All categories

2 years ago

To satisfy the Statute of Frauds, a written contract or agreement must contain a description of the consideration promised.

1 answer:

3 0

It is a true statement that a typical written contract or agreement must contain a description of the consideration promised in order to satisfy the Statute of Frauds.

<h3>What is the Statute of Frauds?</h3>

This refers to the legal concept that requires certain types of contracts to be executed in writing.

In the legal field, the Statute of Frauds covers contracts for the sale of land, agreements involving goods worth over $500 and contracts lasting one year or more.

Most times, the Statute of Frauds can be satisfied by any signed writing that:

identifies the subject matter of the contract
is sufficient to indicate that a contract exists
states with reasonable certainty the material terms of the contract.

You might be interested in

Radar Company sells bikes for $490 each. The company currently sells 4,300 bikes per year and could make as many as 4,620 bikes

Karo-lina-s [1.5K]

Answer:

Radar's additional income for accepting the order is calculated as follows:

Sales - 320 x $460 = $147,200

less Cost of Sales = 320 x $180 + $48,000 = $105,600

Additional Income = $41,600

Explanation:

The additional income of $41,600 is $147,200 - $105,600, which is the result of deducting cost of sales from Sales.

The cost of sales includes the variable cost per bike, including the incremental fixed costs ($48,000) to make this order.

To make a decision whether to accept an order or not, the company needs to consider all variable costs, including the incremental fixed costs. The resulting additional income is what is available to offset the fixed costs.

8 0

3 years ago

The following are several figures reported for Allister and Barone as of December 31, 2018.

IrinaVladis [17]

Answer:

1) INVENTORY = $540,000 +$340,000 - (188000*0.15*40.30%/140.30%)

= $880,000- $1800 = $878200

2 Sales =$1,080,000 + $880,000 -$188,000= $1,772,000

3) Cost of goods sold =540000+440000-188000+1800 =$793800

4) Operating expenses = 250000+320000+ 12800 = $582,800

5) Net income attributable to NCI = $10,540

Explanation:

In the closing there is an unrealised profit of(188000*15%) = $28200 * 40.30%/140.30% =$8100

to get the mark up of 40.30% We take [(188000-134000)/134000]*100

Amortisation = 64000/5 =12800

5) Calculations

Non Controlling Interest( NCI) has an attributable profit only from the profits made by the subsidiary (Barone) therefore we need to calculate the profit of Barone separately as NCI is the remaining 10% in Barone

(880000-440000-320000-12800) = $107,200-1800 = $105400*0.1= $10540

3 0

3 years ago

Read 2 more answers

Indicate whether the scenarios would result in an increase, a decrease, or no change in the long-run aggregate supply (LRAS) cur

Anastaziya [24]

Answer:

1. The mandatory retirement age in Wonkaland is abolished.

INCREASE IN THE LONG RUN AGGREGATE SUPPLY CURVE: greater use of labor

2. Wonkaland's main export is candy. Candy from this country increases in popularity as consumers all over the world want to buy Wonkalandian candy.

NO CHANGE IN THE LONG RUN AGGREGATE SUPPLY CURVE

3. Since candy from Wonkaland has become an international sensation, factories in Wonkaland double the number of candy making machines.

INCREASE IN THE LONG RUN AGGREGATE SUPPLY CURVE: greater use of capital investments

4. The top candy companies in Wonkaland chose to relocate their means of production to other countries around the world.

DECREASE IN THE LONG RUN AGGREGATE SUPPLY CURVE: lower use of capital investments

Explanation:

The long run aggregate supply curve is only affected by changes in capital, labor and technology. If the use of these factors increases, the LRAS curve will increase, if their use decreases, then the LRAS curve decreases.

4 0

3 years ago

Which of these resources do

xeze [42]

Answer:

B. Capital

Explanation:

It would be capital because households pay for the certain goods or services a business has to offer, therefore giving them money. The word "Capital" means funds/money, and since the households are giving the businesses money, they care supplying capitals.

4 0

3 years ago

What is the last step of planing?

Andrej [43]

Answer:

The last step in planning process is the implementation part. The planning should be put into action so that business objectives may be achieved. The implementation will require establishment of policies, procedures, standards and budgets.

7 0

3 years ago