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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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Comet Company is owned equally by Pat and his sister Pam, each of whom hold 100 shares in the company. Comet redeems 50 of Pam's
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Answer:

Total E&P = $ 160000

Total voting Right Sold = 50/ (100+100) = 25%

Reduction of E& P due to exchange = Total E&P*Total voting Right Sold

Reduction of E& P due to exchange = 160000*25%

Reduction of E& P due to exchange = 40000

Reduction of E& P Lower of Total E&P*Total voting Right Sold or Amount realised

Reduction of E& P Lower of 40000 or (50*1000)

Reduction of E& P Lower of 40000 or 50000

Answer

A reduction of $40,000 in E&P because of the exchange.

7 0
3 years ago
Sean McGowan renewed his membership at Bargain Barn. Shortly after renewing the card, Sean started receiving calls from collecti
34kurt

Answer:

Identity theft

Explanation:

Identity theft is when a person steals another person's information like name and credit card information and uses it to commit a crime. For example, a person can use someone else's name and social security number to get a loan. According to this, Sean experienced identity theft because someone stole his information and got a credit card under his name.

8 0
3 years ago
Clickable text or images that take you to different sites on the World Wide Web are called
pashok25 [27]

Answer:hyperlinks

Explanation:

3 0
2 years ago
The following are common categories on a classified balance sheet. a) Current assets b) Long-term investments c) Plant assets d)
noname [10]

Answer:

Land not currently used in operations - Long-term investments

Notes payable (due in five years) - Long-term liabilities

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8 0
3 years ago
On September 1 of the current year, Scots Company experienced a flood that destroyed the company's entire inventory. Because the
dangina [55]

Answer:

$82,580

Explanation:

We can calculate the estimated amount of inventory destroyed in the flood by deducting the cost of goods sold by the cost of goods available for sale.

DATA

Beginning Inventory  = $215,950  

Inventory purchased  = $192,730

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Calculation

Inventory destroyed  Iestimated) =    Cost of Goods available for sale - Cost of Goods Sold

Inventory destroyed  Iestimated) =  $408,680  - $326,100

Inventory destroyed  Iestimated) = $82,580

Working

Cost of Goods available for sale  = Beginning Inventory + Inventory purchased

Cost of Goods available for sale = $215,950   + $192,730

  Cost of Goods available for sale = $408,680

Cost of Goods Sold  = Sales  - Gross Profits

Cost of Goods Sold = $543,500  - ($543400 x 40%)

Cost of Goods Sold = $ 326,100

4 0
3 years ago
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