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Black_prince [1.1K]
3 years ago
6

Lexi buys a food processor and uses it without any problems. She loans the processor to Jill, and Jill is injured when a part fl

ies off the machine. If the former rule of privity of contract were in place, which of the following would be true?
Business
1 answer:
Damm [24]3 years ago
7 0

Answer:

Jill cannot hold the manufacturer responsible for her injury.

Explanation:

The above question is incomplete as there are several answer options which are listed below;

• Jill can hold the manufacturer liable for her injury as long as Lexi was in the room when she got

• Jill can hold the manufacturer liable for her injury

• Jill cannot hold the manufacturer responsible for her injury

• Lexi can hold the manufacturer liable for Jill's injury.

The above answer - Jill cannot hold the manufacturer responsible for her injury, is true according to the rule of privity of contract. The rule states that a person who is not a party to a contract does not have right to sue or be sued and to enforce the obligations arising from the contract, unlike a person who is a party to the contract.

With regards to the above scenario, Lexi, who buys a food processor is the party to the contract here, hence can sue and be sued in case of any injury suffered by her, however, Jill whom food processor was loaned to, is the third party here, hence not covered by the rule of privity of contract.

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demand and marginal revenue curves are downward-sloping for monopolistically competitive firms because
Brrunno [24]

Demand and marginal revenue curves are downward-sloping for monopolistically competition firms because: a. product differentiation allows each firm some degree of monopoly power.

<h3>What is product differentiation?</h3>

Product differentiation  can be defined as what makes a product to different from another product which is why some producer tend to include a unique features in their so as to make their product distinct from that of others.

A monopolistic competitive firms can tend to  face a downward - sloping demand curve based on the fact that it help to differentiate their product from that of others competitors.

Therefore the correct option is A.

Learn more about Product differentiation here: brainly.com/question/8107956

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The complete question is:

Demand and marginal revenue curves are downward-sloping for monopolistically competition firms because...

a)product differentiation allows each firm some degree of monopoly power

b)there are a few large firms in the industry and they each act as a monopolist

c)mutual interdependence among all firms in the industry leads to collusion

d)each firm has to take the market price as given

6 0
1 year ago
In 2017, Orear Manufacturing signed a contract with a supplier to purchase raw materials in 2018 for $700,000. Before the Decemb
MArishka [77]

Answer:

d) as a current liability

Explanation:

Current Liabilities are those liabilities which are payable within one years time e.g trade payable, tax payable etc.

The credit against the purchase of inventory is classified as the trade payable and it is paid in a short time, so it will be reported on the balance sheet in current liability section.

5 0
3 years ago
According to Nobel economist Frederich von Hayek, law that secures __________ rights in modern society is a prerequisite to priv
katrin [286]

The rights which Nobel economist Friedrich von Hayek, law that secures and was a prerequisite to private enterprise is

  • Property Rights

<h3>What is Property Rights?</h3>

This refers to the inalienable rights which a property owner has as to how he chooses to rent, lease, let or sell his property or live there.

With this in mind, we can see that the main thing which Friedrich von Hayek believed was a prerequisite to private enterprise was property rights.

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6 0
2 years ago
6. What does Rose argue should be the last part of a presentation to the VC? Why?
Lubov Fominskaja [6]

Rose argued that the last part of a presentation to the VC should be " a wrap-up that leads to the final pitch."

David S. Rose is a prominent angel investor famous for being the founder and Chairman Emeritus of New York Angels.

In one of his entrepreneurship discourses, Rose claimed that the last part of a presentation to the VC should be the overall presentation in a short form that would comprise the main points of the all-around presentation.

Rose concluded that these key points should be the reason to convince a Venture Capitalist to invest in the business.

Hence, in this case, it is concluded that the last part of a presentation is crucial to convince a Venture Capitalist.

Learn more here: brainly.com/question/23471689

6 0
3 years ago
The entry to record the receipt of payment within the discount period on a sale of $1500 with terms of 2/9, n/30 will include a:
nikdorinn [45]

Answer:

B) credit to Accounts Receivable for $1500.

Explanation:

The journal entry to record the given transaction is as follows

Cash $1,470

Sales discounts $30          ($1,500 × 2%)

        To Account receivable $1,500

(Being the receipts of payment is recorded)

While recording this transaction we debited the cash as it increased the assets plus the sales discount is also debited and at the same time we credited the account receivable as it decreased the asset

4 0
3 years ago
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