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Serhud [2]
1 year ago
14

sean, 17, a snowboarder, signs a long-term endorsement agreement for sportswear. he endorses the products and deposits his compe

nsation for the endorsements for several years. at age 19, he decides he wants to void the agreement to take a better endorsement deal. he claims he lacked capacity when he signed the deal at 17. can he get out of the contract?
Business
1 answer:
Degger [83]1 year ago
8 0

A settlement made with the aid of using a minor is frequently voidable, however a minor can most effective keep away from a settlement all through his or her minority popularity and for an inexpensive time after he reaches the age of majority.  After an inexpensive length of time, the settlement is deemed to be ratified and cannot be avoided.

  • Facts of the case: Sean, 17, a snowboarder, signs a long-term endorsement agreement for sportswear. At age 19, he wants to void the agreement by claiming that he lacked capacity when he signed the deal at 17.
  • Rule of Law: Minor's Contracts are voidable at the option of Minor.
  • Analysis: Since, Minor's Contract is voidable at the option of the Minor who Signs the Contact can either honor the contract or void the contract. A minor can void a contract for lack of capacity, only when he is still under the age of majority. If a minor turn 18 i.e., After attaining Majority and hasn't done anything to void the contract, then the contract can no longer be voided.
  • Here, Sean has not done anything to void the contract on attaining the age of 18. So, he at the age of 19, cannot void the agreement by claiming that he lacked capacity when he signed the agreement at 17.
  • Decision: Sean Vs. Sportswear Company: In the light of the above provisions, a Court will not permit Sean to now void the agreement.

Learn more about minority popularity here:

brainly.com/question/14457086

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Pepsi Cola has entered into a long-term contract with a South African beverage business. The contract calls for the South Africa
Helen [10]

Answer:

<u>Licensing </u> is the correct answer.

Explanation:

Licensing is defined as a trade agreement between a company that gives another company authorization to manufacture its product by contract and payment of royalties for the use of the right to use the trademark.

Companies generally license: design, patents, trademarks, copyrights and others whose purpose is to assist in increasing profitability and expanding business.

Despite being a very profitable strategy worldwide, product licensing is not crucial to a company's success, despite the ease of marketing a product or brand already consolidated and valued by the consumer, it is necessary to ensure compliance in production processes. and focus on marketing and sales.

8 0
2 years ago
John’s home is up for sale. He originally bought it five years ago for $300,000. Its current value is $350,000. His real estate
Mumz [18]

Answer:

Market value

Explanation:

The market value of a product is the price at which a buyer is willing to purchase a good irrespective of prevalent price of a commodity. It is that amount a buyer and seller are willing to strike a deal for given normal market conditions.

In this scenario John originally bought his five years ago for $300,000. Its current value is $350,000. His real estate agent notified him that a buyer just made an offer on his home for $365,000.

Despite the house now being $350,000, $365,000 is the market price at which the buyer and seller are willing to settle.

8 0
2 years ago
The General offers automobile insurance online. Buyers can purchase a policy over the Internet and the company will provide imme
Ivahew [28]

Answer: The General offers automobile insurance online. Buyers can purchase a policy over the Internet and the company will provide immediate proof of insurance to get legal drivers on the road quickly.

This shows how electronic commerce contributes to customer value through the creation of <u>new facilities that save time and money, making the insurance system much more efficient and faster, resulting in greater comfort for customers.</u>

5 0
3 years ago
President Obama addressing the recent graduates in a commencement exercise is an example of a(n) _____________ speech
olya-2409 [2.1K]
The answer is ethics, I believe.

5 0
3 years ago
Read 2 more answers
Jones operates an upscale restaurant and he pays experienced cooks $35,000 per year. This year he hired his son as an apprentice
Novay_Z [31]

Answer:

E. None of these - Jones can only deduct reasonable compensation.

Explanation:

Jones would be allowed to deduct less than $ 35,000 (this is the reasonable compensation) under the conditions established by tax legislation. Let us see why none of the other options is correct.

A. Jones will be allowed to deduct $ 40,000 only if his son eventually develops into an expert cook

When a company pays an employee an exaggeratedly high salary considering the services performed (as an apprentice cook, this person is earning more than an experienced cook), the excessively high part of the salary is not subject to deduction. Even if Jones' son became an experienced cook, he would be unreasonably earning more than the others. Therefore, Jones would not be allowed to fully deduct $ 40,000. On the other hand, only the services actually provided during the current period are taken into account, not the eventualities.

B. Jones will be allowed to accrue $40,000 only if he pays his son in cash.

In no case Jones can accrue $ 40,000, as it is an excessively high amount, for the same conditions we saw in the previous point.

C. Jones will be allowed to deduct $35,000 as compensation and another $5,000 can be deducted as an employee gift.

Awards must meet the following requirements in order to be deducted: they must be personal tangible property of the employer, they must be given to an employee for years of service or safety achievement, they must be delivered in recognition of a significant achievement, and they must be given under strict conditions, in order to completely eliminate the possibility that it is really a disguised payment.

In this case, it seems that it is a disguised pay, therefore, no deduction can be made.

D. Jones can only deduct $20,000 because an apprentice cook is only worth half as much as an experienced cook

That is not a valid reason to apply for a tax deduction. Recall that the payments to the worker are considered tax-deductible expenses if they meet the following characteristics: they are ordinary and necessary expenses, reasonable in quantity, paid for services actually provided, and paid during the current year.

4 0
3 years ago
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