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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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Daniel is the owner of a footwear manufacturing company. To increase the production of footwear on a weekly basis, he orders his
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Answer:

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3 years ago
Andrew Flint is the CEO of a small, publicly held company based in Idaho Falls, Idaho. Flint earned $76,000 last year as CEO. In
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Answer:

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3 0
3 years ago
In 2021, the Marion Company purchased land containing a mineral mine for $1,150,000. Additional costs of $448,000 were incurred
babymother [125]

Answer:

Marion Company

a1) Depletion of the Mine for two years:

2018: 41,000/310,000 * $1,488,000 = $196,800

2019: 51,000/397,500 * $1,488,000 = $190,913

a2) Depreciation of Mining Facilities:

2018: 41,000/310,000 *$102,300 = $13,530

2019: 51,000/397,500 * $102,300 = $13,125

a3) Depreciation of Mining Equipment

2018: 41,000/310,000 *$46,500 = $6,150

2018: 51,000/397,500 * $46,500 = $5,966

b) Book Values December 31, 2019:

1) Mineral Mine:

Cost = $1,598,000

Accumulated Depletion $387,713 (2018 & 2019)

Book Value = $1,210,287

b2) Structures:

Cost = $102,300

Accumulated Depreciation $26,655 (2018 & 2019)

Book Value = $75,645

b3) Equipment:

Cost = $51,500

Accumulated Depreciation $12,116

Book Value = $39,384

Explanation:

a) Cost of Mine:

Land              $1,150,000

Development $448,000

Less Resale    ($110,000)

Total cost =  $1,488,000

b) Cost of Facilities or Structure:

Building cost = $102,300

c) Cost of Equipment = $51,500 - $5,000 = $46,500

d) Depletion is an accrual accounting technique used to allocate the cost of extracting natural resources.  It is like depreciation and amortization, which lower the cost value of an asset incrementally through periodic charges to income.

e) Depreciation is an accounting method for allocating the cost (the value used up) of a tangible or physical asset over its useful life.

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3 years ago
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