The UCC rule says that a merchant who offers to buy, sell, or lease goods and gives a written and signed assurance on a separate form that the offer will be held open cannot revoke the offer for the time stated or if no time is stated, for a reasonable time is referred to as the <u>Firm Offer Rule.</u>
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<h3><u>A Firm Offer: What Is It?</u></h3>
When goods are sold, a firm offer is deemed to have been made when a guarantee to keep the offer open has been signed and the selling merchant meets the requirements for a merchant under the Uniform Commercial Code. Customers frequently ask for a definite offer so they can be certain of their cost over a predetermined period of time. A lot of retailers also request definite offers from their suppliers. Firm offers have a number of benefits, but there is a chance that things could change and the original offer would no longer be appropriate.
For instance, you might not be able to maintain the price you initially proposed due to rising raw material costs or running out of stock.
Only the time period specified in the offer is valid for firm offers. If the offer does not include a deadline, it will be valid for a maximum of three months.
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The three primary aspects
of a free market could include private ownership of everything for sale,
free-floating forces of supply and demand, and a man secretly in charge of
everything. <span>A free market economy is a type of economic system whereby supply and demand,
with a minimum of involvement on the part of a government drive the forward
movement of the economy.</span>
Answer:
The correct answer is option A.
Explanation:
Liquidity preference theory was given by J.M Keynes. He states that money is demanded by people because it holds certain liquidity.
There are various motives involved for which people prefer liquidity. These motive are precautionary, transactionary and speculative motives respectively.
When the demand for money is more than supply, it means there is excessive demand. This excess demand will lead to increase in the interest level. At higher interest, the quantity of money demanded will fall.
Answer:
Effect on income= $140 decrease
Explanation:
Giving the following formula:
Production costs:
Direct material= 10
Direct labor= 1.2
Variable overhead= $1.5
Selling price= $12
Number of units= 200
<u>Because it is a special offer and there is unused capacity, we will not take into account the fixed costs. </u>
Effect on income= Units sold*unitary contribution margin
Effect on income= 200*(12 - 10 - 1.2 - 1.5)
Effect on income= $140 decrease
