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
Furkat [3]
3 years ago
10

Tom tries to sell his classic car to Victoria for $12,000. Tom tells Victoria, "I paid $12,000 for the car in 1978 and it's wort

h twice that today." Tom really paid $8,000 for the car in 1978. If Victoria buys the car, basing her decision on Tom's statement, which of the following correctly states the situation?
a.Tom's statements amount to puffing only.
b.Tom's statements provide grounds to set the contract aside.
c.Tom's statements are actionable only if intentional.
d.Tom's statements amount to fraud in the execution.
Business
1 answer:
gulaghasi [49]3 years ago
5 0

Answer:

B) Tom's statements provide grounds to set the contract aside.

Explanation:

When we are talking about setting a contract aside, it means that the contract is voidable. A voidable contract is valid until one of the parts decides to void it. In this case, if Victoria decides to purchase Tom's car and later discovers that he lied about the price, she can void the contract and return the car to get her money back.

What Tom is doing is basically lying about the material facts of the product that they are bargaining and it represents a valid reason for voiding the contract.

You might be interested in
How does the stock market work?<br> (I am giving out free brainliest)
elixir [45]

Individual and institutional investors come together on stock exchanges to buy and sell shares in a public venue. Share prices are set by supply and demand as buyers and sellers place orders. Order flow and bid-ask spreads are often maintained by specialists or market makers to ensure an orderly and fair market.

hope it helps...!!!

8 0
2 years ago
Read 2 more answers
Janice really likes potatoes. Potatoes cost $1 per pound, and she has $5.00 that she could possibly spend on potatoes or other i
fiasKO [112]

Answer:

A) Janice will purchase 3 pounds of potatoes since she will buy them until her consumer surplus ≤ 0. The fourth pound of potatoes costs $1, and Janice is willing to pay only $0.30, so her consumer surplus s negative (-$0.70).

Consumer surplus is the difference between the price that a customer is willing and able to pay for a good and the good actual price.

B) If Janice only had $2 to spend, she would buy 2 pounds of potatoes, since her consumer surplus is positive at 2 pounds.

first pound costs $1, and Janice is willing to pay $1.50, consumer surplus = $0.50

second pound costs $1, and Janice is willing to pay $1.14, consumer surplus = $0.14

3 0
3 years ago
Taylor Music Center has 5 CD players on hand at the balance sheet date. Each costs $400. The current replacement cost is $380 pe
babymother [125]

The correct answer is $380 per unit.

The lower-of-cost-or market rule requires that you report the lower value of either the purchase price or current market price of items in inventory. In this case the current market price is lower, so it should be used when calculating the value of inventory.

8 0
3 years ago
On July 1, 2021, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,000,000. The bo
atroni [7]

Answer:

Revenue 2021 = $3,000,000

Revenue 2022 = $0

Explanation:

Given that,

Sold a parcel of land to a construction company = $3,000,000

book value of the land on Apache’s books = $1,200,000

In this case, revenue is identified at a point when the parcel of land is transferred to the construction company.

Therefore, full revenue from the sale of land should be recognized in the year 2021 because the transfer of land occured in 2021 and there will be no revenue reflected in the year 2022.

Revenue 2021 = $3,000,000

Revenue 2022 = $0

4 0
3 years ago
Radner Shipping purchased a truck and a trailer for $90,000. An appraisal has set the fair market values of the truck and the tr
Monica [59]

Answer:

Truck $54,000

Explanation:

Basket purchase price of assets is always pro rated in ratio of their fair values

=90,000*(60,000/100,000

=54,000

Truck=$54,000

Trailer=90,000-54,000=$36,000

3 0
3 years ago
Other questions:
  • Norgaard Corporation makes 8,000 units of part G25 each year. This part is used in one of the company's products. The company's
    12·1 answer
  • You have been offered a job with an unusual bonus structure. as long as you stay with the firm
    15·1 answer
  • In what countries is it important to keep a certain distance from the person you are greeting?
    5·1 answer
  • What commodities are grown for a purpose other than food?
    15·1 answer
  • A ______ map shows what the rocks in an area are and what they are made of
    15·2 answers
  • Accounting for pensions receives more attention in the United States (US) than in other countries. Discuss reasons that would ex
    14·1 answer
  • For each of the following items, identify whether they would most likely be reported in the balance sheet (B) or income statemen
    5·1 answer
  • According to the Keynesian transmission mechanism, a rise in the money supply will __________ the interest rate, causing a _____
    7·1 answer
  • Under the indirect method of preparing the statement of cash flows, how is an increase in accounts receivable handled?
    12·1 answer
  • Chevron identified their desired outputs and then worked backward by examining the supporting processes. They used a holistic ap
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!