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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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Kevin, who has liability limits of $20,000/$40,000/$20,000 and a $500 collision deductible, is involved in an accident. Due to h

harina [27]

Answer:

Amount to pay by PAP = $39,600

Explanation:

The liability limits of $20,000/$40,000/$20,000 implies that the highest amount PAP will pay for driver's injuries is $20,000, while the highest to pay for the first of two passenger is $40,000 and $20,000 for second passenger.

Since the a passenger received injuries worth $12,500, and another passenger received injuries of $7,100, the PAP will the actual amount and $20,000 for the driver's injuries. The total can therefore be calculated as follows:

Amount to pay by PAP = $20,000 + $12,500 + $7,100 = $39,600

4 0

3 years ago

On January 1, 2018, Byner Company purchased a used tractor Byner paid $3,000 down and signed a noninterest-bearing note requirin

Sedbober [7]

Answer:

tractor 35,127,42 debit

note payable 32,172.42 credit

cash 3,000 credit

--to record issuance--

Note payale end of 2018

39,584.19

note payables at Dec 31th

Note payable at the end of 2019

39,584.19

note payables at Dec 31th

Explanation:

As the note has zero.interest we discount the note to get the present value:

$\frac{Maturity}{(1 + rate)^{time} } = PV$

Maturity $44,000.0000

time 3.00

rate 0.11

$\frac{44000}{(1 + 0.11)^{3} } = PV$

PV 32,172.42

The difference will be a discount that will acrrue interest overtime.

the truck will enter the accounting net of interest charges thus:

3,000 downpayment + 32,127.42 = 35,127.42‬

interest will be: 32,127.42 x 1.11 = 32,127.41

Then, do the same for 2019

(32,127.41 + 3,532.0162) x 1.11 = 39,584.19

5 0

4 years ago

In 2013, Salvage Yard Inc. had cash flows from investing activities of ($250,000) and cash flows from financing activities of ($

PIT_PIT [208]

Answer:

$415,000

Explanation:

Following is the formula for cash flow:

Ending Cash Balance = CFO + CFI + CFF + Beginning Cash Balance

CFO = Cash flow from operating activities

CFI = Cash flow from investing activities

CFF = Cash flow from financing activities

We can easily rearrange the formula to find CFO

Ending Cash Balance - CFI - CFF - Beginning Cash Balance = CFO

or

CFO = Ending Cash Balance - CFI - CFF - Beginning Cash Balance

Solution

$CFO=105000-(-250000)-(-150000)-90000$

CFO = $415,000

7 0

3 years ago

Read 2 more answers

A random sample of 30 lunch orders at noodles and company showed a mean bill of $10.36 with a standard deviation of $5.31. find

Paladinen [302]

The formula for calculating the Confidence Interval is as follows:

Confidence Interval = x +- (z*s)/√N

Where:

x = mean = 10.36

z = taken from standard normal distribution table based on 95% confidence level = 1.96

s = standard deviation = 5.31

N = sample size = 30

Substituting know values on the equation:

Confidence Interval = 10.36 +- ( 1.96 * 5.31) / √30

Confidence Interval = 8.46 and 12.26

Hence the bill of lunch orders ranges from 8.46 to 12.26.

4 0

4 years ago

Joe Corporation produces and sells two products. In the most recent month, Product C90B had sales of $19,950 and variable expens

8_murik_8 [283]

Answer:

Decrease

Explanation:

Calculation to determine overall break-even point for the entire company

Contribution margin for C90B = ($19,950-

$5,985)/$19,950

Contribution margin for C90B = 70%

Contribution margin for Y45E =( $26,190- $10,476)/$26,190

Contribution margin for Y45E= 60%

Therefore Based on the above calculation if the sales mix were to shift toward Product C90B with total dollar sales remaining constant, the overall break-even point for the entire company

Would DECREASE reason been that C90B have more contribution margin ratio of 70% compare to Y45E which had contribution margin ratio of 60%

4 0

3 years ago