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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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See the explanation for the answer

Explanation:

Year   Inventory at    Price   Inventory at    Change   Dollar value

          end of year    Index    base year      from prior     LIFO

          price                             prices              year          inventory

             $                                  $                      $                  $

2017    83,200          100        83,200              -                 83,200

2018    145,934         131         111,400            28,200        120,142

2019    142,950        150        95,300            (16,100)       99,051

2020    161,696        163        99,200             3,900         105,408

2021     193,200       175        110,400             11,200        125,008

2022    227,698      181         125,800            15,400       152,882

Dollar value LIFO inventory :

December 31, 2017: $ 83,200 x 100 / 100 = $ 83,200

December 31, 2018 : $ 83,200 + $ ( 28,200 x 131/100) = $ 120,142

December 31, 2019 : $ 83,200 + $ ( 28,200 - 16,100 x 131/100) = $ 99,051

December 31, 2020 : $ 99,051 + $ 3,900 x 163/100 = $ 105,408

December 31, 2021 : $ 105,408 + $ 11,200 x 175/100 = $ 125,008

December 31, 2022 : $ 125,008 + $ 15,400 x 181/100 = $ 152,882

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