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zlopas [31]
4 years ago
12

Molly decided to try and save money on her textbooks this semester. Instead of buying new books at the campus bookstore, Molly d

id the following: Molly and Pat signed a written contract that stated that "Pat will furnish the correct used business law book for use in Molly's business law class; and in return on January 15, 2017, Molly promises to pay Pat $50 for the book." Molly took the book and planned to pay Pat. Meanwhile, Pat properly assigned the contract to Jack because she owed him money. When Molly went to the first class session, however, she discovered that the book that she had received from Pat was no longer being used in that class. When Jack asked Molly for payment for the book, Molly refused to pay him. Molly told Jack that the book was useless to her and that she was not paying either him or Pat anything for it. Nor would she give him or Pat the book. Jack told Molly that he had an enforceable assignment in the form of a negotiable instrument and that he could collect regardless of whether the book was useless. Molly said she did not believe him, and ignored his requests for payment. Continuing with her attempt to save money on books, Molly agreed to buy Tim's U.S. history book for $40. She had an oral agreement with Tim that he would give her the book and that she would pay him in three days. This time Molly got the right book. Tim, in writing, properly assigned the right to the $40 payment to Richard. Three days later, Richard asked Molly for the money. Molly admitted she had agreed to pay Tim in three days, but told Richard that she was not going to pay him because he did not have a negotiable instrument. Nor did she pay Tim. Molly also purchased a communications book from Sam and in writing promised by the end of the week to give him a used DVD player she owned as payment. Two weeks have elapsed, and Molly still not given Sam the DVD player, even though he has made repeated requests. Does Jack have a negotiable instrument and can he collect from Molly? Why or why not? How about Richard? And Sam? Discuss and explain in detail the relevant law for each of the three scenarios set forth in this exam question.
Business
1 answer:
Rus_ich [418]4 years ago
7 0

Answer:

Does Jack have a negotiable instrument and can he collect from Molly? Why or why not?

  • Jack does not have a valid negotiable instrument and cannot collect from Molly because the book was not "correct" since it was no longer used in the business law class. Molly should return incorrect book to Pat though. In this contract, neither party performed.  

How about Richard?

  • Tim's oral agreement with Molly is valid since the amount is only $40 and Tim can assign it to Richard, but the assignment must be written. Without a written assignment of the debt, Richard cannot collect any money.

And Sam?

  • Sam does have written agreement that can be legally enforceable. Although the costs and time of enforcing the contract are probably higher than the DVD (consideration).

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David Harbert recently started a business. During the first few days of operation, Mr. Harbert transferred cash from his persona
masya89 [10]

Answer:

5

Explanation:

A reporting entity is any entity in men or organizations that depends on the financial report produced by an organization for an understanding of the financial performances and position for the purpose of decision making. This can be investors and other stakeholders in the business.

In the scenario given , the relative parties that will rely of the financial report are

David Herbert  as the Entrepreneur , Herbert Enterprises which prepare the report ,George , Herbert's brother an investor , First federal bank , a loan provider and City properties.

8 0
3 years ago
. On January 2, 2012, Wine Corporation wishes to issue $3,000,000 (par value) of its 8%, 10-year bonds. The bonds pay interest a
Ksivusya [100]

Answer:

The correct option is B,$2,631,204

Explanation:

The amount Wine corporation would realize from the sale of the bonds is the present value of all cash flows payable by the bond which includes the annual interest payments as well as the principal repayment in 10 years.

amount of interest payment=$3,000,000*8%=$240,000

The $240,000 would be received by investors for 10 years

The principal is the face value of $3000,000 payable in year ten

Present of face value=$3,000,000*0.3855=$1156500

present value of all interest payments=$240,000*6.1446=$1474704

Total present values=$1474704 +1156500 =$2631204

5 0
3 years ago
Imagine you are the marketing manager for a U.S. manufacturer of disposable diapers. Your firm is considering entering the Brazi
Radda [10]

Answer:

1) The firm should not use the same advertisements in the U.S. and Brazil because culture plays an important role in advertising, and the cultures of both countries are very different. Something that is culturally acceptable in the U.S. might no be so in Brazil and viceversa, and advertisements usually make use of cultural references to build rapport with the potential customers.

When determining the local prices in Brazil, management should take advice from local managers but it should still try to determine the final prices only after doing extensive market research.

2) I do not agree. On the contrary, it is likely that we will see a trend toward increasing product customization. This is because more countries are becoming wealthier (for example, China and India), and as a consquence, people now have more disposable income than before, and can be more demanding when it comes to the products they buy.

3) Depending on the country, the job experience for expatriates can be very difficult. Language is probably the most common hardship, if the expatriate does not speak well the language of the host country, then he will likely have a very hard time in the workplace.

Cultural shock, lack of personal relationships, and a general lack of knowledge about how things work can also cause problems.

Companies should train employees before they are sent abroad. They should try to send employees who speak the language of the country if possible, and if not, help them learn a few basics at least. Companies should also instruct their employees about the general culture, geography, laws, and customs present in the country of destination.

5 0
3 years ago
The balance in accounts receivable at the beginning of 2021 was $690. During 2021, $3,200 of credit sales were recorded. If the
jarptica [38.1K]

Answer:

$3,620

Explanation:

Accounts receivable at the beginning + recorded credit sales -accounts receivable written off -ending balance accounts receivable.

Therefore:

$690+$3,200-$100-$170 =$3,620

4 0
3 years ago
25-6. Which of the following is a fundamental distinguishing feature of individual income taxes compared with payroll taxes? a.
AlexFokin [52]

Answer: Individual income taxes are applied to a more narrowly defined set of income sources.

Explanation:

An individual income tax is a tax that is imposed by the governments on the income that is generated by individuals within the state. By law, all taxpayers must file the income tax return yearly to determine their tax obligations.

Payroll tax is the tax paid on the wages and salaries of the employees and they are used to finance social insurance programs, like Social Security and Medicare.

The difference is that the inividual income taxes are more narrowly defined set of income sources. Payroll is one of the sources of income while, the individual income is made up of other sources like rents, and the income from other business.

6 0
3 years ago
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