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inessss [21]
3 years ago
11

On July 1, Stan, a steel manufacturer, telephoned Byron and offered to sell Byron six carloads of steel at $600 a ton. Byron sai

d, "That’s a lot of steel! Would you promise to keep your offer open for 10 days so that I can think about whether I can use that much?" Stan replied, "Sure. I promise to keep the offer open for 10 days." On July 6, Stan sent a letter to Byron that stated, "I hereby revoke my offer of July 1." Byron received this letter on July 7. On July 7, Byron called Stan and said that he was accepting Stan’s offer of July 1. Stan refused to deliver the steel, claiming that he had validly revoked the offer. In an action by Byron against Stan for breach of contract, judgment for whom. Explain?
Business
1 answer:
Viktor [21]3 years ago
7 0

<u>Explanation:</u>

In the given case it is valid contract as there is time, promise, benefit and obligation to do thing. But verbal contracts are difficult to prove. Stan and Byron have a verbal contract which is a promise for 10 days and the contract has exchange of goods for $600. Offer is made by Byron but the acceptance is not yet given by Stan.

Here only the offer is made and it is not yet accepted by Byron. here Stan has revoked the offer through letter so the revoke has been communicated to the other party through letter. So in this case there is no breach of contract as the contract was clearly revoked by Stan through his letter.

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Answer:

Poverty

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6 0
3 years ago
Connor Corp. has large amount of data that they are trying to analyze from the last 15 years. They have an arithmetic sales grow
viva [34]

Answer: sale growth rate = 10.82%

Explanation:

blume's formula = ((t - 1)/(n - 1 )) x arithmetic r + geometric r x (n - t)/(t - 1)

blume formula =  ((5 -1 )/(15 - 1)) x 0.09 + 0.12 x (15- 5)/ (5 - 1)

Blume formula = 10.82%

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3 years ago
Indicate how each of the following would shift the (1) marginal-cost curve, (2) average-variable-cost curve, (3) average-fixed-c
DerKrebs [107]

Answer:

a. A reduction in business property taxes.  Fixed cost.

Marginal cost curve = No change

Average variable cost curve = No change

Average-fixed-cost curve = Shift down

Average-total-cost curve = Shift down

b. An increase in the nominal wages of production workers is a  Variable cost.

Marginal cost curve = Shift up

Average variable cost curve = Shift up

Average-fixed-cost curve = No change

Average-total-cost curve = Shift up

c. A decrease in the price of electricity (Variable cost)

Marginal cost curve = Shift down

Average variable cost curve = Shift down

Average-fixed-cost curve = No change

Average-total-cost curve = Shift down

d. An increase in insurance rates on plant and equipment.  (Fixed cost)

Marginal cost curve = No change

Average variable cost curve = No change

Average-fixed-cost curve = Shift up

Average-total-cost curve = Shift up

e. An increase in transportation costs. (Variable cost)

Marginal cost curve = Shift up

Average variable cost curve = Shift up

Average-fixed-cost curve = No change

Average-total-cost curve = Shift up

Explanation:

6 0
3 years ago
If the absolute price of good X is $10 and the absolute price of good Y is $14, then what is (a) the relative price of good X in
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Answer:

 1X= 5/7Y

1Y= 7/5Y

Explanation:

Relative price of product of X in terms of product Y is the price of product X expressed a fraction of product of Y, that is $10/$14=5/7,and it is expressed in standard terms 1X=5/7Y

The relative price of  product Y in terms of product X is $14/$10=7/5 and also can be expressed in standard format as IY=7/5Y

All in all, product the relative price of product Y seems to be higher than the relative price of product x

8 0
3 years ago
A consumer electronics company was formed to develop cell phones that run on or are recharged by fuel cells. The company purchas
rodikova [14]

Answer:

a) $5, 764,000

b) $1, 959,000

Explanation:

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The taxable income - The company's gross income - The Capital Expenditures - The Depreciation expenses for capital expenditure

= $8,500,000 - $2,280,000 - $456,000

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Part B) This is to determine the Federal Income Taxes for the year

Looking at the income tax distribution tab, we first check where the company falls into

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As such, the Federal Income Tax

= $113,900 + ($5,764,000- $335,000) x 34%

= $113,900 + $1, 845,000

= $1, 959,000

8 0
3 years ago
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