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Kazeer [188]
3 years ago
5

Riley, age 16, and Samuel, age 36, enter into a contract in which Riley will sell Samuel his car for $11,000. The next day, Samu

el decides he no longer wants the car and tries to get out of the contract. Samuel argues that because Riley is a minor, the contract is void. If Riley wants to enforce the contract, will he be able to?
Business
1 answer:
Olin [163]3 years ago
3 0

Answer: The answer is that Riley cannot enforce the contract because he is a minor.

Explanation:

Contract is an agreement between two or more individuals which is enforceable by the law. For a contract to be considered valid in law it must contain some essential elements such as the following

Offer: This is the person who is making the offer in the contract agreement, known as the offeror

Acceptance : This is the person who is willing to accept the offer, known in this case as the offeree.

Consideration : The law states that, all simple contract must be supported by value consideration known as price.

Intention to create legal relations :The parties in contract must agree to enter into a legal relationship as regard the contract.

Capacity : The law also states that, The parties in contract must be capable of entering into contract at the time of coming into the contract. In other words, the person must be of age of 18 years and above.

Legality : The contract must not contrary to the law , it must be seen to be legal according to the law .

Therefore, in the question under review, Riley is 16 years, by law he is a minor, he has not fulfilled one of the essential elements of a valid contract which is capacity. The law states that, any contract enter into with a minor is null and void according to law.because, as at the time of entering into the contract such a minor is not capable of entering into the contract. Therefore, Riley will not be able to enforce the contract because he is a minor.

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A line of credit can be either a formal or an informal agreement between a borrower and a bank regarding the maximum amount of c
Nata [24]

Answer:

A. True

Explanation:

The line credit is a loan in which the limit is set by the bank. It can be in formal or an informal agreement which is done between the financial institution and borrower.

In this,  the time period is mentioned at which the borrower returned back the money also the borrower paid the interest to the bank it also maintained the financial position of the borrower

Hence, the given statement is true

8 0
3 years ago
which of the following is an example of resourcefulness? A. waiting to take action until you have more resources. B. asking your
Helga [31]
C is the 100% correct answer but D seems a little corect as well.
5 0
3 years ago
To increase productive capacity, a company is considering a proposed new plant. Which of the following statements is CORRECT? a.
Ganezh [65]

Answer:

e. In calculating the project's operating cash flows, the firm should not deduct financing costs such as interest expense, because financing costs are accounted for by discounting at the cost of capital. If interest were deducted when estimating cash flows, this would, in effect, "double count" it.

Explanation:

Weighted average cost of capital (WACC) is a calculation that takes into consideration all cost associated with capital obtained to finance a company.

This also includes cost such as interest expense.

In the given scenario when calculating the project's operating cash flow it is important to exclude such financing costs since they have been considered in the WACC calculation.

It will be a double deduction if it is considered again in operating cash flow calculation.

6 0
3 years ago
Elite Trailer Parks has an operating profit of $200,000. Interest expense for the year was $10,000; preferred dividends paid wer
11Alexandr11 [23.1K]

Answer:

a. Earnings per share = (Operating profit - Interest expense - Tax - Preferred dividends) / Common stock outstanding

Earnings per share = ($200,000 - $10,000 - $61,250 - $18,750) / $20,000

Earnings per share = $110,000 / 20,000 Shares

Earnings per share = $5.5 per share

Common dividends per share = Dividend paid / Common stock outstanding

Common dividends per share = $30,000 / 20,000 Shares

Common dividends per share = $1.50 per share

b. What was the increase in retained earnings for the year?

Increase in retained earnings = $110,000 - Common dividend paid

Increase in retained earnings = $110,000 - $30,000

Increase in retained earnings = $80,000

So,  the increase in retained earnings for the year is $80,000.

3 0
3 years ago
Mcduff's boss told him he needs to be more concise in his report writing. to do this, mcduff should?
kirza4 [7]

Macduff's boss told him he needs to be more concise in his report writing. to do this, MacDuff should delete the <u>verbiage </u>form the report.

<h3>What is verbiage?</h3>

Verbiage simply means words that don't reduce the meaning of the information when they are deleted.

In order words they are needless and hence need to be removed.

Macduff can do this manually or he can do so with the aid of online tools that are programmed to recognize unnecessary words and options for revision.

The importance of being concise is that  it makes the report easier to read, thus improving effectiveness of communication.

Learn more about report writing at;
brainly.com/question/192736
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7 0
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