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
Galina-37 [17]
3 years ago
13

McNeely entered into a contract with Wagner to pay $250,000 as a lump sum for all timber present in a given area that Wagner wou

ld remove for McNeely. The contract estimated that the volume in the area would be 780,000 board feet. Wagner also had provisions in the contract that made no warranties as to the amount of lumber and that he would keep whatever timber was not harvested if McNeely ended the contract before the harvesting was complete. The $250,000 was to be paid in three advances. McNeely paid two of the three advances but withheld the third payment and ended the contract because he said there was not enough timber. Wagner filed suit for the remaining one-third of the payment. McNeely said Wagner could not have the remaining one-third of the payment as well as the transfer; he had to choose between the two remedies. Is he correct
Business
1 answer:
8090 [49]3 years ago
8 0

Answer:

According to McNeely, Wagner had to choose between seeking the remaining payment ($250,000 x 1/3) or keeping the timber.

This was a real case: "<em>Glen WAGNER and Bonnie Wagner, Respondents, v. Theodore R. McNEELY, Appellant.  (96 CV 0525;  CA A100217) , July 07, 1999</em>"

The Court of Appeals of Oregon ruled that due to usage and customs of the timber industry in Oregon, there was nothing illegal in the plaintiff (Wagner) keeping the timber and seeking the payment. It was a very technical issue regarding two different rules that seem to be contradictory (ORS 72.7090 and ORS 72.7190). The court actually decided not to rule on this issue, so the lower court's decision remained.  

You might be interested in
Which set of changes is definitely predicted to lower real gdp in the short run?
Tatiana [17]
D. foreign real national income falls and wages rates rise. 
3 0
3 years ago
Financial accounting is the process of identifying, measuring, and communicating financial information about an economic entity
Anna007 [38]

Answer:

The correct answer is "financial information; economic entity; user groups; legal, economic political and social environment"

Explanation:

The four major elements of financial accounting​ are:

1. financial information: includes items such as management discussion, analysis, and reports.

2. economic entity: An economic entity is company actions that are separate from its owners and other entities, such as corporations and governmental​ organizations.

3. user groups: request business information of an economic entity.  Investors and financial​ analysts are user groups.

4. legal, economic political and social environment: influences the financial reporting process.

7 0
3 years ago
Brenda conducts brokerage activities and can receive compensation directly from buyers
kykrilka [37]

Answer:

A) Broker

Explanation:

she is a Broker if she recieves compensation directly from either buyers or seller.

moreover, she conducts brokerage activities.

hope it helps .

5 0
3 years ago
If equilibrium is achieved in a competitive market the deadweight loss will equal the sum of consumer surplus and producer surpl
marysya [2.9K]

Answer:

there is no deadweight loss.

Explanation:

In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.

This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.

Generally, a perfectly competitive market is characterized by the following features;

1. Perfect information.

2. No barriers, it is typically free.

3. Equilibrium price and quantity.

4. Many buyers and sellers.

5. Homogeneous products.

Examples of a perfectly competitive market are the Agricultural sector, e-commerce and the foreign exchange market.

Hence, if equilibrium is achieved in a competitive market then, there is no deadweight loss i.e a loss of economic efficiency due to a lack of balance in competing economical influences for goods or services.

4 0
3 years ago
Life on the mississippi: what is twain's first mistake at the wheel?
mrs_skeptik [129]
Twain career is remarkable, he chooses to become a Riverboat Pilot. We are asked what was his fist mistake at the wheel in the "Life on the Mississippi" and the answer is "He started to move away from one boat and moved towards the middle and that is the time that he needs to fight the current".
3 0
3 years ago
Other questions:
  • When auto manufacturer BMW purchased the Rolls-Royce brand name, BMW had to hire and train a new staff of assembly workers. The
    10·1 answer
  • The Harleysville Manufacturing Shop produces motorcycle parts. Typically, 10 pieces out of a job lot of 1,000 parts are spoiled.
    5·1 answer
  • Shaw Company sells goods that cost $300,000 to Ricard Company for $410,000 on January 2, 2017. The sales price includes an insta
    13·1 answer
  • The amount of net income shown on a multi-step income statement will differ from the amount of net income shown on a single-step
    9·1 answer
  • On January 1, ABC started the year with a $400,000 balance in Retained Earnings and a $550,000 balance in Common Stock. During t
    10·1 answer
  • If the required reserve ratio is 20 percent and commercial bankers decide to hold additional excess reserves equal to 5 percent
    10·1 answer
  • Mason and Chenoa orally agree to a contract in which Mason will replace the fixtures in Chenoa’s bathroom. In exchange, Chenoa a
    9·1 answer
  • Mills Corporation's balance sheet included the following information: Accounts Receivable $ 560,000 Less: Allowance for Doubtful
    8·1 answer
  • You can have your cake or chose to eat it
    10·2 answers
  • Name one of the three different levels at which an organization can be diagnosed?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!