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Vedmedyk [2.9K]
3 years ago
15

Terrance has just signed a contract with a bank to get a loan to buy a new house. What is TRUE about this contract? A. Both the

bank and Terrance share power of attorney. B. Terrance has participated in a guarantee of gain. C. Both parties now have an obligation to their agreement. D. Terrance is required to submit a verbal agreement.
Business
1 answer:
borishaifa [10]3 years ago
5 0

Answer: C. Both parties now have an obligation to their agreement.

Explanation:

When parties get into a contract, they have a legal obligation to each other to fulfill their part of the agreement or the other party will be able to seek redress in a court of law.

Terrance and the bank are now parties to an agreement to provide Terrence with a loan to buy a house. The bank will have to fulfill this obligation by giving Terrence the loan and Terrence will fulfill his side of the agreement by making payments as stipulated in the loan covenant.

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In an equipment replacement decision, the cost of the old equipment is called Bsunk cost.
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Pls be nice and answer this for me. in the middle of a test. 50 pts!
Roman55 [17]

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c

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Product warranties, effects of environmental problems, and lawsuits are examples of transactions or events that give rise to Contingency.

<h3><u>What is Contingency?</u></h3>
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4 0
2 years ago
As owner of a retail franchise food store, Mary Grey purchases supplies based on specials advertised nationally throughout the f
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Explanation: In the given case, Mary grey is the owner of a retail store hence it is her duty to know all the goods that are offered by her store. However she did not knew the special goods when the customers asked for it.

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3 years ago
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AlekseyPX

Answer:

$161,400

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<u>Cash collection calculation</u>

December cash sales ($160,000*30%) = $48,000  

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November: (180000*70%*30%) =              $37,800

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Total cash collections                                <u>$161,400</u>

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3 years ago
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