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General Equity Corporation (General) entered into a contract with renowned artist Halla, who agreed to create artwork for General’s main office building. Under the terms of the written agreement, Halla was to complete the creation and installation of the artwork within one year from April 15 - the date the parties signed the agreement. Unfortunately, Halla delayed creating any artwork and missed the one year deadline. Finally, on May 1 Halla informed General that he was refusing to create or install any art for its building and that he would not complete his obligations pursuant to the parties’ agreement. Meanwhile, General placed its main office building on the market, and on May 1 signed an agreement to sell the office building to Ideal Investments, Inc. for $12 million. The closing date for this sale was set for May 30. On May 25, Jewel Funds Company discovered that the building was being sold, and submitted an offer to purchase it for $15 million to General. General accepted the offer from Jewel Funds Company, and on May 29, General contacted Ideal Investments, Inc. and informed it that they were canceling the sale to Ideal Investments, Inc. because they had received a better offer from Jewel Funds Company. General refused Ideal Investment’s request to complete the sale according to the parties’ original agreement. Two lawsuits arose out of this set of facts: 1. General filed a lawsuit against Halla and asked the court to award it the remedy of specific performance; and 2. Ideal filed a lawsuit against General and asked the court to award it the remedy of specific performance. Define the term specific performance, and explain how this remedy typically is used by the courts. Then, discuss and explain how the court is likely to decide in each of these two lawsuits. Discuss your answer in detail.
ABC Waterhouse's free cash flow next year will be $250 million and it is widely expected to grow at a 5 percent annual rate indefinitely. The company's weighted average cost of capital is 11 percent, the market value of its liabilities is $2.5 billio..
In January, 2003, an investor purchased a convertible debenture bond issued by the XLA Corporation. The common stock paid no dividends.
A manufacturing unit has fixed costs of $140,000 per month and variable costs of $4 per unit. Determine the monthly profit if they manufacture and sell 120,000 units per month at $12 each. A manufacturing unit has fixed costs of $170,000 per month an..
At your age (assume 20) you can assume that you will live to be 100. If you graduate at 23 and start to work, you can expect to work for 47 years, until age 70. At that time you will be eligible for full Social Security benefits, which can reasonably..
An investment project requires an outlay of $100,000, and is expected to generate annual cash inflows of $28,000 for the next 5 years. The cost of capital is 12 percent. Determine a net present value for the project.
Filer Manufacturing has 8.1 million shares of common stock outstanding. The current share price is $51, and the book value per share is $4. The company also has two bond issues outstanding. Suppose the company’s stock has a beta of 1.2. The risk-free..
A company has net income of $180, sales of $2,635, net fixed assets of $1,800, and current assets of $675. The company also has inventory of $380. What is the common size percentage of inventory?
Determine the following Amount of safety stock, in units, Average inventory and annual carrying costs and Reorder point.
What is your expected rate of return on this stock?
What is the expected profit of granting credit? Should Cast Iron grant or refuse credit? What is the break-even probability of collection?
Kelly just compiled compiling a listing of her firm's accounts receievable with each invoice segregated according to the length of time the invoice has been outstanding. What is the name given to this listing?
Saché, Inc., expects to sell 1,890 of its designer suits every week. The store is open seven days a week and expects to sell the same number of suits every day. The company has an EOQ of 1,690 suits and a safety stock of 270 suits. How many orders do..
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