1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Darya [45]
3 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]3 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!

     

You might be interested in
Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of
Artyom0805 [142]

Answer:

Etter capital                           $83,000

Lonnie Davis capital                                   $83,000

Explanation:

Data provided in the question:

Capital balance of  Myles Etter = $249,000

Capital balance of  Crystal Santori = $105,000

Amount of interest sold by the Etter to Lonnie Davis = one-third

Sales price = $70,000

Now,

Required entry will be as follows

Etter capital                           $83,000

Lonnie Davis capital                                   $83,000

Here,

the cash will be directly received by the Etter not by the partnership

Hence,

It will have not effect on the entry.

6 0
3 years ago
The increasing involvement of salespeople in _____________________ is one major reason why the average cost of a sales call has
Otrada [13]
It would be because of Non selling activities
8 0
3 years ago
Aggie Fitness began business in College Station, TX on June 1, 2018. At that time, the company collected $6,000 in advance payme
REY [17]

Answer:

b. $2,500, $3,500

Explanation:

Amount collected in advance will be recognized as a liability until the revenue is earned. Entries are posted between the cash account and deferred revenue account on collection of cash.

Given that he company collected $6,000 in advance payments from customers for 12-month gym memberships on June 1, 2018.

Debit Cash account $6,000

Credit Unearned revenue $6,000

After 7 months ( between 1 June and 31 December 2018),

Revenue earned = 7/12 × $6,000 = $3,500

On December 31, 2018,

Debit Unearned revenue          $3,500

Credit Membership  Revenue   $3,500

Balance in unearned revenue accounts = $6,000 - $3,500 = $2,500

Balance in Membership revenue = $3,500

3 0
3 years ago
Mariano Manufacturing can issue a 25-year, 8.8% annual payment bond at par. Its investment bankers also stated that the company
aivan3 [116]

Answer: 10.13%

Explanation:

The after-tax return on the preferred shares would be:

= After-tax return + Premium required

= (8.8% * (1 - 25%)) + 1%

= 7.6%

For the preferred stock to be issued at par with the above after tax return:

= After tax return / ( 1 - tax)

= 7.6% ( 1 - 25%)

= 10.13%

4 0
3 years ago
At Haddon, Inc., the office workers are employed for a 40-hour workweek and are paid on either an annual, monthly, or hourly bas
levacccp [35]

Answer:

Employee        Salary          Hrs. Worked        Cumulative Taxable

                                                                         Wages as of Last Pay Period

King, M.      $135,200 (year)     40                  $132,600.00

Manera, E.     $6,500 (month)  40                  $76,500.00

Tate, S.          $3,900 (month)  48                  $45,900.00

Yee, L.            $12.50 (hour)     44.5               $27,675.13

Diaz, R.           $12.50 (hour)     48                  $14,778.96

Zagst, J.          $14.50 (hour)     52                  $24,703.02

(a) regular earnings,  

King, M. $135,200 / 52 weeks = $2,600    

Manera, E. $1,500 weekly salary    

Tate, S. $900      

Yee, L. $12.50 x 40 = $500        

Diaz, R. $12.50 x 40 = $500        

Zagst, J. $14.50 x 40 = $580

(b) overtime earnings,

King, M. $0    

Manera, E. $0  

Tate, S. [($900 / 40) x 8 x 1.5] = $270      

Yee, L. $12.50 x 4.5 x 1.5 = $84.38        

Diaz, R. $12.50 x 8 x 1.5 = $150                  

Zagst, J. $14.50 x 12 x 1.5 = $261

(c) total regular and overtime earnings,

King, M. $2,600    

Manera, E. $1,500  

Tate, S. $1,170      

Yee, L. $584.38        

Diaz, R. $650                  

Zagst, J. $841

(d) FICA taxable wages (the FICA taxes limit for 2020 is $137,700, so everyone will be taxed)

King, M. $2,600    

Manera, E. $1,500  

Tate, S. $1,170      

Yee, L. $584.38        

Diaz, R. $650                  

Zagst, J. $841

(e) FICA taxes to be withheld

King, M. $2,600 x 7.65% = $198.90    

Manera, E. $1,500 x 7.65% = $114.75      

Tate, S. $1,170 x 7.65% = $89.51          

Yee, L. $584.38 x 7.65% = $44.71            

Diaz, R. $650 x 7.65% = $49.73                      

Zagst, J. $841 x 7.65% = $64.34    

(f) net pay for the week ended

King, M. $2,600 - $198.90 = $2,401.10    

Manera, E. $1,500 - $114.75 = $1,385.25      

Tate, S. $1,170 - $89.51 = $1,080.49          

Yee, L. $584.38 - $44.71 = $539.67            

Diaz, R. $650 - $49.73 = $600.27                      

Zagst, J. $841 - $64.34 = $776.66    

3 0
3 years ago
Other questions:
  • 1. What common business mistake can cost you everything?
    13·2 answers
  • Codes that are too detailed encourage employees to substitute rules for judgment.
    11·1 answer
  • The federal reserve can increase the money supply by buying bonds. true or false?
    10·2 answers
  • You have an investment that in today's dollars returns 12% of your investment in year 1, 18% in year 2, 11% in year 3, and the r
    14·1 answer
  • Consider three bonds with 6.8% coupon rates, all making annual coupon payments and all selling at a face value of $1,000. The sh
    10·1 answer
  • Which of the following is not always a result of unethical behavior? a. loss of profits b. loss of goodwill c. loss of trust d.
    14·1 answer
  • Drag the tiles to the correct boxes to complete the pairs.
    12·1 answer
  • Carol maintains an office in her home where she conducts a dressmaking business. During the year she collects $4,000 from sales,
    15·1 answer
  • Scientific knowledge is ______(a)________ and subject to change based on new______(b)_______ or discoveries
    8·1 answer
  • if the firm depiced in figure 5 behaves like a perfectly competitive firm, it will chose the output level of
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!