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ASHA 777 [7]
3 years ago
8

Mike, a minor, buys some real estate as an investment. The contract obligates Mike to make monthly installment payments for 10 y

ears. Mike reaches the age of majority one month after making the contract. After this, Mike makes 25 monthly payments under the contract, but then decides that he wants to rescind the deal. Which of the following is most true?A. Mike can dis-affirm.B. Mike cannot dis-affirm because contracts for the sale of land can only be dis-affirmed before the age of majority.C. Mike cannot dis-affirm because contracts for the sale of land must be dis-affirmed within one year of the age of majority.D. Mike cannot dis-affirm because he has already ratified the contract.
Business
1 answer:
yawa3891 [41]3 years ago
5 0

Answer: d. mike cannot disaffirm because he has already ratified the contract

Explanation:

When signing deals it's important to consider long term, this helps to make the best decision in any and most scenario. Most deals signed too cannot be reversed or change or adjusted because it'll affect the policy of the organization and won't be health for them. Mike has agreed to buy a property through a spread payment plan, changing the deal now after some years will not be possible as it distorts the plan intially agreed and goes against the policy of the organization selling the home.

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A firm has fixed assets of $28,000, long-term debt of $12,000, current liabilities of $4,000, current assets of $5,000 and equit
SVEN [57.7K]

Answer:

$33,000

Explanation:

assets = liabilities + stockholders' equity

assets include current assets + non current or fixed assets = $5,000 + $28,000 = $33,000

liabilities and stockholders' equity include current liabilities + long term liabilities + equity = $4,000 + $12,000 + $17,000 = $33,000

both sides of the accounting equation must always be equal, that is meant by balance.

8 0
4 years ago
If Rob and Lori purchased a home for $250,000 with an additional $4,000 in related purchase costs and then added a swimming pool
slamgirl [31]

Answer:

$289,000

Explanation:

The computation of the adjusting basis in case of sale of the home is shown below:

= Purchase value of home + additional purchase cost + cost of swimming pool + new air conditioning system

= $250,000 + $4,000 + $30,000 + $5,000

= $289,000

In case of sale of the home, we consider all the costs which are given in the question as it related to the sale of the home

7 0
3 years ago
Elsem Foods Inc. is a company that manufactures packaged food. It sells several varieties of packaged food such as chips, cupcak
valentina_108 [34]

Answer:

Orange juice, apple juice, cranberry juice, and lychee juice are all product items of Elsem Foods.

Explanation:

A product item is a specific type or variety of product that is different than other products that a company sells.

In this case orange, apple, cranberry and lychee juices are all product items which are part of the tropical fruit juices product line of Elsem Foods.

Elsem's product mix would include chips, cupcakes, candies, crackers, fruit juices, and carbonated drinks (all the product lines that Elsem sells).

5 0
3 years ago
The brake pedal is low and spongy ; all brake adjustments have been completed according to specifications.the cause of the probl
Aleksandr-060686 [28]
The problem could most likely be a weak hydraulic brake hose.
A weak hydraulic brake hose could cause a spongy pedal. As the pressure builds in the system, the hose may expand and not relay  the pressure to the brake units.
6 0
3 years ago
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The compan
miss Akunina [59]

Answer:

Check the explanation

Explanation:

Particulars                                                      Amt

Opening Cash                                               51907

Add: Cash Received (13400+4500)            17900

Less: Payment to supplier                            5500

Less: Operating Expenses Paid                   48950

Closing Cash Balance                                  15357

8 0
3 years ago
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