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Rudiy27
3 years ago
8

Randolf, a wealthy connoisseur of arts, was invited to an art exhibition. He became very interested in one of the showcased pain

tings and approached the manager to buy the piece. While he was interested in the painting (catalogue number 1201), the art gallery's manager mistakenly assumed he was interested in another piece. When it was the time to complete the transaction, the manager realized that he had instead sold and delivered the wrong painting. He immediately clarified this with Randolf. In this instance, the contract can be canceled by either party for?
a. mutual mistake
b. unilateral mistake and mutual mistake
c. mutual or unilateral mistake
d. mutual mistake and misrepresentation
Business
2 answers:
Citrus2011 [14]3 years ago
7 0

Answer:

The answer is A. Mutual mistake

Explanation:

A contract is an agreement ( whether written or verbal ) between two parties that is legally binding.  

A mutual mistake occur in a contract when both parties to a contract are mistaken about a material fact. It is a situation where the parties to a contract have identical misconception about a material fact in the contract.

In the explanation given in the contract between Randolf and the Art gallery manager, it is obvious that the art painting that is to be bought and sold was not well clarified by both parties, and the art manager acted based on an invalid assumption.

Hence the correct answer to this question is  A. Mutual mistake

umka21 [38]3 years ago
4 0

Answer:

The correct answer is letter "A": mutual mistake.

Explanation:

A mutual mistake is a fault committed by the two parties of a transaction that usually leads them to dissolved the initial contract to sing a new one with the corrections necessary. This is done to keep the good relationship between the buyer and the seller so both can consider each other for future businesses.

In the example, <em>the mutual mistake Randolf and the gallery's manager made was not specifying which piece of art was to be sold.</em>

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In your opinion, what is the most important factor affecting the demand for sports and entertainment commodities?
il63 [147K]

Answer:

Explanation:price of the commodity

price of related goods

income if the consumer

taste and preference

exceptation of change of price

7 0
3 years ago
Toby and Keith are planning to create and jointly own a company that will license their patented technology solely for royalties
Fantom [35]

Answer: Limited liability company

Explanation:

In such a structure the owners and the firm are considered separate. The owners in a LLC could not be held personally liable for the debts and liabilities of their company.

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In the given case, Toby and Keith wants to distribute profit among them and also do not want to raise any outside capital. Also they want limited liability in their organisation.

Hence a Limited liability company is an appropriate choice for them.

3 0
3 years ago
A higher required reserve ratio​ _________ the value of the simple deposit multiplier.
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The answer to this question is decreases
<span>required reserve ratio refers to a certain amount of depositors' money that the banks need to have available on their hand.
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3 0
3 years ago
Primare Corporation has provided the following data concerning last month’s manufacturing operations.
musickatia [10]

Explanation:

                                       Primare Corporation

                                 Cost of Goods Manufactured

Beginning work-in-process inventory                                  $56,000

Manufacturing costs:

Direct materials:                                                  

Beginning inventory                                   $12,000

Purchases                                                    $30,000

Materials available                                      $42,000

Less:  Ending inventory                              -$18,000

Direct materials used                                                             $24,000

Less:Indirect materials included in manufacturing overhead -$5,000

Other manufacturing costs                                                  

Direct labor                                                                     $58,0000

Manufacturing overhead applied to work in process $87,000

Less:  Ending work-in-process                                                  $65,000

Cost of goods manufactured                                                    $155,000

b.                                     Primare Corporation

                                 Cost of Goods Sold

Beginning finished goods inventory                                        $35,000

Add: Cost of goods manufactured                                           $155,000

Finished goods available for sale                                             $190,000

Less:  Ending finished goods inventory                                   -$42,000

Unadjusted cost of goods sold                                                  $148,000

Add: Under applied overhead                                                    $4,000

Cost of goods sold                                                                      $152,000

5 0
3 years ago
Mrs. Tolstoy and her husband, Serge, are planning their dream house. The lot for the house sits high on a hill with a beautiful
sergeinik [125]

Answer:

$299,280

Explanation:

If the Tolstoys purchased the house they would pay on average $120 per sq ft x 2,900 sq ft = $348,000

If Mr. installs the plumbing and Mrs. Tolstoy decorates the house, they can save 10% (plumbing and installing plumbing fixtures) and 4% (interior decorating) = 14% of the cost

So the Tolstoys can save = $348,000 x 14% = $48,720

the cost of the house = $348,000 - $48,720 = $299,280

8 0
3 years ago
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