Lyra induces Moe to enter into a contract for the sale of an apartment about which Lyra fraudulently misrepresents a number of material facts. Lyra tells Moe that her commission is 6 percent, but their signed, written contract states 12 percent. The Statute of Frauds governs (2) <u>contracts that must be in writing to be enforceable.</u>
Explanation:
<u>The statute of frauds refers to the requirement that certain kinds of contracts will be enforceable only if they are in writing</u>
<u> </u>
Even though the statutes of frauds vary from state to state, the following types of contracts must be in writing to be enforceable:
- contracts for the sale or lease of, or a mortgage on, real property (e.g., land, fixtures);
- contracts that cannot, by their terms, be performed within one year after the date the contract was formed;
- collateral contracts, such as promises to answer for or guaranty the debt or duty of another person;
-
promises made in consideration of marriage (i.e., prenuptial agreements); and
- contracts for the sale of goods valued at $500 or more.
Using simple interest, she will have $410 at the end of six months.
Principle = $400
Rate = 5%
Time equals 6 months, or 0.5 years.
Simple interest is equal to PRT/100.
S.I. = 400*5*(1/2)/100
S.I. = 10
Consequently, $400 plus $10 equals $410.
<h3>What is simple interest?</h3>
To calculate the amount of interest that will be charged on a loan, use the quick and easy formula known as simple interest. For the purpose of calculating simple interest, the daily interest rate, the principal, and the number of days between payments are multiplied.
A loan's principal or the first deposit into a savings account serves as the basis for simple interest. Because simple interest doesn't compound, a creditor would only pay interest on the principal sum, and a borrower will never have to pay interest on the interest that has already accrued.
Learn more about simple interests, from:
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Answer:
$166.8
Explanation:
Given that,
Units expected to produced = 400,000 units
Machine hours required = 1.2 each
Manufacturing overhead costs:
= Department 1 + Department 2
= $2,530,000 + $2,752,000
= $5,282,000
Total Machine hours:
= Department 1 + Department 2
= 30,000 MH + 8,000 MH
= 38,000 MH
Overhead cost per machine hour:
= Manufacturing overhead costs ÷ Total Machine hours
= $5,282,000 ÷ 38,000 MH
= $139 per MH
Overhead cost per unit:
= Overhead cost per machine hour × Machine hours required for each
= $139 per MH × 1.2
= $166.8
Answer: The more narrowly we define a market, the more elastic the demand for a product will be.
Explanation: Narrowly defined markets tend to have more elastic demand than broadly defined markets because it is easier to find close substitutes for narrowly defined goods.
For example, a broad category of food, has a fairly inelastic demand because there are no good substitutes for food while Vanilla flavoured ice cream, a very narrow category, has a very elastic demand because other flavors of ice cream (e. g Chocolate) are perfect substitutes for vanilla.
