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AleksandrR [38]
3 years ago
5

Percy is a rich boy whose parents supply him with every conceivable necessity of life. While still a minor, Percy buys a coat on

credit from a men's store for $5000. After wearing the coat for a while, Percy decides that it bores him and that he'd like to disaffirm. Which of the following is most likely to be true? Assume that Percy is still a minor. Percy can disaffirm the contract, and he must return the coat. Percy cannot disaffirm the contract, but he only is liable for the reasonable value of the coat. Percy cannot disaffirm the contract, and he is liable for the full price of the coat ($5000). Percy can disaffirm the contract and he need not return the coat.
Business
2 answers:
Nastasia [14]3 years ago
8 0

Answer: The answer is A, Percy can disaffairm the contract and return the coat.

Explanation:

This question is based on the law of contract. The contract can be defined as an agreement between the buyer and the seller in which the seller agrees to transfer the property in goods for money consideration known as price.

Therefore for a contract to be valid it must have the following requirement that are essential

Offer: There must be offer from the offeror to the offeree.

Acceptance: The other party must be willing to accept the offer.

Consideration: All simple contract must be supported by value consideration known as price.

Intention to create legal relations: The parties to the agreement must be willing to enter into an agreement that can be enforceable by law.

Capacity : The person entering into a contract must have the legal capacity to do so at the time of entering into the contract. In other words, such a person must be of legal age.

However, in the case of Percy he was still a minor as at the time he enter into the contract. He was not of legal age, an according to the law of contract any contract enter into with a minor except for food is null and void in the view of the law.

cricket20 [7]3 years ago
6 0

Answer:

The answer is: Percy can disaffirm the contract, and he must return the coat.

Explanation:

Minors (people under 18 years of age) are not allowed to participate in any kind of contract except for essential items like medicine or food. In order for a contract to be enforceable, Percy's parents must give prior consent.

So Percy can choose to either continue with the contract or void it, but if he decides to void the contract he must return the coat he bought.

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Taylor loves the lifestyle associated with being a salesperson, allowing her to take a day off during the week and make it up on
Readme [11.4K]

Answer: Flexibility

Explanation:

  According to the question, Taylor likes the flexible values so that she creates her own comfortable schedule.

The flexibility in the schedule provide the job satisfaction and balanced the life as she loves the lifestyle of being sales person.

It also helps in reduce the stress if you are satisfied with the work-life balance and also increase the productivity of an organization. Therefore, Flexibility is the correct answer.

3 0
2 years ago
On July 1, Year 4, Pell Co. purchased Green Corp. 10-year, 8% bonds with a face amount of $500,000 for $420,000. The bonds are c
gayaneshka [121]

Answer:

$21,800

Explanation:

The computation of 4-year revenue is as shown below:-

Bond Income of 4th Year = Face amount × Bond × 1 ÷ 2

= $500,000 × 8% × 1 ÷ 2

= $20,000

Interest Revenue = Bond Income + Amount of Discount Amortized

= $20,000 + $1,800

= $21,800

Therefore for computing the interest revenue we simply bond income with the amount of discount amortized.

6 0
3 years ago
Toys, Trinkets and More requires a minimum rate of return of 12% on its average operating assets. The toy department currently h
Serggg [28]

Answer:

Residual Income = $6,000

Explanation:

Residual income is the excess income of a firm leftover the opportunity cost of capital or over the desired income.

Given,

The minimum rate of return 12%

Average operating assets = $300,000

Net operating income = $42,000

We know,

Residual Income = Net Operating Income - (Average operating assets x the minimum rate of return)

Residual Income = $42,000 - ($300,000 x 12%)

Residual Income = $42,000 - $36,000

Residual Income = $6,000

6 0
3 years ago
ou are tasked with estimating the costs of a project. Select a project you are familiar with and give a concise summary of that
klemol [59]

Answer:

Cost Estimation is the usage of venture quotes of a restricted degree. This is a significant component of undertaking cost the executives as a feature of the information that incorporates arranging, observing and overseeing venture money costs. A surmised cost of an undertaking, called a quote, is utilized to approve a venture's financial plan and deal with its expenses.  

Proficient appraisers utilize characterized procedures to produce quotes that are utilized to assess the money related practicality of a task, to decide subsidizing for venture costs, and to follow venture costs. Quotes are significant in concluding whether to attempt an undertaking, to decide the venture's potential degree, and to guarantee that the task remains monetarily practical and maintains a strategic distance from over-use.  

Quotes are typically reconsidered and refreshed as undertaking extension becomes clearer and when task dangers are acknowledged - as the Project Management Committee notes, cost estimation is a procedure. The equivalent. Quotes can likewise be utilized to structure the premise of an undertaking as a state of examination for surveying the real viability of a task.  

<u>Key parts of cost estimation  </u>

Cost Estimation is the total of the expenses related with effectively finishing a venture through and through. The expenses of these activities can be partitioned in a few different ways and levels of detail, however the least complex grouping isolates costs into two fundamental classes: direct expenses and backhanded expenses.  

Direct expenses are grouped into classifications that are legitimately identified with a territory. In venture the board, direct expenses are the costs that are charged for a specific undertaking. These can incorporate task group pay rates, asset costs for the creation of physical items, fuel for gear, and spending plans for tending to explicit venture dangers.  

Then again, circuitous expenses can't be connected to explicit cost places, and rather are made by a few undertakings at the same time, some of the time in various sums. In venture the board, quality control, well-being expenses and utilities are commonly delegated circuitous expenses since they are dispersed over various undertakings and can't be paid legitimately to a task.

8 0
3 years ago
The government of India has made killing Bengal tigers illegal, but poaching continues. In the list below, indicate which statem
Blizzard [7]

Answer: A, C and D.

Explanation:

With the options given above, options A, C and D are reasons why the ban on killing Bengal tigers hasn't been successful. When the punishment for killing Bengal tigers is not severe, people won't mind killing the tigers since they know they won't be severely punished for their action. Also, when the enforcement of the poaching law is weak and the potential profit from the illegal poaching is higher than the risk of getting caught, people will continue to kill the tigers.

For the law to be effective, there must be strict punishment for people who go against the law made.

6 0
3 years ago
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