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masha68 [24]
3 years ago
5

Sam, the owner of a toy store, dies unexpectedly at the age of 56. His lifelong business associate, Paul, is appointed the admin

istrator of the estate. Sam had a personal debt of $8,000 which he owed to Art's Appliance Store. Paul says to Art, "If there isn't enough money in the estate, I'll personally see that the bill is paid." Which of the following is correct?
a. The oral statement is enforceable because Paul is the administrator.
b. An oral statement such as this is not enforceable because it is outside the Statute of Frauds.
c. An oral statement such as this is not enforceable because it is within the Statute of Frauds.
d. The oral statement is enforceable because it is a collateral promise.
Business
1 answer:
Nostrana [21]3 years ago
3 0

Answer:

b. An oral statement such as this is not enforceable because it is outside the Statute of Frauds.

Explanation:

The statute of frauds (SOF) is a legal concept that requires certain types of contracts to be executed in writing. Among others, these typically include those for the sale of land, of any goods over $500 in value, and contracts of a year or more in length.

The contracts that must adhere to the statutes of fraud are Collateral contracts in which a person promises to answer for the debt or duty of another, or guaranty contracts are required to be written. Prenuptial agreements and promises made in consideration of marriage must adhere to the statute of frauds.

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In the long run, when marginal cost is above average total cost, the average total cost curve exhibits
serg [7]
The answer is B



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6 0
3 years ago
A company issues a ten-year bond at par with a coupon rate of 6.5% paid semi-annually. The YTM at the beginning of the third yea
Montano1993 [528]

Answer:

$880.31

Explanation:

For computing the new price of the bond we need to apply the present value formula i.e to be shown in the attachment

Given that,  

Assuming Future value = $1,000

Rate of interest = 8.6%  ÷ 2 = 4.3%

NPER = 8 years  × 2 =

PMT = $1,000 × 6.5% ÷ 2  = $32.5

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after applying the above formula, the present value is $880.31

5 0
3 years ago
Based on this graph, why are there upper and lower limits for the $?
REY [17]

This graph is indicating a fixed exchange rate that prevents the foreign exchange rate from moving outside of the upper and lower limits.

Answer: Option D.

<u>Explanation:</u>

A fixed exchange rate, now and again called a pegged exchange rate, is a kind of swapping scale system in which a cash's worth is fixed or pegged by a money related authority against the estimation of another money, a container of different monetary forms, or another proportion of significant worth, for example, gold.

In this case, the exchange rate is fixed because the limits are fixed in this case.

8 0
3 years ago
National income accountants can avoid multiple counting by.
denis-greek [22]

Answer:only counting final goods

Explanation:

3 0
2 years ago
Rebel Technology maintains its records using cash-basis accounting. During the year, the company received cash from customers, $
Elden [556K]

Answer:

The cash-basis net income and accrual-basis net income for the year is $19,500 and $22,800 respectively.

Explanation:

The computation is shown below:

1. Net income under cash basis:

= Received cash from customers - paid cash for salaries

= $43,000 - $23,500

= $19,500

2. Net income under accrual basis:

= Cash received - salary paid

where,

Cash received = Cash owed at the end of the year + cash received - cash owed at the beginning of the year

= $6,600 + $43,000 - $1,000

= $48,600

And, the salary paid = salary owed at the end of the year + salary paid - salary owed at the beginning of the year

= $5,600 + $23,500 - $3,300

= $25,800

Now put these values to the above formula  

So, the value would equal to

= $48,600 - $25,800

= $22,800

3 0
3 years ago
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