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
Paladinen [302]
3 years ago
14

Betty, an accountant, agreed to prepare Tim's income tax returns by April 15th, when they were due. Tim then discovered he neede

d the returns by March 1st for his daughter's college financial aid application. Betty agreed to finish the returns by that date if Tim would pay an additional $250 for her services. Tim felt he had no choice and reluctantly agreed. Now her bill has come. Does Tim have to pay it
Business
1 answer:
vovikov84 [41]3 years ago
6 0

Answer: O Tim must pay because the agreement to complete the tax returns earlier than originally agreed is additional consideration supporting the modification of the contract.

Explanation:

When Tim agreed to Betty's stipulation that for her to finish the returns earlier, he would have to pay an extra $250, he in effect agreed to the modification of the contract.

Modified Contracts are also enforceable by law so Tim has to pay the $250. There was no proof that Betty acted wrongfully as she had to change her schedule and needed to be compensated for the inconvenience. Also even if the modification was not in writing, it is a generally accepted rule that for contracts to be modified orally, the amount must not exceed $500 which it did not.

Tim is very much liable to pay.

You might be interested in
At December 31, 2012 and 2011, Miley Corp. had 180,000 shares of common stock and 12,000 shares of 6%, $100 par value cumulative
Nuetrik [128]

Answer:

$2.5 per share

Explanation:

Earning Per share is the amount of earning for the period that allocated to each share. Normally it is calculated using common shares. The earning used in this calculation is purely the earning that is associated with the shareholders of the company. We can have this earning after deducting all the expenses and preferred dividend as well.

Formula:

Earnings per share = Net Income / Numbers of common Shares

Earnings per share = $450,000 / 180,000

Earnings per share = $2.5 per share

7 0
3 years ago
Magic Realm, Inc., has developed a new fantasy board game. The company sold 16,400 games last year at a selling price of $70 per
olga nikolaevna [1]

Answer:

feelsbad

Explanation:

8 0
3 years ago
On October 1, 20X1, a company purchased a piece of land by agreeing to pay the seller $450,000 in two years. If the company had
erma4kov [3.2K]

Answer:

$378,756

Explanation;

The net present value of land will be =$450,000/1.09^2=$378,756

The land will be recorded in net present value of land by discounting the cost of land with interest rate of buying from the bank.

4 0
3 years ago
g On January 2, 2019, Shank Co. issued at par $300,000 of 9% convertible bonds. Each $1,000 bond is convertible into 60 shares.
Softa [21]

Answer:

$1.89.

Explanation:

diluted earnings per share = earnings attributable to common stockholder ÷ weighted average number of common stock holders

                                            = $340,000 ÷ (100,000 + 18,000)

                                            = $1.89

Shank's diluted earnings per share for 2019 would be $1.89.

4 0
2 years ago
Public speaking
Iteru [2.4K]
The answer to your question is B.
8 0
3 years ago
Other questions:
  • In the 2016 presidential campaign, republicans wanted to focus on stagnant wages, while democrats wanted to talk about declining
    10·2 answers
  • When the bicycle manufacturer Trek determined that some consumers use bikes for green transportation whereas others use them for
    8·1 answer
  • Assume that the following balance sheet portrays the state of the banking system. the banks currently have no excess reserves.
    7·1 answer
  • Paradise, Inc., has identified an investment project with the following cash flows. Year Cash Flow 1 $625 2 875 3 1,150 4 1,250
    9·1 answer
  • Incentive Contracts (both Cost & Fixed Price Types) provide a method for adjusting the contractor's profit or fee, and estab
    14·1 answer
  • In a comparative market analysis, the subject property has 2 bedrooms, 2 baths, a 1/2 acre lot and a swimming pool. A $115,000 c
    7·1 answer
  • Q 6.3: Mia received a credit card offer in the mail. The credit card has an annual percentage rate of 26%. What is the approxima
    8·1 answer
  • Suppose the government implements a negative income tax plan to deal with the poverty problem. The negative income tax rate is s
    6·1 answer
  • Suppose when you are 21 years old, you deposit $1,000 into a bank account that pays annual compound interest, and you do not wit
    7·2 answers
  • If 0.90 metric tons (mt) of crude oil cost $288, how much will 0.35 mt of crude oil cost?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!