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jeka94
3 years ago
10

Kay, an art collector, promised Hammer, an art student, that if Hammer could obtain certain rare artifacts within 2 weeks, Kay w

ould pay for Hammer’s postgraduate education. At considerable effort and expense, Hammer obtained the specified artifacts within the 2-week period. When Hammer requested payment, Kay refused. Kay claimed that there was no consideration for the promise. Hammer would prevail against Kay based on:_______.
A. Unilateral contract.
B. Unjust enrichment.
C. Public policy.
D. Quasi contract.
Business
1 answer:
IRINA_888 [86]3 years ago
5 0

Answer:

Hammer would prevail against Kay based on:_______.

A. Unilateral contract.

Explanation:

A unilateral contract is a contract created by an offer that can only be accepted by performance. To form the contract, the party making the offer (called the “offeror”) makes a promise in exchange for the act of performance by the other party.

in relation to the case in the contract, Hammer had carried out the duties expected of him thus making the contract valid under a unilateral contract.  

since in a unilateral contract, the offer can only be accepted when the other party completely performs the requested action.

Hence  Hammer would prevail against Kay based on Unilateral contract.

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Answer:

The Garden Route

The Cape Town

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Which sentences describe characteristics of a partnership?
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D sounds like the best answer
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During the current year, sales on account were $306,673, collections on account were $290,750, write-offs of bad debts were $7,0
sweet-ann [11.9K]

Answer:

  • 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations.

Accounts Rec T-Account  

$ 306.673 Debit

$ 290.750 Credit

$ 7.059    Credit

$ 8.864    Debit Balance

Allowance for Doubtful Accounts T-Account  

$ 7.059 Debit

$ 4.775 Credit

$ 2.284 Debit Balance

  • 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year.

$ 4.775   Dr Bad Debt Expense

  • 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.

$ 2.284    Dr (Debit) Allowance for Uncollectible Accounts

$ 8.864    Dr (Debit) Accounts Receivable                        

Explanation:

  • Initial Balance

Dr Accounts Receivable  $ 306.673

 

  • Write-offs of bad debts  

Cash $ 290.750

Cr Accounts Receivable  $ 290.750

 

  • Write-offs of bad debts  

Dr Allowance for Uncollectible Accounts $ 7.059

Cr Accounts Receivable  $ 7.059

 

  • Bad debt expense adjustment  

Dr Bad Debt Expense $ 4.775

Cr Allowance for Uncollectible Accounts $ 4.775

 

  • 1-b. Complete the amounts related to Accounts Receivable and  

Bad Debt Expense that would be reported on the INCOME STATEMENT for the current year  

Dr Bad Debt Expense $ 4.775

 

  • 1-c. Complete the amounts related to Accounts Receivable and  

Bad Debt Expense that would be reported on the BALANCE SHEET for the current year.  

Dr Allowance for Uncollectible Accounts $ 2.284

Dr Accounts Receivable  $ 8.864

6 0
3 years ago
Krell Industries has a share price of $ 21.05 today. If Krell is expected to pay a dividend of $ 0.89 this year and its stock pr
V125BC [204]

Answer:

Krell's dividend yield and equity cost of​ capital are 4.23% and 19.95%

Explanation:

Dividend yield = expected dividend/price today

                         = $ 0.89/$ 21.05

                         = 4.23%

Equity cost of capital = (Ending share price - Initial price + Dividend per share) / Initial price * 100

                                   = [($24.36 - $21.05 + 0.89)/$21.05]*100

                                   = 19.95%

Therefore, Krell's dividend yield and equity cost of​ capital are 4.23% and 19.95%

3 0
3 years ago
Ted failed to disaffirm a contract during his minority or within a reasonable time after reaching majority. The contract was aut
Vlada [557]

Answer:

Ratified

Explanation:

6 0
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