1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
maria [59]
3 years ago
15

For consideration, Hazel orally promises to pay Jill $750 a month, on the first day of every month, for as long as Jill lives. H

azel makes the payments regularly for the first seven months and then makes no further payments. Jill claims that Hazel has breached the oral contract and sues Hazel for damages. Hazel contends that the contract is unenforceable because, under the Statute of Frauds, contracts that cannot be performed within one year must be in writing. Discuss whether Hazel will succeed in this defense.
Business
1 answer:
Aliun [14]3 years ago
6 0

Answer:

Hazel will have to pay Jill $750 for his remaining life because Hazel had received something which is very expensive in return in compensation of his lifetime monthly payments of $750 to Jill. So this means that the 100% contract is enforceable.

The contract formation can be proved in the court because when Hazel will say that the contract is not written so according to Statute of Fraud he is not liable to pay Jill. This means he is agreeing at the point that the contract was in place.

You might be interested in
Coleman Luggage has liabilities of $870,000 that the company must pay back by the end of the month. It currently has a cash bala
Troyanec [42]

Answer:

The answer is low

Explanation:

Liquidity or Solvency is the ability of a business to pay its debt(both in short term and long term).

In the question, Coleman Luggage has a liability of 879,000 and the total current assets(which can be used to offset the liability) are cash balance of $175,000 + inventories of $220,000 + Other short-term assets of $85,000 = $480,000.

To know its solvency (net working capital) = Asset - liability

$480,000-870,000

= -$390,000.

Coleman Luggage has a low solvency because his asset cannot cover all his liabilities. His asset is less than his liabilities

4 0
2 years ago
On January 1, 2018, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash
Elena-2011 [213]

Answer:

8. Adjusting for Rent    

Rent Expense  575  

Prepaid Rent            575

9. Adjusting for suppliers    

Supplies Expense 4,100  

Supplies                           4,100

10. Adjusting for Unearned Revenue    

Unearned Revenue; 3425  

Service Revenue           3425

11. Adjusting for salaries payable    

Salaries Expense     5590  

Salaries Payable           5590

12. Closing Revenue accounts    

Service Revenue   29225  

Income Summary            29225

13. Closing expense accounts  

Income Summary    18665  

Salaries expense       17390

Supplies Expense       700

Rent Expense        575

Explanation:

8. Rent per month is $575. Since the month ended, the advance payment was expired. Therefore, prepaid rent for the first month becomes credit, and rent expense is debit. Prepaid rent is an advance payment paid to the owner for using the store temporarily. Generally, rent has to be paid at the beginning of the month. Therefore, whenever the month ends, the advance payment becomes an expense for a company.

9. Supplies Expense calculations for the month of January:

Beginning supplies      = $3,400

Add: Purchase              <u>= $3,800</u>

Total supplies at hand  = $7,200

Less: Ending supplies   <u>= $3,100</u>

Total Supplies expense= $4,100

10. Unearned and service revenue calculation:

Unearned Revenue for the month of January            = $4,000

Service provided by the company during the month = $3,425

Unearned Revenue at the end of the month               = $   575

Since the company provided services for which they took advance payment, the unearned revenue (a liability account), reduced. Therefore, unearned revenue is reversed to debit.

11. Salaries expense is an expense, therefore, it is a debit. Salaries payable is a liability, therefore, it is a credit entry. Salaries payable arises due to unpaid salaries for the employees. As there are no calculations regarding salaries expense, the amount of $5,590 is the debit for expenses (Salaries), and credit for liabilities (Salaries payable).

12. To close the revenue account, the account must be reversed. Closing entry is generally given for revenue and expense accounts. Therefore, all the revenues must be debit to income summary's credit to close the accounts. Total service revenues:

3. Provided service to the customer = $25,800

10. (ADD): Service provided to the customer who paid in advance = $ 3,425

Total: $(25,800 + 3,425) = 29,225.

13. Since the expense accounts deduct from income, therefore, income summary needs to be debit, and expense accounts need to be a credit to close the account. Therefore, all the expense accounts (Rent, salary, and supplies expenses) must be a credit to close them. Adding all the items, we can get the income summary balance.

6 0
3 years ago
(look at the graph)
stealth61 [152]

Answer:

a) if the terms of trade are 4 chips for 1 pretzel, would trade be advantageous for Luxland? explain.

Yes, it is advantageous for Luxland. On its own, Luxland can only produce 1 chip for 1 pretzel, but with trade, 1 pretzel would now be equivalent to 4 chips, representing a net gain of 3 chips.

​​b) if the terms of trade are 4 chips for 1 pretzel, would trade be advantageous for Leanderland? explain.

No, trade would not be advantageous. We can see than domestically, Leanderland can produce 2 pretzels for every chip, because the graph shows that 4 chips are equivalent to 8 pretzels for this nation.

For trade to be advantageous, Leanderland should obtain at least 9 pretzels for the 4 chips.

3 0
3 years ago
Barney, a manager, is very conventional, resistant to change, habitual, and does not accept new ideas very easily.This implies t
inna [77]

Answer:

A

Explanation:

7 0
2 years ago
An agent that represents a cluster of manufacturers, e-tailers, and content providers organized around a life event or major ass
MrRissso [65]

Answer:

correct answer is Metamediary

Explanation:

solution  

answer is  Metamediary because Metamediary is a person or a business that helps to the consumer for obtaining the goods and service by the supplier within the metamarket  

and it also offers you to service like as advice of business and financing and provide content to the organized in any asset  

so here the correct answer is Metamediary

6 0
3 years ago
Other questions:
  • Perpetuities are also called annuities with an extended or unlimited life. Based on your understanding of perpetuities, answer t
    9·2 answers
  • An operating agreement for a limited liability company must follow a particular framework and include certain specific provision
    12·1 answer
  • 33). You put half of your money in a stock portfolio that has an expected return of 14% and a standard deviation of 24%. You put
    12·1 answer
  • McKeel Publishing had outstanding checks totaling $5,540 on its June bank reconciliation. In July, McKeel issued checks totaling
    12·1 answer
  • 1
    9·2 answers
  • Capital refers to a person's assets<br> True or False
    5·1 answer
  • A big-picture view refers to the blueprint of a corporate facility. <br> True or False
    7·1 answer
  • How are the costs of secured and unsecured loans different?
    11·1 answer
  • One of your associates continues to make the same mistake when stocking shelves you have provided him with this feedback multipl
    12·1 answer
  • the sale of shares not owned by the investor but borrowed through a broker and later purchased to replace the loan is called a
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!