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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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Nick wants to buy a new car, and is planning to borrow the money for his purchase from a bank. He read in the newspapers that th
Anna [14]

Answer:

True

Explanation:

Economic stimulus refers to change in monetary or fiscal policies by the Federal Reserve with growth as an objective. One of the ways of implementing economic stimulus is lowering of interest rates by the Fed.

Lowering of interest rates by the Fed would have an effect on loans availed by the public. The quantity of loanable funds shall increase which would lead to lowering of interest rates charged by the banks.

In the given case, Nick stands to gain in the sense he can avail car loan at a lower rate of interest than currently offered, if he waits for Fed to implement it's new policies.

Thus, the given statement is true.

5 0
3 years ago
What must be marked on ready-to-eat bags (PHFs):
Whitepunk [10]

Answer:

best before date

Explanation:

4 0
3 years ago
Read 2 more answers
7. How can you use nonverbal communication to express an idea to someone?
Sidana [21]
Ask them questions!! For example when you’re trying to teach someone a math problem don’t give them the answer instead help them figure out the answer.
5 0
2 years ago
Read 2 more answers
Charleston Inc. manufactures 40,000 components per year. The manufacturing cost of the components total $190,000 and are compris
strojnjashka [21]

Answer:

a. None of these

Explanation:

As we can tell from the statement, Charleston Inc. only manufacturates this type of component, so if it stops producing it by buying it to an outside supplier, the factory will close and it will only became a trader of the component.

Given that, we have to compare the total production cost of the components (including fixed overhead) with the cost of buying them to an outside supplier:

Total production cost: $ 190.000

Total cost of outsourced components: $/u 4,25 * 40,000 Units= $ 170.000

So, if the cost decreases  ( 170,000- 190,000= -20,000) in $ 20,000, the profit will increase in $ 20,000 which was not given in the possible choices. That´s why I chose a), but...

If, the factory doesn't close, the fixed overhead costs will still exist, so we only have to compare the variable costs (190,000-30,000= $ 160,000).

Variable original production cost = $160,000 vs Outsourced cost = 170,000 => the cost increase $ 10,000, so the profit decreases $10,000

But it has no sense to maintain a factory when there is no possible production so, that's why I didn't choose option b)

7 0
3 years ago
Merone Corporation applies manufacturing overhead to products on the basis of standard machine-hours. The company bases its pred
Irina18 [472]

Answer:

Fixed Overhead Volume Variance $ 54 Favorable

Explanation:

Fixed Overhead Volume variance is the difference between the budgeted fixed overhead and applied fixed overhead.

Budgeted Fixed Overhead = $7,560

Applied Fixed Overhead = Standard Rate * Standard Hours

Standard Rate for Fixed Overhead = $7,560/2,800 = $ 2.7

Applied Fixed Overhead = $ 2.7*2,820= $ 7614

Fixed Overhead Volume Variance=Budgeted Fixed Overhead-Applied Fixed Overhead

Fixed Overhead Volume Variance= $7,560-$ 7614= $ 54 Favorable

If applied overhead is more than budgeted overhead it is favorable because it indicates that the budgeted overhead is within in the standard range.

8 0
3 years ago
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