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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.

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ABC uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retai
Licemer1 [7]

Answer:Ending Inventory at Cost= $981,248.40

Explanation:

                                     Cost                      Retail

Beginning inventory  $393,500         $594,000

purchases                      $3,408,000      $5,193,600                

freight in                        $159,500,

net markups                                                     $414,000

Total                          $3,961,000                     $6,201,600

Sales                                                 $4,666,000

Ending Inventory at Retail:=(Beginning inventory + purchases +net markups - Sales during the current year

594,000 + $5,193,600   +  $414,000- $4,666,000,  = $1,535,600

Cost to Retail Ratio:( Beginning inventory + purchases+freight in)/ (Beginning inventory + purchases +net markups )

=($393,500 + $3,408,000 +$159,500,) ÷ (594,000 + $5,193,600   +  $414,000) =$3,961,000/$6, 201, 600= 0.638= 0.639

Ending Inventory at Cost:   Ending Inventory at Retail x Cost to Retail Ratio

$1,535,600 x 0.639 = $981,248.40

8 0
3 years ago
Communication starts with<br>​
miv72 [106K]

<em><u>sender</u></em>

<em>is</em><em> </em><em>answer</em><em>.</em><em>.</em>

<em>.</em><em>.</em><em>.</em><em>.</em><em>.</em><em>.</em><em>.</em><em>.</em>

7 0
3 years ago
Match the following statements to the appropriate terms.
steposvetlana [31]

Answer:

Production Cost Report;Cost Reconciliation schedule,Equivalent units of Production;Unit Production Costs;Physical Units

Explanation:

Production Cost Report:A summary of both production quantity and cost data for a production department.

Cost Reconciliation schedule:Shows that the total costs accounted for equal the total costs to be accounted for.

Equivalent units of Production:Work done during a period expressed in fully completed units.

Unit Production Costs: Costs expressed in terms of equivalent units of production.

Physical Units:Actual units to be accounted for during a period, irrespective of any work performed.

Total Units Accounted for:Units transferred out during the period plus units in ending work in process.

Total manufacturing cost per unit:Unit materials costs plus unit conversion costs.

Units Transferred out:Total units accounted for minus units in ending work in process.

7 0
3 years ago
Pollution control equipment for a pulverized coal cyclone furnace is expected to cost $190,000 two years from now and another $1
alexandr1967 [171]

Answer:

$212,882.75

Explanation:

Cost from 2 years now = $190,000

Cost from 9 years now = $120,000

Interest rate = 9% Quarterly

Present Worth = Cost from 2 years now*[1/(1+interest/m)^nm] * Cost from 2 years now*[1/(1+interest/m)^nm]

Present Worth = 190,000*[1/(1+0.09/4)^2*4] + 120,000*[1/(1+0.09/4)^9*4]

Present Worth = 190,000*[1/(1.0225)^8] + 120,000*[1/(1.0225)^36]

Present Worth = 190,000*[1/1.19483] + 120,000*[1/2.22782]

Present Worth = 190,000*0.83693915 + 120,000*0.4488693

Present Worth = 159018.4385 + 53864.316

Present Worth = 212882.7545

Present Worth = $212,882.75

Thus, the amount to invest to cover these cost is $212,882.75

5 0
2 years ago
Quest Outdoor Store orders River Run-brand kayaks from Sports Merchandise, Inc. Sports Merchandise ships kayaks of the wrong siz
Sidana [21]

Answer:

Sports Merchandise

Explanation:

According to the situation that has been described in the question it can be said that the loss is suffered by Sports Merchandise. This is because a the seller of a good or product is liable for that product until the buyer purchases the product and decides to keep it. Which in this scenario since Sports Merchandise made a mistake on the product size and Quest decided not to accept the product then the responsibility and risk of loss remained with Sports Merchandise as the owner of the product.

5 0
3 years ago
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