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8_murik_8 [283]
2 years ago
9

A man of seemingly modest means died, leaving his nephew as his sole heir. Among the items inherited by the nephew were some old

oil paintings. The nephew knew nothing about art and had no place to put the paintings in his home. He placed an ad in the paper offering to sell the paintings at a price to be mutually agreed upon. A buyer for an art gallery responded to the ad. The buyer did not identify himself as an art gallery buyer or tell the nephew that he was knowledgeable about art. Rather, he concocted a story about wanting the paintings for his country estate. The nephew, for his part, revealed his lack of knowledge about art when he told the buyer that his uncle had probably painted the pieces himself. From the signature and the style, the buyer recognized that the artist was a renowned 19th century American portrait artist. The nephew and the buyer agreed upon a price and executed a contract. However, before the nephew delivered the paintings to the buyer, or the buyer paid him, he sought to rescind the contract. The buyer insisted that the nephew deliver the paintings to him and threatened to sue for breach of contract if he did not. Which argument would give the nephew the best basis for rescinding the contract with the buyer
Business
1 answer:
nignag [31]2 years ago
5 0

Answer:

The response to these questions can be defined as follows:

Explanation:

In the given scenario, the buyer was requested that perhaps the nephew give him the paintings and threatened to sue if they did not. Because the nephew said to the buyer that uncle possibly has painted the nephew's painting are used to give them the best basis to cancel the agreement with both the buyer.

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On January 1, 2017, Crown Company sold property to Leary Company. There was no established exchange price for the property, and
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Answer:

Leary Company

The carrying value of the notes payable at December 31, 2017, after the first payment is made (assuming that the effective-interest method is used) is:

= $320,000

Explanation:

a) Data and Calculations:

0% Note payable = $400,000

Payment period = 5

Annual installmental payments = $80,000

Prevailing rate of interest for similar note = 8%

Schedule

Period PV                 PMT            Interest               FV

1 $-591,650.08 $80,000.00 $-47,332.01 $558,982.09

2 $-558,982.09 $80,000.00 $-44,718.57 $523,700.66

3 $-523,700.66 $80,000.00 $-41,896.05 $485,596.71

4 $-485,596.71 $80,000.00 $-38,847.74 $444,444.44

5 $-444,444.44 $80,000.00 $-35,555.56 $400,000.00

Total                     $400,000.00    $-208,349.93

Carrying value

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Interest expense   -47,332.01

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6 0
3 years ago
At what point should consumers stop researching a product?
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6 0
3 years ago
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Marilyn has a biweekly gross pay of $810 and claims 3 federal withholding allowances. Marilyn has all of the following deduction
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The net pay of Marilyn will increase by $18.15 due to the increase in the federal withholding allowances from 3 to 4.

<h3>The computation of net pay considering various federal withholding allowances</h3>

Given,

Gross pay =$810

3 Federal withholding allowances =$37 (taken from the reference table)

4 Federal withholding allowances =$22 (taken from the reference table)

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First, the state tax rate and the total amount of withholding for 3 Federal withholding allowances are computed:

\begin{aligned}\text{State Tax}&=\text{Claim Amount}\times\text{Federal State Tax Rate}\\&=\$37\times21\%\\&=\$7.77\end{aligned}

\begin{aligned}\text{Total Amount of 3 withholdings}&=\text{Claim Amount}+\text{State Tax}\\&=\$37+\$7.77\\&=\$44.77\end{aligned}

Now, the state tax rate and the total amount of withholding for 4 Federal withholding allowances are computed:

\begin{aligned}\text{State Tax}&=\text{Claim Amount}\times\text{Federal State Tax Rate}\\&=\$22\times21\%\\&=\$4.62\end{aligned}

\begin{aligned}\text{Total Amount of 4 withholdings}&=\text{Claim Amount}+\text{State Tax}\\&=\$22+\$4.62\\&=\$26.62\end{aligned}

The difference in the net pay will be the difference between $44.77 and $26.62, which is $18.15.

Therefore, Marilyn withholding will decrease from $44.77 to $26.62 that is increasing the net pay by $18.15

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brainly.com/question/25828729

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