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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.

You might be interested in
Project selection helps to ensure that no project affect the status of other
kirza4 [7]

Answer:

<u>projects</u>

Explanation:

Remember, among the 'Project selection' stage is the first stage of the Project Process Stages. This stage typically involves examining each project and then determining which is of utmost importance.

Rather than trying to run every uncompleted project with the limited resources available which may affect the status of other projects, it is better to select the project that is most beneficial and that is feasible to complete within the stipulated deadline.

3 0
3 years ago
Your client has been given a trust fund valued at $1.07 million. He cannot access the money until he turns 65 years old, which i
slega [8]

Answer:

285 Months

Explanation:

n = 30 years  × 12 = 360

percent rate = 5.0 % divided by 12 = 0.417.

Now recalling the statement of time value for money,

We have future value = present value × ( 1 + rate) ∧ n

future value = 1, 070,000  × ( 1 + 0.417 )  ∧ 360

future value = 3.33065667 E 60

At age 65, the value 3.33065667 E 60 will be the  present monthly withdrawal at $28,500.

present value of ordinary annuity, = annuity ( 1 - (1 + r) ∧ -n ÷ r

= 3.33065667 E 60  = 28500 (1 - ( 1 + 0.417) ∧ - n ÷ 0.417

= 3.33065667 E 60 ÷ 28500  = (1 - ( 1 + 0.417) ∧ - n ÷ 0.417

1.168651462 E 56 = (1 - ( 1 + 0.417) ∧ - n ÷ 0.417

we now introduce logs to determine the value of n

Solving further, we discovered that n= 285.

Therefore, the number of months it will last one he start to withdraw the money is 285 month

6 0
3 years ago
David Ortiz Motors has a target capital structure of 40% debt and 60% equity. The yield to maturity on the company's outstanding
Marrrta [24]

Answer:

Cost of equity = 14.43%

Explanation:

Weigheted Average cost of capital is computed using the formula below:

WACC = (Wd×Kd)  + (We×Ke)

           Kd= aftre tax cost of debt= 12%× (1-0.4)= 7.2%

           Wd =Proportion of debt= 40%

           We = proportion of equity = 60%

            Ke= cost of equity.

let the cost of equity be "y"

WACC = 11.54

11.54 = (40%× 7.2%) + (60% × y)

0.1154  = 0.0288 + 0.6y

0.1154 - 0.0288 = 0.6y

y =(0.1154 - 0.0288)/0.6

y = 0.1443 × 100

y =14.43%

Cost of equity = 14.43%

         

8 0
3 years ago
Backstreets Co. recently acquired all of Jungleland Inc.’s net assets in a business acquisition. The cash purchase price was $6.
sveta [45]

Answer:

The goodwill is $1.1 million

Explanation:

In this question, first we have to compute the net asset which is shown below:

Net asset = Total asset - total liabilities

where,

Total asset = Land + building + inventory

                  = $1.7 million + $3.4 million + $2.2 million

                  = $7.3 million

And, the total liabilities = long term note payable = $1.5 million

So, the net asset would equal to

= $7.3 million - $1.5 million

= $5.8 million

Now the goodwill equal to

=  Cash purchase price - net asset

= $6.8 million - $5.8 million

= $1.0 million

7 0
3 years ago
Bruin, Inc., has identified the following two mutually exclusive projects: Year Cash Flow (A) Cash Flow (B) 0 –$ 37,500 –$ 37,50
sp2606 [1]

Answer:

Year             Cash Flow (A)            Cash Flow (B)

0                      -37,500                      -37,500

1                         17,300                         5,700

2                        16,200                       12,900

3                        13,800                       16,300

4                         7,600                       27,500

1) Using an excel spreadsheet and the IRR function:

IRR project A = 20%

IRR project B = 19%

2) Using the IRR decision rule, Bruin should choose project A.

3) In this case, since the length of the projects is only 4 years, then there should be no problem with the IRR decision rule, but for projects with longer time lengths, the discounts rates might vary and the best option is to use the modified internal rate of return (MIRR). But in this case the NPV of project B is higher, then Bruin should probably project B because it has a higher NPV. The NPV is always more important then the IRR.

4) Again using an excel spreadsheet and the NPV function:

NPV project A = $6,331

NPV project B = $8,139

5) first we must subtract cash flows from A by the  cash flows from B:

1      $11,600

2     $3,300

3    -$2,500

4   -$19,900

then we calculate the IRR = 16%

Bruin should be indifferent between the two projects at a 16% discount rate. That means that at discount rates above 16%, you should choose project A, but at discount rates below 16%, you should choose project B

6 0
3 years ago
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