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o-na [289]
3 years ago
9

At age 17, in a state in which the age of majority is 18, Sally purchased a prom dress from Formal Stuff. She wore it to the pro

m and then attempted to return it to the store claiming that she was a minor and that she was entitled to a refund. The dress had clearly been worn and had a purple stain that Sally claimed was from grape juice. Additionally, a few days before she turned 18, Sally purchased a used car from Dings and Dents used cars. She had a deal whereby she paid $100 per month on the car. She drove the car and made payments for fourteen months after she turned 18. Then, she returned the car to Dings and Dents and told them that she wanted all her money back. Dings and Dents claimed the car was a necessity. Sally and her parents claimed that the parents were ready and willing to provide a car to Sally and that she only purchased the car from Dings and Dents because she liked that particular style and color. When purchases of the dress and car were made, the sellers knew that Sally was under the age of 18. In the dispute between Sally and the owner of Dings and Dents, which of the following is true regarding any claim that Sally affirmed the contract?
a. So long as, after reaching the age of majority, Sally did not state orally or in writing that she intended to be bound by the contract, then she did not commit an express ratification.
b. Sally was required to expressly ratify the contract before she could be bound to it.
c. An implied ratification occurs when parents agree to accept the debt entered into by a minor.
d. If Sally caused any damage whatsoever to the car, she was said to have impliedly ratified the contract.
e. Sally was required to expressly ratify the contract before she could be bound to it so long as no damage was done; but if she did any damage to the car, as a matter of law, she is said to have expressly ratified it.
Business
1 answer:
KonstantinChe [14]3 years ago
5 0

Answer:

a. So long as, after reaching the age of majority, Sally did not state orally or in writing that she intended to be bound by the contract, then she did not commit an express ratification.

Explanation:

Express ratification is a direct affirmation from a certain person that can be used to confirm a set of criteria needed to enter a certain contract/agreement.

In the case above, the sellers know that Sally was under the age of 18.

This mean that they're aware that at the time of the purchase, Sally was not legally capable to be binded by a contractual agreement. This mean that Sally can basically void all of the contract made with those sellers.

One exception exist under such circumstances.

Sellers can still make contract with underage people as long as that underage people promise to fulfill their end of the contract by the time they reach legal age.

But in the case above, Sally made none of such promise both orally or in writing. This mean she's not bounded by express ratification that legally require her to fulfill the contract she made when she's underage.

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"?________ the owners of the factors of? production, while? ________ what amounts of those factors to hire."
emmasim [6.3K]
Households are the owners of the factors of productions, while firms determine what amounts of those factors to hire.
7 0
3 years ago
You have just received a windfall from an investment you made in a​ friend's business. He will be paying you at the end of this​
ohaa [14]

Answer:

a. $80,318.70

b. $97,568.57

Explanation:

Here is the full question :

You have just received a windfall from an investment you made in a​ friend's business. She will be paying you $ 15 comma 555 at the end of this​ year, $ 31 comma 110 at the end of next​ year, and $ 46 comma 665 at the end of the year after that​ (three years from​ today). The interest rate is 6.7 % per year. a. What is the present value of your​ windfall? b. What is the future value of your windfall in three years​ (on the date of the last​ payment)?

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

Cash flow in year 1 = $ 15,555

Cash flow in year 2 = $31,110

Cash flow in year 3 =  $ 46,665

I = 6.7%

Present value = $80,318.70

The formula for calculating future value:

FV = P (1 + r)^n

FV = Future value  

P = Present value  

R = interest rate  

N = number of years  

$80,318.70(1.067)^3 = $97,568.57

3 0
3 years ago
Bailand Company purchased a building for $148,000 that had an estimated residual value of $8,000 and an estimated service life o
baherus [9]

The  journal entries relating to the building for the fifth year is: Debit Depreciation expense  $10,500; Credit Accumulated depreciation $10,500.

<h3>Journal entries</h3>

1. Dec 31  

Debit Depreciation expense         $10,500

Credit Accumulated depreciation   $10,500

(To record depreciation expense )

Book value=$148,000-($148,000-$8,000/10×4)]

Book value=$148,000-$56,000

Book value=$92,000

Depreciation=$92,000-$8,000/8

Depreciation=$10,500

2. Dec 31  

Debit Depreciation expense $24,000

Credit Accumulated depreciation $24,000

[($92,000-$8,000)×6/21]

(To record depreciation expense)

3. Dec 31    

Debit Accumulated depreciation $3,200.00

[($8,000×4)/10]

Credit Retained earnings              $3,200.00

(To record prior year adjustment for depreciation expense)

Dec 31  

Debit  Depreciation expense         $10,000.00

Credit Accumulated depreciation             $10,000.00

[($148,000-$8,000)/10]

(To record depreciation expense)

Therefore the  journal entries relating to the building for the fifth year is: Debit Depreciation expense $10,500; Credit Accumulated depreciation   $10,500.

The complete question is:

Bailand Company purchased a building for $148,000 that had an estimated residual value of $8,000 and an estimated service life of 10 years. Bailand purchased the building 4 years ago and has used straight-line depreciation. At the beginning of the fifth year (before it records depreciation expense for the year), the following independent situations occur:

1. Bailand estimates that the asset has 8 years’ life remaining (for a total of 12 years).

2. Bailand changes to the sum-of-the-years’-digits method.

3. Bailand discovers that the estimated residual value has been ignored in the computation of depreciation expense.

Required: For each of the independent situations, prepare all the journal entries relating to the building for the fifth year. Ignore income taxes.

Learn more about Journal entries here:brainly.com/question/17201601

#SPJ1

5 0
2 years ago
When Kira graduated with a degree in computer science, she started her software company. On her first day of operations, she pos
kobusy [5.1K]

Answer:

Her expectation that all her employees would adhere to the laws applicable to the business

Explanation:

By adhering to the laws applicable to her business, and expecting that her employees would follow suit, helped to protect the business from the liability related to breaching laws. Moreover, operating within the legal requirements serves as the first step towards operating as an ethical firm.  

7 0
3 years ago
Mega-Big Corp. has a small strategic business unit (SBU) that produces a component vital to the manufacturers of automobiles and
galina1969 [7]

Answer:

Cash cow

Explanation:

Boston consulting group (BCG) Matrix: It is a framework created for the strategic position of the business and its potential. It classifies business units into four categories of a cash cow, Stars, question mark and Dogs on the matrix of the growth rate of industry and relative market share. This matrix is also known as the growth-share matrix.  

In the BCG matrix, If business unit lies in the category of a Cash cow, then it is considered as market leader as it generates more income and company are able to get a good return out of investment in this business unit. In the matrix, the Business unit have high market share, however, it has less growth prospect.  

In the given case, Mega-Big Corp has been manufacturing components of automobiles and has been extremely profitable for 18 years, therefore, Mega-Big Corp. is most likely considered a cash cow.

6 0
3 years ago
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