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svp [43]
3 years ago
7

Julius asks Rachel if she would like to sell her boat. Rachel privately has no interest in selling her boat, and believes that J

ulius can't afford her boat anyway. Rachel says, "I'd sell my boat to you for $400." To Rachel's surprise, Julius responds "Ok, it's a deal." Rachel does not want to sell the boat to Julius for any price. Julius and Rachel have_______________________.
Business
1 answer:
katrin [286]3 years ago
8 0

Answer:

formed a valid contract because Rachel's outward expressions showed the formation of a contract.

Explanation:

In contract, outward expressions refers to a situation when both parties has directly communicate the terms of a certain transaction and agreed upon it.

The contract is considered as 'valid' and considered to be a verbal agreement as soon as Rachel proposed a price and Julius agreed upon it.

One thing to remember, Even though this contract is considered as valid , it would be hard for Julius to held Rachel accountable to court since he has no way to proof that the verbal agreement has been made.

You might be interested in
On January 1, 2012, Coronado Industries purchased for $762000, equipment having a useful life of ten years and an estimated salv
kari74 [83]

Answer:

$45,800

Explanation:

Coronado Industries

Cost of Equipment $762,00

Accumulated Depreciation

( $762,000 - 45,000 ) /10*9 years

=$717,000/10×9 years

=71,700×9 years

=$645,300

Therefore Dec 31,2012 book value of equipment will be:

= $762,000 - $645,300

= $116,700

Equipment sold $162,500

The gain to be recognize will be

= $162,500 - $116,700

= $45,800

1 January ,2012 to 31 December,2020 will give us 9 years

4 0
2 years ago
Read 2 more answers
Suppose the price elasticity of demand is relatively elastic and the price elasticity of supply is relatively inelastic in a spe
Rzqust [24]

Answer:

c. producers

Explanation:

Since it is given in the question that the price elasticity of demand is relatively elastic but the price elastic of supply is relatively inelastic but if the excise tax is imposed on the goods so the greater burden of the tax would be on the producers as the supply is inelastic so the producers could not changed much but if we compare to the consumers, the consumer could change the demand more than before due to the elastic in demand.

So, the correct option is c.  

7 0
3 years ago
What is the best scam ever in Business
mixas84 [53]

Like toys r us it failed because they always had low costs and low profits from their toys.

6 0
3 years ago
Read 2 more answers
Type the correct answer in the box. Spell all words correctly.
notka56 [123]

Answer:

Doubtful

Explanation:

The company will record the uncollectible $5,670 of its accounts receivable as a debit to uncollectible accounts expense and a credit to the DOUBTFUL account.

This is evident in the fact that the bad debt allowance method has three main principles which are:

1. Calculate uncollectible receivables

2. Debit bad debt expense and credit allowance for doubtful accounts in the journal entry

3. Debit allowance for doubtful accounts and credit the corresponding receivables account when it is time to write off the account.

8 0
3 years ago
Computers makes 5 comma 900 units of a circuit​ board, CB76 at a cost of $ 290 each. Variable cost per unit is $ 220 and fixed c
blondinia [14]

Answer:

There is a loss on buying from outside supplier ,Peach's offer should not be accepted.

Explanation:

Variable cost is a cost that varies with number of units produced or sold so it is always a relevant cost while making decision.

Fixed cost remains constant irrespective of number of units so it is a irrelevant cost unless avoidable.So in the given case ,fixed cost $70 is irrelevant since same will be incurred whether purchased or manufactured.

Incremental savings  

Saving in variable cost   220

saving in fixed cost   25

Total saving                   245

less: Incremental cost (270)

Incremental profit /(loss) on buying from outside supplier (25)

Total loss 25*5900= -147500

Therefore, There is a loss on buying from outside supplier ,Peach's offer should not be accepted.

4 0
3 years ago
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