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Sidana [21]
3 years ago
12

Byron agrees to sell to Charity, for $1,500, a remote parcel of land.They believe the land to be worthless, but beneath it is a

gold mine.A court woulda.cancel the contract due to Byron’s failure to know the land’svalue.b.cancel the contract due to Charity’s failure to know the land’sprice.c.cancel the contract due to the difference between the contractprice and the market price.d.enforce the contract.
Business
1 answer:
DedPeter [7]3 years ago
6 0

Answer:

D) enforce the contract.

Explanation:

Neither party knew about the gold mine before the deal was made, Byron and Charity even thought it was worthless. If Charity by accident, chance or luck discovered the gold mine, then she is entitled to it. Even f Byron wants to cancel the deal, he can't because Charity acted on good faith and the discovery of the gold mine was not something planned or intended.

For example, if I like an antique at a yard sale and I purchase it at $5, and then by chance someone that knows about antiques tells me that it is really expensive, a made a lot of money and the previous owner doesn't have the right to cancel the sale.  

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At December 31, 2020 the following balances existed on the books of Rentro Corporation: Bonds Payable $7,000,000 Discount on Bon
Tomtit [17]

Answer:

Loss on retirement of debt = $1,030,000

Explanation:

the company paid $7,070,000 in order to retire the bonds, and hte journal entry was:

Dr Bonds payable 7,000,000

Dr Loss on retirement of debt 1,030,000

    Cr Cash 7,070,000

    Cr Discount on bonds payable 960,000

Loss on retirement of debt = cash paid - carrying value = $7,070,000 - $6,040,000 = $1,030,000

6 0
3 years ago
To combine a range of cells into one large cell, you should highlight the cells and choose
Fittoniya [83]
1: A-merge
2: B- possible misspelled word
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6 0
3 years ago
A company completes 21,000 units this month and has ending goods in process inventory of 3,000 units which are estimated to be 4
Artyom0805 [142]

Answer: $36,000

Explanation:

First calculate the Equivalent Units of Production;

= 21,000 + (3,000 * 40%)

= 21,000 + 1,200

= 22,200 units

Then find the cost of each units.

= Total production cost/ Equivalent units of production

= 666,000/22,200

= $30 per unit

Then the cost of ending Goods in Process Inventory is:

= Equivalent ending process inventory units * cost per unit

= 1,200 * 30

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6 0
3 years ago
A rice mill in south Louisiana purchases the trucking firm that transports packaged rice to distributors. This is an example of
Schach [20]

Answer:

forward integration

Explanation:

Forward integration -

It refers to a business strategy , where the business is expanded in order to control the direct distribution or supply of the company's product , is referred to as forward integration .

The method helps to expand and flourish the business .

Hence , from the given scenario of the question ,

The correct answer is forward integration .

8 0
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Determine the effect upon equilibrium price and quantity sold if the following changes occur in a particular market:a. Consumers
gtnhenbr [62]

Answer:

Explanation:

a. Consumer’s income increases and the good is normal. Equilibrium price stays same and quantity will rise

b. The price of a substitute good (in consumption) increases. Equilibrium price stays same and quantity sold will rise

c. The price of a substitute good (in production) increases. Equilibrium price stays same and quantity sold will rise

d. The price of a complement good (in consumption) increases. Equilibrium price rises and quantity sold will decline.

e. The price of inputs used to produce the good increases. Equilibrium price rises and quantity sold will decline.

f. Consumers expect that the price of the good will increase in the near future. Equilibrium price rises and quantity sold will also rise.

g. It is widely publicized that consumption of the good is hazardous to health. Equilibrium price declines and quantity sold will also decline.

h. Cost reducing technological change takes place in the industry. Equilibrium price declines and quantity sold will rise.

For each of the pair of events indicated below, perform qualitative analysis to predict the direction of change in either the equilibrium price or equilibrium quantity. Explain why the change is indeterminate.

a. Both a and h conditions occur simultaneously. This will raise the equilibrium since good is now cheaper to produce and consumer has more income to purchase it however effect on price will be dubious.

b. Both d and e conditions occur simultaneously. Equilibrium price rises and quantity will decline.

c. Both d and h conditions occur simultaneously. Dubious effect increase in price of complementary good and reduction in cost due to latest technology will offset each other’s effect and equilibrium will not change if the magnitude of both effects is the same

d. Both f and c conditions occur simultaneously Equilibrium price rises and Equilibrium quantity will also rise.

3 0
3 years ago
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