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mote1985 [20]
3 years ago
14

Sixteen-year-old Travis Mitchell brought his Pontiac GTO into M&M Precision Body and Paint for body work and a paint job. M&

amp;M did the work and charged $1,900, which Travis paid. When, Travis later complained about the quality of the work, M&M did some touching up, but Travis was still dissatisfied. He demanded his $1,900 back, but M&M refused to refund it since all of the work was "in" the car and Travis could not return it to the shop. The state of Nebraska, where this occurred, follows the majority rule on this issue. Does Travis get his money? Is this a fair result?
Business
1 answer:
sergiy2304 [10]3 years ago
5 0

Answer:

Since Travis is a minor, he is able to disaffirm a contract. Minors are not allowed to sign contracts except those that include basic necessities like food or shelter. This is not the case here since painting a car is not considered a basic necessity. As long as Travis disaffirms the contract while being a minor, the other party cannot do anything about it. This applies even if Travis cannot make any type of restitution since he cannot return the paint job.

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Match the following:
asambeis [7]

Explanation:

1. If butter complements margarine for instance, and there occurs a sudden increase in the price of butter leading to lower demand, this would affect the demand for margarine negatively leading to a fall in the demand for margarine.

2. If this goods are substitutes the demand for butter will increase when the price of margarine rises.

This is because it is only natural for people to switch to the next best alternative (substitute) that fills the same purpose or needs.

3. Remember Ice cream and ice cream cones complementary goods; meaning the demand for one increases the demand for the other and vice versa.

4. If the price of ice cream increases, demand would also decrease for ice cream as consumers are usually sensitive to price.

This decrease in the demand for ice cream would also affect ice cream cones since they complement each other, leading to a decrease in the demand for ice cream cones.

5 0
3 years ago
Why is it important to understand business and economics?
artcher [175]
Because in the future you will need to learn that especially if you want to have your own business
7 0
2 years ago
Consider three closed economies. In the first economy, households spend $0.50 of each additional dollar they earn and save the r
aleksklad [387]

Answer:

b. In the first economy, the spending multiplier is greater than in the second economy. In the third economy, the spending multiplier is undefined

Explanation:

This can be easily understood by going through some calculations in a spending multiplier formula.

WORKINGS

The formula for Spending Multiplier = \frac{1}{MPS}

Spending Multiplier

Economy 1: Multiplier = \frac{1}{0.5} = 2

Economy 2: Multiplier = \frac{1}{1} = 1

Economy 3: Multiplier = \frac{1}{0} = undefined

Note: MPS can be abbreviated as Marginal propensity to save

As we can see here economy 1 is 50% greater than economy 2 and economy 3 is undefined because they spend whole dollar they earn additionally.

On behalf of the above calculations,  option B is a perfect match!

4 0
3 years ago
enny has applied for a loan to purchase a home and learns that she is unable to qualify for any loan other than a high-cost mort
nataly862011 [7]

Answer: C. MortgageMax may pay the counseling fees, but is prohibited from steering Jenny towards a particular counselor or allowing her to complete counseling from one of its affiliates.

Explanation:

MortgageMax is violating the law in recommending a particular counselor and recommending one of its affiliates. Lenders are not allowed to direct a loan candidate to a certain counselor in order to avoid any unfortunate situations that arise from the counselor being partial to the lender.

Lenders are also prohibited from offering the counselling via an affiliate for the same reason above. They are however, allowed to pay for the counselling.

5 0
3 years ago
You are evaluating the balance sheet for Blue Jays Corporation. From the balance sheet you find the following balances: cash and
bezimeni [28]

Answer:

a. Current ratio=2.105

b. Quick ratio=1.053

c. Cash ratio=0.211

Explanation:

a.

<em>Step 1: Determine total current assets</em>

The total current assets can be expressed as;

T=C+R+I

where;

T=total current assets

C=cash and marketable securities

R=accounts receivable

I=inventory

In our case;

T=unknown, to be determined

C=$200,000

R=$800,000

I=$1,000,000

replacing;

T=(200,000+800,000+1,000,000)=$2,000,000

Total current assets=$2,000,000

<em>Step 2: Determine total current liabilities</em>

The total current liabilities can be expressed as;

T=W+A+N

where;

T=total current liabilities

W=accrued wages and taxes

A=accounts payable

N=notes payable

In our case;

T=unknown, to be determined

W=$250,000

A=$400,000

N=$300,000

replacing;

T=(250,000+400,000+300,000)=$950,000

Total current liabilities=$950,000

<em>Step 3: Determine current ratio</em>

The current ratio can be expressed as follows;

Current ratio=total current assets/total current liabilities

where;

Current ratio=unknown, to be determined

total current assets=$2,000,000

total current liabilities=$950,000

replacing;

Current ratio=(2,000,000/950,000)=2.105

b.

<em>Step 4: Determine quick ratio</em>

The quick ratio can be expressed as follows;

Quick ratio=(current assets-inventory)/current liabilities

where;

Quick ratio=unknown, to be determined

current assets=$2,000,000

inventory=$1,000,000

current liabilities=$950,000

replacing;

Quick ratio=(2,000,000-1,000,000)/950,000

Quick ratio=1,000,000/950,000=1.053

Quick ratio=1.053

c.

<em>Step 4: Determine cash ratio</em>

The cash ratio can be expressed as follows;

Cash ratio=(cash+marketable securities)/current liabilities

where;

Cash ratio=unknown, to be determined

Cash and marketable securities=$200,000

current liabilities=$950,000

replacing;

Cash ratio=(200,000/950,000)=0.211

Cash ratio=0.211

7 0
3 years ago
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