily or quarterly goes thus:

Effective Annual rate can be calculated using:

= (1+Periodic rate)^number of compounding periods - 1

Therefore, we calculate the daily compounding effective annual rate which will be:

= (1+4%/365)^365 - 1

= (1 + 0.04365)^365 - 1

= 4.08%

For Quarterly EAR, this will be:

= (1+4%/4)^4 - 1

= (1 + 0.04/4)^4 - 1

= 4.06%

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6 0
2 years ago
Maxdime Inc. is an international automobile manufacturer that has decided to work on low-cost fuel efficient motorbikes. Foray I
luda_lava [24]

Answer:

The correct answer is B

Explanation:

Non-equity strategic alliance is the kind or type of the alliance which is established when two or more companies sign or agree a relationship which is contractual to the pool of their resources as well as capabilities together.

So, in this case, the automobile manufacturer, who decided to work on the low cost fuel, then the domestic automobile company which is grounded in China, willing to partner with the automobile manufacturer. It is an alliance which is non- equity strategy as they pool their capabilities and the resources.

5 0
3 years ago
Which of the following actions is a good example
Kisachek [45]

Answer:

A,B,C

Explanation:

3 0
3 years ago
In the long run, once people have had time to adjust their long-term commitments, an increase insupply and a higher price level
Arte-miy333 [17]

Answer:

Product prices will be increased by resource price. A further explanation is given below.

Explanation:

  • When individuals have already had time, throughout the longer term, to change certain long-term obligations. A rise in population, as well as a higher level of costs, can no doubt mean an increase in the amount generated. Throughout the long term, the powers causing the rise in the sum usually provided mostly in the shorter term would not be available.
  • When the long-term current expires and has been tried to negotiate, expenditures that are already temporarily set as a part of the contractual deal will increase. If this continues, the resource price could well raise the price of additional goods, which should not modify the desire to manufacture.

4 0
3 years ago
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