1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ololo11 [35]
2 years ago
8

Lisa and Bob, potential business associates, met at a bar and grill regarding a new business venture they had been planning. Lis

a brought a typed of copy of a contract, listing specific responsibilities and financial commitments that would be a part of the business venture. They both discussed the business venture under a nice meal. Since Lisa does not drink alcohol, she did not order any alcoholic beverages. Bob does and started off with a few drinks and throughout the night, increased them quite a bit to the point that he was so intoxicated he realized the smart thing to do was not do drive. He left his car at the restaurant and had Uber take him home. Bob also signed the contract that Lisa brought.
Required:
a. Is this a valid contract that can be enforced why or why not?
b. How about if Bob signed the contract before his drinks arrived?
c. What about if Bob was a minor and sober and signed the contract? Is the contract valid?
Business
1 answer:
geniusboy [140]2 years ago
3 0

Answer & Explanation:

a).  The contract between Lisa and Bob is valid and enforceable as a valid contract is an agreement between parties lacking no element. The contract was very detailed and well discussed regardless of Bob drinking it is still enforceable unless Bob can proof that the intoxication impaired his judgement and made him incompetent to sign the contract thereby making it void.

b).  The contract will be valid if Bob signed it before the drinks arrived as the document was complete and his signature show acceptance of the terms of the contract.

c). A minor can not enter into a contract as they may lack the capacity to enter into a valid contract. As such, if Bob was a minor regardless of him being sober any contract signed by him can be completely voidable.

You might be interested in
Peters, Chong, and Aaron are dissolving their partnership. Their partnership agreement allocates each partner an equal share of
il63 [147K]

Answer and Explanation:

The journal entry is shown below:

Peter ($174,000 - ($66,000 ÷ 2)) $141,000

Chong ($162,000 - ($66,000 ÷ 2)) $129,000

        To Cash $270,000

(Being the distribution should be recorded)

For this the capital accounts are debited as it reduced the stockholder equity and credited the cash as it also decreased the assets

4 0
3 years ago
In economics, what is logrolling?
nadezda [96]
In economics, Logrolling is a trading of favors. Usually this is done in legislative members in which they trades to get the favor of the other members.
For example:
I am running for a certain position, In order to get the highest vote, I will talk to the other members to vote me in exchange to their favors.
5 0
3 years ago
Choose all that apply.
Dima020 [189]

1.tracking your spending 2.avoiding impulse purchases 3.using credit cards infrequently

4 0
3 years ago
Read 2 more answers
On June 1, year 2, Oak Corp. granted stock options to certain key employees as additional compensation. The options were for 1,0
Dimas [21]

Answer:

Since the options were granted at an exercise price of $15 when the market value of the shares was $20, total compensation under the intrinsic method would be $5 per share on 1,000 shares or $5,000. Since the options are exercisable on 1/2/X2, the $5,000 in compensation would all be recognized n 20X1.

Explanation:

3 0
3 years ago
What law created the federal reserve system?
S_A_V [24]
Federal reserve act D
4 0
3 years ago
Other questions:
  • Lavender Furniture established itself in 1965 as a small firm. It was situated on a small stretch of land located miles away fro
    14·1 answer
  • Dane is a stockholder in smallworld, inc., a c corporation that manufactures amusement park rides. the company recently lost a m
    14·1 answer
  • A sequence of values of some variable or composite of variables taken at successive, uninterrupted time periods is called a
    6·1 answer
  • The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard
    9·1 answer
  • Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturin
    5·1 answer
  • Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2016. Company manag
    11·1 answer
  • The Phillips family has a joint gross monthly income of $11,300. The $499 lease payment for their car expires in four months. A
    5·1 answer
  • A list of sources that is used for in-text citations that usually appears at the end of the document is called
    13·1 answer
  • The Jackson-Timberlake Wardrobe Co. just paid a dividend of $1.52 per share on its stock. The dividends are expected to grow at
    11·1 answer
  • Nowlin Pipe & Steel has projected sales of 9,800 pipes this year, an ordering cost of $6 per order, and carrying costs of $1
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!