Answer:
<u>True</u>
Explanation:
Remember, Consideration is that thing that is legally agreed and given such as money, property in exchange for something.
What usually should come first in any contract is sufficient consideration; presence of value to be given.
Therefore, a Court can refuse to enforce an agreement due to insufficient consideration because it is the primary thing that should come first in any contract.
For example, a father gives his adult son $5 on Monday as a present and the son is impressed he says he’ll give his father $10 the following day, there is no contract. In this scenario the son does not have to give his father $10 on Tuesday, because they (son and father) did not agree to give $5 in exchange for $10. A court would term this case as having insufficient consideration.
Answer:
3) The only bank in a small town
Explanation:
By definition a monopoly occurs when there is only one supplier in the market for a specific good or service. In this case, if there is only one bank that works in a small town, then that bank has a monopoly of all the town's residents that require banking services. If any resident doesn't like that specific bank, they need to go to another town in search for banking services.
Answer:
minutes of grinding= 60,468 minutes
Explanation:
Giving the following information:
Grinding minutes per unit:
Product A= 3.80
Product B= 5.30
Product C= 4.30
Product D= 3.40
Monthly demand in units:
Product A= 4,260
Product B= 4,260
Product C= 3,260
Product D= 2,260
A total of 54,900 minutes is available per month on these machines.
minutes of grinding= Total product A + Total product B + Total product C + Total product D
minutes of grinding=4260*3.80 + 4260*5.3 + 3260*4.3 + 2260*3.4= 60,468 minutes
Answer and Explanation:
The journal entry is
Salaries and Wages Payable $50,000
Salaries and Wages Expense $25,000
To Cash $75,000
(Being cash paid is recorded)
Here salaries & wages payable and salaries & wages expense is debited as it decreased the liabilities & increased the expense while the cash is credited as it decreased the assets
Answer:
which one of two machines to acquire given equal machine lives but unequal machine costs.
Explanation:
equivalent annual cost (EAC) is used in determining which investment to make when the investments have different life spans.
When investments have different life spans, the net present value(NPV) cannot be used in making decisions on investment.
EAC= 
where r = interest rate
n = number of years
The decision rule is to invest in the investment with the higher EAC
