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Alexandra [31]
3 years ago
14

Jacobs Builders entered into a contract with Kent to build him a home. The agreement stated that Jacobs would use only certain b

rand-name materials. Upon completion of the home, Kent discovered that Jacobs had installed high-quality, but not brand-name, pipes throughout the house. This was an oversight, which even the architect failed to catch. Kent asked Jacobs to replace all the pipes, but this meant destroying all of the floors and walls in the house. Should Kent have to rebuild the house to get paid
Business
1 answer:
Margarita [4]3 years ago
8 0

Answer: He does not because it is an insignificant defect

Explanation:

In the case of Jacob & Youngs, Inc. v. Kent, 230 N.Y. 239 (1921), it was found by the court that if a defect is INSIGNIFICANT, the contract should still be completed because SUBSTANTIAL PERFORMANCE has still been performed by the contracted party.

The court ruled that the Measure of damages is not how much it would cost to rebuild the house, but rather the difference in the materials used.

To put it plainly, The court ruled that even though branded pipes were not used, Jacobs Builders still used high quality pipes that were of the same quality as the branded ones and so it was only an insignificant defect.

Kent is therefore not entitled to the cost of the house in damages but rather the difference in cost between the pipes Jacobs used and the ones he wanted. There was almost no difference so they were no damages and he should not rebuild his house but rather just accept the pipes in good faith and complete the contract.

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The example of Arvind Eye Hospitals in India demonstrates the use of recombinant innovation to:_______
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Answer:

b. Achieve operational excellence in order to reduce costs and thereby pass on the savings to patients

Explanation:

Arvind Eye Hospitals in India demonstrates the use of recombinant innovation. This innovation helps in making healthcare easier and more successful.

The innovation also serves as an operational excellence in order to reduce costs which causes a ripple effect in passing on the savings to the patients in question.

4 0
3 years ago
The quantity of newspapers sold will decline if a. magazine prices rise. b. prices are reduced. c. the printers' union makes wag
FinnZ [79.3K]

Answer:

The quantity of newspapers sold will decline if

d. newsprint becomes more expensive.

Explanation:

The reason for this is the demand curve. The demand curve is the relationship between the price of newspaper and the quantity demanded. As price rises, people would have less capacity and willingness to buy newspaper therefore reducing the quantity sold.

Why not other options:

a. magazine prices rise- magazine is a substitute of newspaper and if price of  magazine rises then people will start buying more newspaper and therefore increasing the sales of newspaper instead of declining.

b. prices are reduced- If the prices are reduced, more and more people will have capacity to buy newspaper thus increasing sales instead of reduction.

c. the printers' union makes wage concessions- If cost of manufacturing newspaper is decreased(union takes low salaries now), selling price will also be lowered. This will result in increase of sales of newspaper rather than reduction

8 0
3 years ago
The following items are taken from the financial statements of Cullumber Company for 2022:
Doss [256]

Answer:

                                          Cullumber Company

                                          Balance Sheet

                                          As at 2022

Explanation:                      Amount in $

Current Assets

Accounts Receivable           12,500

Cash                                      13,000

Prepaid Insurance                  6,600

Supplies                                  4,600

Total Current Assets            36,700

Non-Current Assets

Equipment (225,000-36,900)  188,100

Total Assets                            <u>  </u><u>224,800</u>

Liabilities & Shareholders' Equity

Current Liabilities

Accounts Payable                10,600

Notes Payable                      65,000

Salaries Payable                      3,900

Total Current Liabilities           79,500

Equity

Common Stocks                      97,000

Retained Earnings (25,900+133,000-21,400-13,600-2,600-16,800-33,500-6,700)                                          64,300  

Dividends                                   (16,000)

 Total Equity                              145,300

Total Liabilities & shareholders' equity    <u>224,800</u>  

4 0
4 years ago
Explain how the following event would affect the cost curves A company's primary supplier of resources implements a 3 percent pr
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Answer:

Marginal cost, average variable cost, and average total cost will increase. Average fixed cost will not change.

Explanation:

Marginal Cost is the change in total cost as a result of producing one extra unit of output.

Variable cost is cost that varies with output level. Average variable cost = variable cost / quantity produced

Fixed cost is cost that doesn't vary with the level of output produced. Average fixed cost = Fixed cost / quantity produced.

Total cost is the sum of fixed and variable cost. average total cost is total cost / quantity produced.

If the price of supplies increase, the cost of production increases and average total cost, average variable cost and marginal cost would increase.

Fixed cost would remain the same.

I hope my answer helps you

5 0
3 years ago
Off-balance sheet activities involving guarantees of securities and back-up
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Answer:

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Banks incur in this type of activities because generally they charge fees for them (increase revenue) without affecting measures of indebtedness like debt to equity ratio.

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