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stiv31 [10]
3 years ago
12

Ben hired Lewis to drive his car in a race. Tuan, a friend of Lewis, promised to pay Lewis $3,000 if he won the race. Lewis won

the race, but Tuan refused to pay the $3,000. Tuan contended that no legally binding contract had been formed because he had received no consideration from Lewis for his promise to pay the $3,000. Lewis sued Tuan for breach of contract, arguing that winning the race was the consideration given in exchange for Tuan’s promise to pay the $3,000. What rule of law discussed in this chapter supports Tuan’s claim? Explain.
Business
1 answer:
qaws [65]3 years ago
8 0

Answer:

Consideration contract.

Explanation:

Consideration is basically the fact that Lewis never offered something in consideration to Tuan for his offer to pay the $3,000, this means that both parties need to have a benefit from the agreement and both should have a detriment, if only one party has a benefit that is considered a gift, and the law can´t force someone to gift something. This is why Tuan claim is correct and he isn´t forced to pay the $3,000 to Lewis.

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Company A uses the FIFO method to account for inventory and Company B uses the LIFO method. The two companies are exactly alike
ANEK [815]

Quick ratio is 1.47.

Company A uses the FIFO method to account for inventory and Company B uses the LIFO method. The quick ratio is an indicator of a company’s short-term liquidity position and measures a company’s ability to meet its short-term obligations with its most liquid assets.

Gross Profit 72000 67000

Operating expenses and interest expense 56000 53000,

Pretax Income 2200014000

Income Tax 3000 4000

Net Income 14000 10000

Balance sheet Year? Year

cash 4000 7000

Accounts Receive ab 114000 18000

Taventory 40000 34000,

Property & Equipment 45000 36000

Total Assets 302000 97000

Current Liabilities ‘i6000 4.7000

Long term Liabilities 5000 45000

Common stock 30000 30000

Retained Earnings 1120005000

Total Liabilities & Stock holders equity 10300037000,

L. Current Ratio = Current Assets / Current Liabilities

Year? Year

Current Ratio 36347

2.Quick Ratio

‘Current Assets - Inventory / Current Liabilities

Year? Year

Quick Ratio is 1.47

2.Profit Margin = Net profit /Sales

Year? Year

Profit Margin 737% 5.99%

Learn more about quick Ratio here

brainly.com/question/25894261

#SPJ4

4 0
2 years ago
What is the oldest retailer still operating in the u.S.?
Tom [10]

Answer:

Brook brothers is the oldest that is still doing business today

First store was open in 1818

3 0
3 years ago
A___ warranty promises replacement or refund for defective products.
alukav5142 [94]

Answer:

A written warranty promises replacement or refund for defective products.

5 0
3 years ago
A company has two products: standard and deluxe. The company expects to produce 36,375 standard units and 62,240 deluxe units. I
Scrat [10]

Answer:

  1. A1 = $12 A2 = $9.20 A3 = $1.50
  2. Total Overhead for Standart Product              $267.16
  3. Total Overhead for Deluxe Product              $163.48

Explanation:

First we will Calculate the rates:

This is done by adding the two product activity use to get the total cost driver.

Then we divide by the activity cost to get the rate:

\left[\begin{array}{cccc}activity&cost&driver&rate\\1&93,000&7,750&12\\2&92,000&10,000&9,2\\3&8,700&5,800&1,5\\\end{array}\right]

Next we check the overhead per unit:

units/ activity use x rate = overhead for activity

<em>Standart Product Manufacturing Overhead</em>

36,375units /2,500 Use Activity 1   x $12    =  $174.60

36,375units /4,500 Use Activity 2 x $9.20 =   $74.37

36,375units /3,000 Use Activity 3  x $1.50=      $18.19

Total Overhead for Standart Product              $267.16

<em>Deluxe Product Manufacturing Overhead</em>

62,240units /5,250 Use Activity 1   x $12    =   $83,14  

62,240units /5,500 Use Activity 2 x $9.20 =   $60,85

62,240units /2,800 Use Activity 3  x $1.50=      $19,49

Total Overhead for Deluxe Product              $163.48

 

 

7 0
3 years ago
Stereotyping in the workforce has led to
Bingel [31]
Pay discrepancies i believe
7 0
3 years ago
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