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Darya [45]
4 years ago
7

A promise to make a gift for a charitable or educational purpose is unenforceable unless and until the institution to which to p

romise was made incurs obligations by relying on the promise. This exception is usually justified on the basis of either _____ or _____.
Business
1 answer:
xz_007 [3.2K]4 years ago
7 0

Answer:

This exception is usually justified on the basis of either promissory estoppel or public policy.

Explanation:

There are many Judicial devices and one of them is the Estoppel. In common law, there are legal systems which allow a court to use this device to prevent a person (corporate or individual) from making pronouncements or from defecting on their promise.

 

With regard to public policy, courts in recent cases have reached conclusions that pledges are legally enforceable regardless of whether or not the recipient of the promise has incurred liabilities based on the pledge, and that, the only way to ensure compliance with requirements of the law, a test of public policy is to ensure the promise is made good.

This thought holds true in Ohio where for example, a pledge has the same weight as a promissory note.

According to precedence established in Pennsylvania, any written promise can be enforced regardless of whether or not the pledger intends to be legally bound.

Cheers!

     

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The Roberts family just received news from Jo-Anne Roberts' employer that she was receiving a prestigious promotion to Corporate
vazorg [7]

Answer:

Of course Jo-Anne Roberts can keep the apartment.

Explanation:

Jo-Anne and the previous owner of the apartment had a valid contract by which Jo-Anne was to pay $3.7 million for the apartment. She has already partially completed her performance on the contract, so the seller must perform his part of the contract.

8 0
3 years ago
What is the best definition of income tax?
Troyanec [42]
Taxes paid by employees to federal and state government. Collected or withheld from one’s paycheck.
5 0
3 years ago
Suppose that the firm pays its workers $46 per day. Each unit of output sells for $12. How many workers should the firm hire
Korolek [52]

Solution :

A firm hires labor till a point where the cost of hiring is equal to the value of the additional revenue it produces.

We know ,

the wage rate = cos of hiring an additional worker

the value of the additional revenue that the firm produces = price x (MPI) marginal product of the labor.

Therefore, the firm will hire when :

Wage = value of the additional revenue it generates

Thus, wage = price  x (MPI) marginal product of the labor ...........(i)

Therefore, given :

wage of a worker = $ 45

Price = $ 12

So, 45 = 12 x MPI

MPI = 3.8

So the marginal product of employing three days of labor = 25-18/4-3 = 7

Marginal product of employing four days of labor = 30-25/4-3 = 5

So the 4th day produces less revenue than the cost that it generates.

So, the firm should hire 3 workers.

8 0
3 years ago
Presented below are various account balances of K.D. Lang Inc.
yulyashka [42]

Answer:

a. Contra Liability and expense account

b. Long-term liability

c. Long-term and current liability

d. current liability

e. Long-term liability

f. Current asset

g. Current liability

h. current liability

i. current liability

Explanation:

Req. A, B and C

<em>A.</em> Contra liability is a credit liability account for that has an explicit debit liability account. In that case, unamortized premium on bonds payable is a liability for which there is a premium, which is a debit liability. $3,000 is an expense, so it is an expense account.

<em>B.</em> Since the current year is 2017 and the maturity date is 2021, it is a long-term liability.

<em>C.</em> As $200,000 will be matured at the end of the year, it is a current liability. $800,000 is a long-term liability.

Req. D, E and F

<em>D.</em> Due to income tax purpose, employees' wages will be withhold for a specific time, it is a current liability.

<em>E(1,2).</em> Since the notes payable will be matured in 2020, it is a long-term liability.  (as operating cycle is more than one year, it is a long-term liability. Whatever assets are used, they are long-term liabilities.

<em>F.</em> Accounts receivable is a current asset account. Therefore, if the balance is credit due to returns, it will not change the account.

Req. G, H and I

G. Since the bonds payable is matured at the end of this period, the entire amount will be current liability.

H. Bank Overdraft is a current liability account whatever the scenario pretends.

I. Since customers paid and goods have not been provided to them, it is a liability for the company. As it is related to products, it is a current liability.

6 0
4 years ago
Samantha’s paper fits her audience and thesis but doesn’t match the purpose. which stage of the fact strategy applies
Alina [70]
The answer to the question above is FIT. The stages of the FACT strategy include fit, add, cut out, and test. In this case, the one that fits Samantha's situation is fit. In the FACT strategy in writing, this is when the topic relates to its audience and thesis, but then, it deviates to what the real purpose of the writing is all about. 
4 0
4 years ago
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