Answer:
A. A Novation
Explanation:
A novation is contract law or business law term that can represent the following situations:
1. Replacing an already established obligation to perform with another obligation
2. Adding a new obligation to perform to the already established obligation
3. Replacing a party to an agreement who is supposed to perform an obligation with a new party.
Replacing a party to an agreement with a new party
The kind of novation that has occurred in the question is the third type where the obligations of Craig to design a website for Molly has been replaced with the agreement by Eric to take Craig's place and design the website for Molly.
The Novation clause is that: all parties involved in this type of contract must consent to the changes
Answer:
D) $150,000
Explanation:
Insurance proceeds that are not reinvested in replacing damaged property are taxed. Apparently Prime corporation didn't reinvest into replacing the property, so this transaction should be taxed as a property sale. Prime received $400,000 for the building with a $350,000 basis which results in a net gain = $50,000.
The other $100,000 were given as replacement income and therefore should be taxed as such.
So the total taxable amount = $50,000 + $100,000 = $150,000
Answer:<em><u>All of the answer choices are correct.</u></em>
The following is a factor to be considered in determining a limited-life intangible asset's useful life:
(a)Any legal provisions that may limit the useful life.
(b)The expected useful life of any related asset.
(c)The effects of obsolescence.
It necessary to note that while evaluating a limited life intangible asset the following factors are considered. i.e. legal provisions, effects of obsolescence and etc.
<u><em></em></u>
<u><em>Therefore, in this case the correct option is (d)</em></u>
Answer: their domestic consumers are demanding
Explanation:
In Porter's Diamond Strategy, he explains why some nations are more competitive than others. One of the factors mentioned was the DEMAND CONDITIONS.
He posited that home demand has a huge influence on how favourable domestic industries are.
How?
A larger market at home presents companies with challenges as well as more opportunities to grow and become better and more efficient.
Striving to satiate such a demand will enable companies to scale new heights and they will learn more about consumer behavior much quicker. They will then use this knowledge to apply and conquer new markets thanks to being forced to adapt early by their own domestic market.
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