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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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Timber Mills Corporation and Ur-Choice Lumberyards enter into a contract for a sale of plywood. Under a destination contract, th
Sergeu [11.5K]

Answer:

b. deliver the goods to a particular destination.

Explanation:

Under the delivery contract when there is a contract between the buyers and sellers, the seller is obligated to deliver the good to a particular destination. After delivery to the destination the seller's obligation to the buyer ends.

So the contract between Timber Mills corporation and Ur-Choice Lumber yards, the supplier must deliver the goods to a predetermined location.

8 0
3 years ago
In order to craft effective business messages, beginning writers should follow the writing process closely. The first step in th
lisov135 [29]

Why am I sending this message?

What do I hope to achieve by sending this message?

Explanation:

First and foremost, to define the intent to which the letter is sent prior to writing the business message.

Good writing allows the author to carefully think about the intent of writing, to prepare what he can say, to plan how he can communicate and to consider what the reader needs to know. It also involves reviewing and revising strategies and documents to enhance them.

Editing is an examination of a text to correct any errors. These errors could be as simple as orthography or grammar errors, or as complicated as your written flow and clarity. Many authors find the editing checklist useful when their own work is corrected.

7 0
3 years ago
Two companies share a market, in which they currently make $5,000,000 each. Both need to determine whether they should advertise
snow_tiger [21]

Answer: Please refer to Explanation.

Explanation:

Two Companies. We shall call them A and B.

If A and B decide not to advertise, they both get $5,000,000.

If A advertises and B does not then A captures $3 million from B at a cost of $2 million meaning their payoff would be,

= 5 million - 2 million + 3 million

= $6 million.

A will have $6 million and B will have $2 million as $3 million was captured from them. This scenario holds true if B is the one that advertises and A does not.

If both of them Advertise, they both reduce their gains by $2 million while capturing $3 million from each other so they'll essentially both have just $3 million if they both decide to advertise.

With the above scenarios, it is better for both companies to ADVERTISE if there is NO COLLUSION. This is because it ensures that they do not get the lowest payoff of $2 million if the other company decides to advertise and they do not.

However, if they DO COLLUDE. They must both decide that NONE of them SHOULD ADVERTISE and this would leave them with their original $5 million each which is a higher payoff than the $3 million they will both receive if they were both advertising.

3 0
3 years ago
The required volume of output to produce the motors will not require any incremental fixed overhead. Incremental variable overhe
Ludmilka [50]

Answer: Income will increase by $16 per unit

Explanation:

Your question isn't complete but the completed question was gotten online and would be used in answering the question accordingly.

The effect on income if Derby decides to make the motors will be calculated thus:

In-house:

Direct material = 38

Direct labor = 50

Overhead (Incremental) = 21

Total variable cost = 109

Outside:

Cost of supply = 125

Therefore, the income per unit will increase by (125 - 109) = 16.

3 0
3 years ago
The following information relates to the assets of Westfield Semiconductors as of December 31, 2019. Westfield uses the straight
Salsk061 [2.6K]

Answer:

See the explanation below.

Explanation:

Given the following:

Asset    Acquisition-Cost   Expected-Life    Residual-Value   Time-Used

Land        $104,300                 Infinite               $100,000            10 years

Building     430,000               25 years                30,000             10 years

Machine     285,000                5 years                  10,000              2 years

Patent          80,000                10 years                     0                    3 years

Truck            21,000             100,000 miles           3,000         44,000 miles

Therefore, we have:

Building annual depreciation = ($430,000 - $30,000) / 25 = $16,000

Building net book value (NBV) = $430,000 - (16,000 * 10) = $270,000

Machine annual depreciation = ($285,000 - 10,000) / 10 = $27,500

Machine NBV = $285,000 - ($27,500 * 2) = $230,000

Patent annual amortization = $80,000 / 10 = $8,000

Patent net written down value = $80,000 - ($8,000 * 3) = $56,000

Truck accumulated depreciation = ($21,000 - 3,000) * (44,000 / 100,000) = $7,920

Truck NBV = $21,000 - $7,920 = 13,080

Westfield Semiconductors Balance Sheet (Partial) as of December 31, 2019.

<u>Details                                                             $</u>

Property, plant, and equipment:

Land (Cost)                                                104,300

Building (NBV)                                          270,000

Machine (NBV)                                         230,000

Truck (NBV)                                             <u>    13,080</u>

Total PPM                                                  617,380

Intangible assets:

Patent (NRV)                                              <u> 56,000</u>

Total tangible and intangible assets    <u> 673,380</u>

4 0
3 years ago
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