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
KiRa [710]
3 years ago
6

Abe Lincoln was scheduled to give a speech that was rumored to be better than his Gettysburg Address. Many citizens were plannin

g on attending this occasion. The local bed and breakfast was renting out rooms at three times the normal rate during the time that Lincoln would be in town for his speech. Paul and Patti Smith rented a room for that amount because they were so excited to hear Lincoln speak. A day before Lincoln's speech, he was assassinated while enjoying the theatre. The bed and breakfast sought payment for the room rental, but the Smiths refused. The bed and breakfast sued for the Smiths for breach of contract. This is an example of
a. discharge by illegaility
b. discharge by destruction of subject matter
c. discharge by commercial impractibility
d. discharge by death
e. discharge by frustration of purpose
Business
1 answer:
Assoli18 [71]3 years ago
5 0

Answer:discharge by frustration of purpose

Explanation:

Discharge by frustration of purpose is a defense concept used in law in order to bring about a breach or termination of a contract.This occurs when unplanned,spontaneous or unforeseen circumstances occurs and thus,it prohibits or prevents the core reason in which the contract was being entered into at the time of the contracts agreement,with both parties fully aware of the core reason which brought about the establishment of the contract.That is to say,the primary objective in which the contract was being created upon has automatically brought about a halt of the secondary reason(which is the contract itself),having in mind that both parties were originally aware of the primary reason for entering the contract.

Here,Paul and Patti Smith rented a room an amount triple it's original price because they were so excited to hear Lincoln speak. A day before Lincoln's speech, he was assassinated.So this disappointment brought about a "discharge by frustration of purpose" by the Smiths,not forgetting that that The bed and breakfast knew it was their original intent,that's why they paid such exorbitant prices for the room rental,although it sued them.

You might be interested in
If you had $1,000 to invest into the following funds, which one would have the highest value (not including any fees) at the end
labwork [276]

Investment = $1,000

Green Fund:

Year 1 = -0.095 * 1000 = - $95

Amount after 1 year = $905

Year 2 = 0.1 * 905 = $90.5

Amount after 2 year = 905 + 90.5 = $995.5

Purple Fund:

Year 1 = 0.1 * 1000 = $100

Amount after 1 year = 1000 + 100 = $1100

Year 2 = -0.095 * 1100 = $104.5

Amount after 2 year = 1100 – 104.5 = $995.5

Yellow fund:

Year 1 = 0.3 * 1000 = $300

Amount after 1 year = 1000 + 300 = $1300

Year 2 = -0.25 * 1300 = $325

Amount after 2 year =1300 – 325 = $975

Orange Fund:

0% return for both the years.

Amount after 2 year = $1000

<span>Thus Orange Fund has the highest value at the end of the second year.</span>

6 0
3 years ago
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $38
gulaghasi [49]

Missing information:

Amount paid to Locust (interest + principal)

Amount paid to NBR bank (interest + principal)

Answer:

Amount paid to Locust

  • interest = $604.11
  • principal = $35,000
  • total = $35,604.11

Amount paid to NBR bank

  • interest = $2,169.86
  • principal = $60,000
  • total = $62,169.86

Explanation:

Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017.

April 20, 2016 Purchased $38,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system.

Dr Merchandise inventory 38,000

    Cr Accounts payable 38,000

May 19, 2016, replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $3,000 in cash.

Dr Accounts payable 38,000

    Cr Cash 3,000

    Cr Notes payable 35,000

August 17, 2016, paid the note to Locust with interest ($35,000 x 7% x 90/365)

Dr Notes payable 35,000

Dr Interest expense 604.11

    Cr Cash 35,604.11

July 8. 2016, borrowed $60,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $60,000.

Dr Cash 60,000

    Cr Notes payable 60,000

November 5, 2016, paid the note to NBR Bank with interest ($60,000 x 11% x 120/365)

Dr Notes payable 60,000

Dr Interest expense 2,169.86

    Cr Cash 62,169.86

4 0
3 years ago
At the end of April, Cavy Company had completed Job 766 and 765. According to the individual job cost sheets the information is
bija089 [108]

Answer:

a)

Job          Direct Materials     Direct Labor     overhead         Total Job cost

Job 765               $6,160           $1,848              $3,366                 $11,374

Job 766               $10,944         $3,456             $9,792                $24,192

b)

For Job 765 = $86.167

For Job 765 = $126

Explanation:

Data provided in the question:

Job                 Direct Materials            Direct Labor          Machine Hours

Job 765               $6,160                         $1,848                      22

Job 766               $10,944                       $3,456                     64

Overhead rate = $153 per hour

Job 765 consisted = 132 units

766 consisted = 192 units

now,

Overhead = Machine Hours × Overhead rate

For Job 765 = 22 × 153

= $3366

For Job 766 = 64 × 153

= $9792

Total job cost i.e  balance on the job cost sheets

= Direct Materials  + Direct Labor + overhead

a)

Job          Direct Materials     Direct Labor     overhead         Total Job cost

Job 765               $6,160           $1,848              $3,366                 $11,374

Job 766               $10,944         $3,456             $9,792                $24,192

b)

Cost per unit = [ Total job cost ] ÷ Total units

For Job 765 = $11,374 ÷ 132

= $86.167

For Job 765 = $24,192 ÷ 192

= $126

8 0
3 years ago
What happens to the price of a good or service when a shortage of that good or service occurs?
Pachacha [2.7K]

Answer:

If shortage of goods and services occurs, obviously, the price will touch the sky, i. e. the price will increase twice or thrice the Real price...

8 0
2 years ago
Prine Company purchased equipment on January ​1, 2018​, for $ 25 comma 000. Suppose Prine Company sold the equipment for $ 3 com
Marat540 [252]

Answer:

a. The company recognizes loss on the sale of the equipment $6,000

b. The entry to record the sale of the equipment:

Debit Cash $3,000

Debit Accumulated depreciation account $16,000

Debit Loss on sale equipment  $6,000

Credit Equipment $25,000

Explanation:

To recognize gain or loss on the sale of the equipment:

First, the company calculates the carrying amount of the asset by using the original cost of the asset, minus all accumulated depreciation and any accumulated impairment charges.

Then, subtract this carrying amount from the sale price of the asset. If the remainder is positive, it is a gain and if the remainder is negative, it is a loss

On December ​31, 2019​, the carrying amount of the asset = $25,000 - $16,000 = $9,000

Sale price - Carrying amount of the asset = $3,000 - $9,000 = -$6,000

=> The company recognizes loss on the sale of the equipment $6,000

b. The entry to record the sale should be made:  

Debit Cash $3,000

Debit Accumulated depreciation account $16,000

Debit Loss on sale equipment  $6,000

Credit Equipment $25,000

4 0
3 years ago
Other questions:
  • In 2018, Maria records self-employed earnings of $135,000. Using the format illustrated in the text, compute Maria's self-employ
    10·1 answer
  • Toshlin issues financial statements on June 30. If payroll was $30,000 through June 30th and wages were to be paid on July 5. Wh
    7·1 answer
  • Current information for the Healey Company follows:
    13·1 answer
  • A property owner must spend $10,000 to pave his driveway. Upon completion of construction, his property value will increase by $
    7·1 answer
  • Neither Subpart C (Prisoners) nor Subpart D (Children) applies to juveniles in the correctional systems because wardens of juven
    8·1 answer
  • The ABC Corporation makes collections on sales according to the following schedule: 25% in month of sale 71% in month following
    5·1 answer
  • Qualitative factors are non-financial in nature but are important for management to consider when making decisions. Reflecting o
    14·1 answer
  • Describe the relationship between an individual consumer's demand and market demand
    7·1 answer
  • Sometimes people are not aware that their personal information is being gathered. This is
    13·1 answer
  • Gerritt wants to buy a car that costs $28,250. The interest rate on his loan is 5.45 percent compounded monthly and the loan is
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!