Answer:
The correct answer is a) Malcom may rescind the contract
Explanation:
The false testimony in a private or public document is a cause for rescinding or terminate the contract.
Answer:B. Instead of requesting Oak and Beach wood grown specifically on Hardwood's Land Taylor request shipment of Oak and Beach wood from Hardwood, and specifies in the contract that if Hardwood cannot supply the wood then Hardwood should obtain the requested wood from another Lumber supplier.
C. After the Tornadoes Hardwood and Taylor agreed to a novation where a competing company, Oakempire assumes the duty of Hardwood stated in the original contract.
Explanation:
As regards B option of the answer, Taylor having put a clause in the contract requesting Hardwood to seek supply from another Lumber supplier if unable to meet the demand will make the contract binding on Hardwood
The entry into a novation with Oakempire after the Tornadoes makes the contract binding on Oakempire to deliver as stated in the contract for he has legally assumed the position of Hardwood.
The A and C options of the answer are still cases of contract frustration i.e the loss is beyond the control of the contracting parties , it's an act of God and insurer does not cover such. The first frustration is from new legislation and second is by natural disaster.
Answer: See explanation
Explanation:
Since the AGI is given as $180,000, his charitable contribution will be:
= $180,000 × 60%
= $180,000 × 0.6
= $108,000
a. The Total present value of tax savings from the tax deduction if made this year will be:
Present value of tax savings = $108000 × 24% = $108000 × 0.24 = $25920
Add: Present value of tax savings for deferred part = ($113000 - $108000) × 0.9434 × 32% = $1509
Therefore, Total present value of tax savings from the tax deduction if made this year will be:
= $25920 + $1509.44
= $27429.44
b. Total present value of tax savings from the tax deduction if made next year will be:
= $113000 × 0.9434 × 32%
= $113000 × 0.9434 × 0.32
= $34113.34
Answer:
$984,000
Explanation:
The computation of the budgeted total manufacturing cost is shown below:
Budgeted total manufacturing costs in March = Fixed cost + Variable cost
= $24,000 + ($16 × 60,000)
= $24,000 + $960,000
= $984,000
We simply added the fixed cost and the variable cost in order to find out the budgeted total manufacturing cost
Answer: $18,000
Explanation:
Income from investment is the percentage of the acquired company's income that the company that acquired it will report as their own based on their percentage of ownership.
By purchasing 3,000 shares out of 10,000, Pillow Corp owns;
= 3,000 / 10,000
= 30% of Sleep Co.
These shares were bough on July 1 so the relevant period will be half a year.
At the end of the year, Pillow Corp will report 30% of half of Sleep Co. income as income from investment for the year.
= 30% * 120,000 * 0.5
= $18,000