Answer:
C) Illusory
Explanation:
More than an illusory contract (which means an unreasonable and non-enforceable contract), this is an unconscionable contract that no court would enforce.
This contract is so one sided that it damages the other party. The duties in clued in this contact are not enforceable because no person should be forced to do all those things just because the other party has more bargaining power.
Out of the 5 possible options the illusory contract is the only possible choice. Illusory contracts are also non-enforceable since only one side provides real consideration.
Answer:
The amount Laramie should record the purchase of land is <u>$6.2 million</u>.
Explanation:
The costs of a fixed asset refer to the purchase price and other relevant costs which are incurred in order to the location and working condition required to operate the fixed asset in way that it is intended.
The other relevant costs that are added to the purchase price to arrive at the cost of the fixed assets include professional fees, non-refundable taxes or levies, and among others.
If any trade discount or rebate is given, this will be deducted from the purchase price to arrive at the cost.
Any interest required to be paid on the delayed payment in order to reflects the time value of money are not part of the cost of the asset but expensed in the year they are incurred.
From the question, the land acquired is a fixed asset. Based on the explanation above, the total cost of the asset is $6.2 million. The interest from the 6% interest rate on the remaining $5 million will be part of the cost of the land but it will be expensed in the year they are incurred.
Therefore, the amount Laramie should record the purchase of land is <u>$6.2 million</u>.
<span>Ocean Tuna is massively overfished even though there is already an abundant supply. The reason for this is that it cost less to harvest the fish than it does to maintain a stock of the fish. This answer however, is still debated by some experts who argue that this method is not healthy for our oceans.</span>
20% down will be $50,000 so the balance will be $200,000 to take out a mortgage for. The higher the down payment the lower the mortgage required and lower payments would ensue also. Also, once one has a mortgage it ie wise to pay it by the week to reduce the interest. Over time this practice makes a difference.
