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Bas_tet [7]
3 years ago
13

Kelly tells Matthew that she will sell him one of her motorcycles at some time in the future. Matthew eagerly accepts. Do they h

ave a valid contract?
Business
1 answer:
WINSTONCH [101]3 years ago
3 0

Answer:

Probably not, because the terms are not definite.

Explanation:

A contract is considered to be valid when there is a written or expressed agreement for one party to deliver goods or services to another.

The terms are clearly stated. For example the price, time of sale, acceptance of price, and so on.

A valid contract has the following elements: offer, acceptance, agreement, and consideration.

In the given scenario where Kelly tells Matthew that she will sell him one of her motorcycles at some time in the future and Matthew eagerly accepts. There is an agreement but there is no specific offer and consideration of price and also the time of transaction.

So the contract is probably not valid because terms are not clearly defined.

You might be interested in
This information relates to Pickert Real Estate Agency.
nikitadnepr [17]

Answer:

The debit-credit analysis for each transaction is given below.

Oct. 1 Stockholders invested $30,000 in exchange for common stock of the corporation.

No effect (it is purchase of share already issued on stock exchange)

Oct. 2 Hires an administrative assistant at an annual salary of $42,000.

No effect (As hiring is not a transaction)

Oct. 3 Buys office furniture for $4,600, on account.

Debit Furniture Asset         $ 4,600

Credit Account Payable     $ 4,600

Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).

Debit Commision Receivable        $ 10,800

Credit Commission Income            $ 10,800

Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment.

Debit Cash Asset                                    $ 140

Credit Rental Commission Income         $ 140

Oct. 27 Pays $700 on account for the office furniture purchased on October 3.

Debit Account Payabe     $ 700

Credit Cash                       $ 700

Oct. 30 Pays the administrative assistant $3,500 in salary for October.

Debit Salary Expense      $ 3,500

Credit Cash                       $ 3,500

7 0
2 years ago
A disadvantage of using the Web to communicate with potential customers is that it does not offer the cost savings of mass media
labwork [276]

Answer:

<u>False</u>

Explanation:

Remember, the word mass media encompasses the use of the internet or web to communicate information.

The cost savings of the web sprangs from digital media which is a form of mass media.

Therefore, a company using the Web to communicate with potential customers  is achieving cost savings through a form of mass media called the <em>digital media.</em>

<em />

5 0
3 years ago
Which of the following was not one of the types of entrepreneurs theorized by Arthur cole in the 1950s. The innovator, the calcu
Helen [10]

Answer:

the answer is 'the lucky fool'

Explanation:

3 0
3 years ago
Julian transferred 100 percent of his stock in Lemon Company to Apricot Corporation in a Type B stock-for stock exchange. In exc
nikitadnepr [17]

Answer:

Here no loss would be recognized by Julian on the transfer of shares and his basis inn Apricot corporation would be $400,000.

Explanation:

In the case of transfer of share made by Julian ( from Lemon company to Apricot company ) , no loss would be recognized by him, as the loss or gain would have been recognized only when the sale was made but that didn't happened.

His basis in the Apricot corporation would be equal to his tax basis in the Lemon company, so therefore his basis is equal to $400,000.

8 0
3 years ago
Kamper Company sells two products Big Z and Little Z. Current direct material and direct labor costs are detailed below. Next ye
Andrej [43]

Answer:

Explanation:

Big Z:

(a) Direct Labor $ per Unit = 19

(b) Direct Labor $ per hour = 25

(c ) Hour per unit(a/b) = 19/25 = 0.76

(d) Units in next year = 39,000

( e) Total hours (c*d)  = 0.76*39,000 = 29,640

Little Z:

(a) Direct Labor $ per Unit = 15

(b) Direct Labor $ per hour = 25

(c ) Hour per unit(a/b) = 15/25 = 0.60

(d) Units in next year = 16,000

( e) Total hours (c*d)  = 0.60*16,000= 9,600

Total estimated direct labor hours for this next year = 29,640+9600 = 39,240

7 0
3 years ago
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