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svlad2 [7]
3 years ago
5

AN IMPLIED CONTRACT CAN BEST BE DEFINED AS: WILL NOT BE RECOGNIZED AS ENFORCEABLE BY THE COURTS A TRUE FORM OF A FORMAL CONTRACT

THE INTENTIONS OF THE PARTIES ARE INFERRED FROM THEIR CONDUCT BY THE COURT AS WELL AS THE CIRCUMSTANCES OF THE CONTRACT WHICH EXISTS IN THE EYES OF THE LAW, EVEN THOUGH THE PARTIES HAVE NOT IN ANY WAY INTENDED TO FORM THE CONTRACT
Business
1 answer:
hoa [83]3 years ago
8 0

Answer: the intentions of the parties is inferred from their conduct by the court as well as the circumstances of the contract

Explanation:

An implied contract is referred to as an agreement that's legally-binding which was created due to the actions, or circumstances of the parties that were involved.

In an implied contract, the parties typically possess no written contract, but an obligation is created by the law based on the conduct of the parties involved.

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2 years ago
arter Company sells merchandise on account for $4,000 to Hannah Company with credit terms of 2/10, n/30. Hannah Company returns
timama [110]

Answer:

The answers are:

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  • Dr $3,332 Cash
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Explanation:

The credit terms of 2/10, n/30 means that if Hannah Company pays within ten days, they will get a 2% discount, or they have thirty days to pay the full receipt.

Hannah's check should be for:

($4,000 - $600) x 0.98% = $3,400 x 0.98% = $3,332  

Arter Company should record the following entries:

Cr Accounts receivable $4,000

Dr $3,332 Cash

Dr $68 Sales discount

Dr $600 returned merchandise (damaged)

6 0
3 years ago
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A. True

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