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2 years ago

What are the five essential elements of an enforceable contract according to roger 2012 essentials of business law?

1 answer:

3 0

A legitimate contract must have all necessary aspects such as an offer, its , meeting of minds, acceptance, communication, consideration, capacity, and legality.

Enforceable contracts can be enforced, especially when lawful or valid creditors have enforceable contract rights.

Valid contracts, invalid contracts, voidable contracts, unlawful contracts, and unenforceable contracts are the five types of contracts based on validity. A valid contract is one that is legally enforceable, whereas a void contract is one that is not legally enforceable and imposes no duties on the parties concerned.

Therefore, the answer is given below:

Meeting of minds
Acceptance
Communication
Consideration
Capacity, and legality.

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You have $12,500 you want to invest for the next 30 years. You are offered an investment plan that will pay you 7 percent per ye

lubasha [3.4K]

Answer:

Balance after 30 years = $151,018.50

Explanation:

In order to calculate this, we will calculate the future value on an amount invested, gaining interest over the years of investment, and this is given by:

$FV = PV (1 + r)^{t}$

where:

FV = future value

PV = present value

r = interest rate

t = time in years.

Hence the future value is calculated as follows:

1. For the first 10 years at 7% interest:

7% interest = 7/100 = 0.07

$FV = 12,500 (1 + 0.07)^{10}$

$FV = 12,500 (1.07)^{10}\\FV = 12,500 * 1.967 = 24,589.392$

2. For the last 20 years at 9.5%(0.095) interest:

Note that for the remaining 20 years, the present value (PV) used = 24,589.392, as ending balance after the first 10 years

$FV = 24,589.392 (1 + 0.095)^{20}$

$FV = 24,589.392 (1.095)^{20}\\FV= 24,589.392 * 6.1416\\FV = 151,018.496$

Total Future value earned = $151,018.50

5 0

3 years ago

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 in assets in exchange for i

hoa [83]

Answer:

$3,260

Explanation:

Preparation of December statement of cash flows for Ernst Consulting

ERNST CONSULTING Income Statement

For Month Ended October 31

REVENUES

Consulting fees earned $17,450

Total revenues $17,450

EXPENSES

Rent expense $4,530

Salaries expense $8,090

Telephone expense $880

Miscellaneous expenses $690

Total expenses $14,190

Net income $3,260

($17,450-$14,190)

Therefore December statement of cash flows for Ernst Consulting will be $3,260

5 0

3 years ago

You sign a contract to purchase a machine that will allow you to travel back in time and meet abraham lincoln. assuming that tim

ddd [48]

The correct option is C). Void contract. It is void type of contract if you sign a contract to purchase a machine that will allow you to travel back in time and meet Abraham Lincoln.

<h3>What is void contract?</h3>

Void contract is a formal contract between two parties, which is not authorized by the law and enforceable from the moment it was created.

A void contract is little differ from the valid contract. Void contract is not an actual contract, despite it is unenforceable.

Both void and voidable contract are null, but a void contract cannot be officially valid.

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6 0

1 year ago

During _____ processes for a new project, the organization recognizes that a new project exists, and completes a project charter

never [62]

Answer: (D) Initiating

Explanation:

The Initiating processes is one of the phase in the project management life cycle that is necessary for defining the existing project's main objective, success criteria and also the outcome.

The initiating processes helps in providing the effective information or data that is necessary for the developing the project. It is also refers top the process for obtaining the authorization for the given project.

According to the given question, the initiating processes recognizing all the existing projects and also complete all the project charter as part of recognition process.

Therefore, Option (D) is correct answer.

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3 years ago

If you had a bank account, which two methods of completing transactions do you think you would use most frequent?

Alika [10]

Withdraws and deposits

3 0

3 years ago

Read 2 more answers