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mr Goodwill [35]
2 years ago
12

Hardwoods, a timber supplying company, contracted with a furniture manufacturer, Taylor Furniture. Hardwoods owned a large plot

of land where it grew oak and beech trees. Taylor had contracted with Hardwoods to buy one ton of each type of lumber grown by Hardwoods each month at a discounted price for the next five years. However, during the second year of the contract, and tornado Hardwoods farmland, and demolished its entire supply of wood. Taylor having no other supplier sued Hardwoods for breach of contract. Hardwoods argued that their contract had been legally discharged as soon as the tornado struck because at that point it was impossible for Hardwoods to supply lumber to Taylor. The court ruled in favor of Hardwoods. But what if the facts of the case were different
Business
1 answer:
Sergeeva-Olga [200]2 years ago
7 0

Answer:

the options are missing, so I looked for a similar question:

  1. Instead of a tornado’s striking Hardwoods’ land, the state in which Hardwoods operates passes a law making it illegal for any lumber  companies to cut down trees for the purposes of selling their wood. This environmental measure causes Hardwoods to go out of business.
  2. Instead of demanding Oak and Beech wood grown specifically on Hardwoods’ land, Taylor requests shipments of Oak and Beech wood  from Hardwoods, and specifies in the contract that if Hardwoods cannot supply the wood, then Hardwoods should obtain the requested wood from another lumber supplier.
  3. Instead of a tornado’s striking Hardwoods’ tree farm, a wildfire burns all of Hardwoods’ trees.
  4. After the tornado, Hardwoods and Taylor Furniture agree to a novation, whereby a competing company, Oakempire, assumes the duties of  Hardwoods stated in the original contract.

The answers are:

2. Instead of demanding Oak and Beech wood grown specifically on Hardwoods’ land, Taylor requests shipments of Oak and Beech wood  from Hardwoods, and specifies in the contract that if Hardwoods cannot supply the wood, then Hardwoods should obtain the requested wood from another lumber supplier.

4. After the tornado, Hardwoods and Taylor Furniture agree to a novation, whereby a competing company, Oakempire, assumes the duties of  Hardwoods stated in the original contract.

Explanation:

In common law, a tornado or any other type of natural disaster is considered an Act of God. A company cannot be held liable for such events, and if a contract is breached because of it, there is no legal responsibility (option 3 is another type of Act of God)

Also, if the law or existing regulation changes, and that change makes it impossible for a party to fulfill their obligations, they are not liable for breaching the contract (option 1).

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8 0
2 years ago
What is the purpose of using predetermined overhead rates: Variation in cost assignment due to short-term variations in volume c
Sunny_sXe [5.5K]

Answer:

All of the answers are correct.

Explanation:

At the beginning of the accounting period a pre-determined overhead is computed by dividing the estimated overhead production by the estimated basis of operations. The default overhead rate is then applied to manufacturing, so that the standard cost for a product may be calculated

The purpose of using pretermined overhead rates are

Delays in product costing can be avoided

Variation in cost assignment due to seasonality can be prevented

Variation in cost assignment due to short-term variations in volume can be prevented

The Use of predetermined overhead rates serves all the above purposes

Hence, all answers are correct.

6 0
2 years ago
Larry Ellison starts a company that manufactures high-end custom leather bags. He hires two employees. Each employee only begins
Degger [83]

Answer:

12.55 days

Explanation:

<em><u>Provided information </u></em>

Number of employees 2

Average production time=1.8 days

Standard deviation=2.7 days

Inter-arrival time= 1 day

Coefficient of variation= 1 day

Standard deviation of inter-arrival time= 1 day

The coefficient of variations

<u>Inter-arrival coefficient of variation </u>

C_{vi}=\frac {\sigma}{T} where \sigma is standard deviation of inter-arrival time, T is inter-arrival time and C_v is coefficient of variation of inter-arrival time

C_{vi}=\frac {1 day}{1 day}=1

<u>Production time coefficient of variation </u>

C_{vp}=\frac {2.7}{1.8}=1.5

<u><em>Total utilization time </em></u>

U=\frac {T}{n*T_i} where T is the time of production, n is number of employees, U is utilization, T_i is inter-arrival time

U=\frac {1.8}{2*1}=0.9

Therefore, utilization time by 2 employees is 0.9

<u>Expected average waiting time </u>

T_e=(\frac {T}{n*T_i})*0.5(C_{vi}^{2}+C_{vp}^{2})*(\frac{U^{\sqrt{2(n+1)}-1}}{1-U})

Where T_e is expected average waiting time and the other symbols as already defined

Substituting 1.5 for C_{vp}, 1 for C_{vi}, 0.9 for U, 2 for n, 1 for T_iand 1.8 for T

T_e=(\frac {1.8}{2*1})*0.5(1^{2}+1.5^{2})*(\frac{0.9^{\sqrt{2(2+1)}-1}}{1-0.9})

T_e=0.9*1.625*8.583709=12.55367 days  and rounding off to 2 decimal places we obtain 12.55 days

Therefore, expected duration between order received and beginning of production is approximately 12.55 days

7 0
2 years ago
Under the modern traditional theory, the sovereign may nationalize foreign-owned property only where: a. it is for a public purp
Nana76 [90]

Answer: a. it is for a public purpose.

Explanation:

According to the Modern Traditional theory on compensation which deals with the seizure of foreign-owned property by the government of the nation in which the property is located, the sovereign authorities may nationalize foreign-owned property if it is deemed to be for public use.

If the government has shown that nationalization is for the good of the nation, the theory espouses that it is allowed. They would however have to provide adequate compensation to those whom the property was seized from.

5 0
3 years ago
On June 1, 2022, Crane Company was started with an initial investment in the company of $26,000 cash. Here are the assets, liabi
skelet666 [1.2K]

Answer and Explanation:

For preparing the retained earning statement first we have to determine the net income or net loss which is shown below:

= Service revenue - supplies expense - Maintenance and repairs expense - advertising expense - utilities expense - salaries and wages expense

= $7,800 - $1,100 - $690 - $400 - $210 - $1,500

= $3,900

Now the preparation of the retained earning statement is presented below:

                                        Crane Company

                           Retained Earnings Statement

                                 For the month of June

Beginning balance   $             -

Add: Net income $3,900

Less: Dividends      ($1,521)

Ending balance      $2,379

8 0
2 years ago
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