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Alborosie
3 years ago
6

Upon graduation from high school, a young man wanted to enroll in a nine-month program at a community college to study to be an

electrician, but he could not afford tuition and the costs of being unemployed for that time period. His uncle told him that if he enrolled and participated in the program, he would pay his tuition and living expenses for the time involved, and that he would also pay him a $1,000 bonus for each "A" he earned as a final grade in a class. The young man told his uncle that he would enroll in the program. The next day, the young man's grandfather called and told him that he had learned of the uncle's offer and that if the uncle failed to pay the young man as promised, he (the grandfather) would. The young man attended the program and earned "As" as final grades in three classes. Shortly thereafter, the uncle died, and the executor of the uncle's estate refused to pay the young man the bonus for each of the three "As."
The young man will not be successful in trying to enforce his grandfather's promise because:

A. The contract was illusory
B. The contract was oral.
C. There was no consideration flowing to the grandfather.
D. The fact that the young man received nine months' worth of free education and living expenses was sufficient compensation for his efforts in earning the three "As."
Business
1 answer:
Stolb23 [73]3 years ago
7 0

Answer:

<em>B. The contract was oral. </em>

Explanation:

The young graduate will most likely not succeed in attempting to enforce the promise made by his grandpa since the promise has not been in writing, as mandated by the Frauds Statute.

In particular, agreements do not have to be binding in writing; though, by the Frauds Statute, other agreements would not be binding unless they have been demonstrated by a document signed by the party to be indicted.

Another such arrangement is to pay another's debt, like the grandpa's promise to pay the uncle's debt here if he fails to pay.

<em>Hence, the Option B is right.</em>

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2 years ago
Lakeside Inc. produces a product that currently sells for $57.60 per unit. Current production costs per unit include direct mate
Sidana [21]

Answer:

It is convenient to make the changes.

Explanation:

Giving the following information:

Selling price= $57.60 per unit.

Direct materials= $22

Direct labor= $24

Variable overhead= $11.00

Fixed overhead= $11.00.

New costs:

Direct material cost= 22*1.2= $26.4

Direct labor cost= 24*1.2= $28.8

<u>I suppose that the selling price will increase by $40.</u>

To determine whether the changes increase profit or not, we need to calculate the unitary contribution margin per unit for both options:

Contribution margin= selling price - unitary variable cost

Actual Contribution margin:

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New contribution margin:

Contribution margin= 97.60 - (26.4 - 28.8 - 11)= $31.4

5 0
3 years ago
What is the most important thing that a venture capitalist is looking for in a company to invest in? discuss your response.
Simora [160]

Simply said, management is by far the most crucial aspect for astute investors. VCs invest mostly in the management team's capacity to carry out the company plan. You need a solid understanding of your market, a tested business plan, and a well-thought-out strategy for approaching venture investors if you want to distinguish out from other businesses.

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8 0
11 months ago
Thomas purchased 200 shares of stock A for ​$23 a share and sold them more than a year later for $ 19 per share. Be purchased 60
Delicious77 [7]

Answer:

Capital gain tax = $1,540.

Explanation:

As per the data given in the question,

For stocks of A  

Profit = (selling price - purchasing price) × units

= ($19 - $23) × 200

= -$800

For stocks of B  

Profit = ($57-$41) × 600

= $9,600

Total profit = profit for stock A + profit for stock B  

= -$800 + $9,600

= $8,800

Therefore, capital gain for both year = $8,800

Tax rate = 35%

Capital gain tax = Capital gain × Tax rate

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=$3,080

As share holds for more than a year,

So, Capital gain tax = $3,080 ÷ 2 = $1,540.

5 0
2 years ago
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