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ivolga24 [154]
3 years ago
11

Steven, who is Wesley's guardian, convinces Wesley to buy a certain parcel of land owned by Steven's brother-in-law at a price g

reatly inflated from the market value of the property. Steven convinces Wesley that he is getting a great deal. If Wesley sued to rescind the contract, his best argument for lack of mutual assent would be:
Business
1 answer:
Semmy [17]3 years ago
8 0

Answer:

Undue influence

Explanation:

Undue influence refers to those special relationships in which one person has taken advantage of his or her dominant position in a relationship to unduly persuade the other person.

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[The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 19
Juli2301 [7.4K]

Answer:

November 17, 2021

Merchandise : air conditioners $45,600 (debit)

Accounts Payable $45,600 (credit)

November 26, 2021

Accounts Payable $45,600 (credit)

Discount Received $1,824 (credit)

Cash $43,776 (credit)

December 15, 2021

Accounts Payable $45,600 (credit)

Cash $45,600 (credit)

Explanation:

November 17, 2021

Merchandise : air conditioners $45,600 (debit)

Accounts Payable $45,600 (credit)

Recognize the Merchandise and Accounts payable at the Purchase Price less trade discount. 190 units × $300 × 80% = $45,600

November 26, 2021

Accounts Payable $45,600 (credit)

Discount Received $1,824 (credit)

Cash $43,776 (credit)

Payment is made within the discount period of 10 days and thus Thomas Company is eligible for a cash discount of 4%. Thomas Company will pay the amount owing less the 4% cash discount. $45,600 × 96% = $43,776.

December 15, 2021

Accounts Payable $45,600 (credit)

Cash $45,600 (credit)

Payment is made out of the discount period of 10 days and thus Thomas Company is  not eligible for the cash discount. Thomas Company will pay the full amount owing of $45,600.

3 0
3 years ago
Label the following statements as True or False.
kumpel [21]

Answer:

1. All else equal, countries with more natural resources have a higher GDP per capita than those with few natural resources. - True

All else being equal (ceteris paribus), if a country is endowed with more natural resources, it will have a higher GDP per capita than a country with less natural resources, because it will be able to trade and transform those natural resources for a lower cost, allowing it to produce more goods and services.

2. Over the past two hundred years, improvements in productivity have offset lost productivity reduction due to less land being available. - True

This statement is true. In the modern-era, thanks to the green revolution, and other technological improvements, more food can be produced in less land. Many analysts coincide that if the green revolution had not come about, humanity would have been subject to permanent famine.

3. The key to prosperity in the 20th century is an economy rich in natural resources. - False

The key to prosperity in the 20th century is simply producing more goods and services, and human capital has been seen as a more important factor for this than natural resources. For example, countries that are poor in natural resources and are rich such as Japan and South Korea, are so because they have very well-educated populations that produce high quality goods and services.

4. Human and physical capital are only beneficial to an economy when there is an abundance of natural resources in the economy. - False

Human and physical capital can benefit an economy even in the absence of natural resources, because natural resources can be imported. Again, the example of Japan works because the island nation is poor in natural resources, but rich in human capital, and not so deprived of physical capital, and has managed to become a developed nation by highly compex finished goods for natural resources.

6 0
3 years ago
How can a country gain from specialization and​ trade? A. A country can specialize in producing that for which it has an absolut
strojnjashka [21]

Answer:

C. A country can specialize in producing that for which it has a comparative advantage and then trade for other needed goods and services.

Explanation:

<em>Comparative advantage</em> is simply evaluating the opportunity cost of other benefits or costs, if the country is opting to choose for a specific category of goods for production purposes.

For example, let's say US can produce 20 Television (TV) sets and 50 Air Conditioners in a month. Here, the opportunity cost of producing 1 TV set is 50/20 i.e. 2.5 Air Conditioners. Similarly, the opportunity cost of producing 1 Air Conditioner (AC) is 20/50 i.e. 0.4 TV set. Hence, US should produce Air Conditioners over TV sets as per <em>Comparative Advantage</em> concept.

Take another example, let's say UK can produce 50 Television (TV) sets and 20 Air Conditioners in a month. Hence, the opportunity cost of producing 1 TV set is 20/50 i.e. 0.4 Air Conditioner. On the other hand, the opportunity cost of producing 1 AC is 50/20 i.e. 2.5 TV sets. Thus, UK should produce TV sets over AC's as per <em>Comparative Advantage </em>model.

Hence, US should export AC's to UK and import TV sets from UK to gain from specialization and trade.

<em> In this way nations can gain from specialization and trade by making use of Comparative Advantage theory</em>.

It is to be noted that <em>Absolute Advantage model </em>of Adam Smith is also good as it highlights production of that good by a country, which it can produce in large quantities with fewer resources and minimal time than any other nation in the world. But the <em>Comparative Advantage Model </em>developed by David Ricardo considers opportunity cost and is much more refined than Absolute Advantage Model.

<em></em>

6 0
3 years ago
Read 2 more answers
Technoid Inc. sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2013. The manufacturing cost
Taya2010 [7]

Answer:

b. $3,115,234

Explanation:

Opening Balance as on 01.01.2013                        $21,000,000

Less: Payment of First Instalment on 01.01.2013   <u>$3,002,038</u>

Net Balance as on 01.01.2013                                 $17,997,962

Add: Interest at 9% up to 30.06.2013                    $1,619,816

Less: Payment of 2nd instalment on 30.06.2013  <u>$3,002,038</u>

Balance as on 01.07.2013                                      $16,615,740

Interest at 9% up to 31.12.2013                                $1,495,417

Total interest revenue to be reported on the lease during the calendar year 2013 = $1,619,816 + $1,495,417 = $3,115,234

7 0
3 years ago
Which loan type requires you to make loan payments while you’re attending school?
Zolol [24]
D?but not sure.......

4 0
3 years ago
Read 2 more answers
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