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Valentin [98]
3 years ago
5

1. In the case, the court focused on the language of the contract. In the contract, the Desses agreed to fully disclose all info

rmation about the property. Further, under the terms of the contract, it was agreed that Sirva and "other prospective buyers" could rely on the Desses’ disclosures. Would the Desses have had a stronger case if the contract was silent as to which parties could rely on the Desses’ disclosures?
Business
2 answers:
Reil [10]3 years ago
7 0

Answer:

Yes

Explanation:

The Desses would have had a stronger argument if the contract was silent in this way because it would have been less likely that there was a designated class of third-party beneficiaries under the contract.

Cheers

Ilya [14]3 years ago
6 0

Answer:

Yes, if the agreement between the Desses and Sirva had not included "prospective buyers" then they would have probably not been sued, instead Sirva would have been sued directly. The Kincaids would not have been considered third party beneficiaries of the agreement between the Desses and Sirva.  

Explanation:

This case is about a real estate property sold, where the sellers (Desses) agreed to fully disclose all information about the property to the real estate agent (Sirva) and prospective buyers (Kincaids). After the Kincaids bought the property, they found that it had several undisclosed problems, like rotten windows, mold, dampened walls, etc., which the Desses should have disclosed but didn't.

The Kincaids sued alleging rights as third part beneficiaries since they were considered prospective buyers. In this case, the court ruled that the Kincaids name did not have to appear in the contract between Sirva and the Desses in order to be considered third party beneficiaries since they contracted with Sirva to purchase the house. So the court allowed the Kincaids to sue the Desses directly, and ruled in their favor.

If the agreement between the Desses and Sirva had not included "prospective buyers" then they would have probably not been sued, instead Sirva would have been sued directly.  

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Song earns $100,000 taxable income as an interior designer and is taxed at an average rate of 20 percent (i.e., $20,000 of tax).
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a. If Song earns only $75,000 in taxable income, the government's tax revenues will be $18,750 ($75,000 x 25%) and <u>a. Government's tax revenues would decrease by $1,250.</u>

b. The term that describes this type of reaction to a tax rate increase is <u>d. Income effect.</u>

c. The taxpayers that will likely respond in this manner are <u>b. Taxpayers with more disposable income.</u>

<h3>Data and Calculations:</h3>

Song's taxable income per year = $100,000

Average tax rate = 20%

Tax liability per year = $20,000 ($100,000 x 20%)

<h3>New Tax Regime:</h3>

Tax rate = 25%

New taxable income of Song = $75,000

Tax liability = $18,750 ($75,000 x 25%)

Thus, if the tax rate is increased from 20% to 25% forcing Song to reduce his taxable income to $75,000,  <u>a. Government's tax revenues would decrease by $1,250.</u>

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5 0
2 years ago
Which of the following journal entries is recorded correctly and in the basic format? a. Salaries and Wages Expense 550, Cash 1,
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Answer:

d.  Salaries and Wages Expense 550, Advertising Expense 950, Cash 1,500

Explanation:

Whenever a new entry is posted firstly the accounts which are debited are entered.

Secondly the accounts which are credited are posted.

And, the total of debit and total of credit shall always be same, so that the entry is recorded properly.

As an expense, it reduces income and is always debited.

And as for settling the expenses cash is paid, cash being an asset when reduced will be credited.

Total expenses debited = Salaries and Wages + Advertising Expense = 550 + 950 = 1,500

Therefore, as against it cash paid = $1,500 shall be credited.

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Thus, correct option is d.

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3 years ago
Jenny, a frequent jogger, sees a television ad for sports shoes that features a famous marathon runner. Viewing the ad makes her
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d

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In this scenario it seems that Jenny is being a  persuasive ad viewer and a critical judge of the product. This can be said because she is basing her judgement on the fact that the ad features a famous marathon runner, even though the ad is specifically designed to persuade the viewer to buy the product by using these famous athletes. And just from the athlete she is judging that the product is good and being persuaded into buying it.

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3 years ago
The Baldwin Company currently has the following balances on their balance sheet: Total Liabilities $135,759 Common Stock $52,705
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Answer:

The correct option is the third one,$250,687

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The key to ascertaining is accounting equation which that assets equal capital plus liabilities.

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  *Retained earnings for the year          $62,223

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Total equity and liabilities                     $250,687

Total assets=total equity and liabilities=$250,687

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prior year retained earnings $40,723

net profit is $36,500

dividends is $15,000

*retained earnings for the year=$40,723+$36,500-$15,000=$62223

8 0
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