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Vera_Pavlovna [14]
3 years ago
10

Suppose that Jack and Sophia and Hal enter into an agreement for the sale of the business without the non-competition agreement.

Jack states that he would probably sign the non-competition agreement if they included an extra $100,000. A month later, Hal and Sophia bring Jack $100,000. What is the result?A. Jack cannot change his mind, since he stated that he would probably accept $100,000 additional for the non-competition agreement.B. If Jack does not accept the $100,000, he may not sell the frozen food, but only for a reasonable amount of time.C. If Jack does not accept the $100,000, there is a valid contract for the sale of the business, without a non-competition clause.D. If Jack does not accept the $100,000, there is no valid contract for the sale of the business or for the non-competition agreement.
Business
1 answer:
natta225 [31]3 years ago
7 0

Answer:

The answer is: C) If Jack does not accept the $100,000, there is a valid contract for the sale of the business, without a non-competition clause.

Explanation:

Non competition clause (NCC) is a legal contract that binds one party to not work for or start a rival company (in the same trade) that will compete against the other party.

In this case, Jack said he would probably agree to sign a NCC if they paid him $100,000 more, but he never said he would sign for sure the NCC. So Jack can refuse to sign the NCC and reject the extra $100,000. The selling contract would still be valid, it was never stated that if no NCC was signed, then the contract would be dismissed.  

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Sheffield Company reports the following operating results for the month of August: sales $315,000 (units 5,000); variable costs
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Answer:

1. the net income if selling price increased by 10% would be = $59,700

Net income increased by $31,500.

Explanation:

Given,

Sales = $315,000

Variable costs = $216,000

Fixed costs = $70,800

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                                   Sheffield Company

             Income Statement (Contribution Margin Format)

Particulars                                                $

Sales                                                    315,000

Less: Variable expenses                  <u> (216,000)</u>

Contribution Margin                             99,000

Less: Fixed costs                         <u>        (70,800)</u>

Net Income                                          28,200

Since the selling price increased by 10% and no change in variable costs and volume, therefore, we can get -

<em>Sales = $315,000 x (1 + 0.10) = $346,500</em>

In this case, the net income will be as follows:

Sales                          = $346,500

<u>Less: Variable Costs =  (216,000)</u>

Contribution Margin  =   130,500

<u>Less: Fixed Costs      =   (70,800)</u>

Net Income                =   59,700

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Old Tired Professor Mullen, Inc. has $20,000 of ending (EI) finished goods inventory. If beginning (BI) finished goods inventory
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Answer:

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