Did you enter into a contract in this scenario

Assignment Help Accounting Basics
Reference no: EM132543553

Question - You are in the train station waiting for your train to arrive. You see a vending machine from where you can buy snacks and chips for $3.50. Posted on the machine is a sign saying: "Property of XYZ Vend solutions Pty Ltd". You insert the coins required into the machine and out comes a packet of chips. However, when you open the packet of chips, you find bits of plastic inside and you don't want to eat the chips. You want your money back.

Required - With reference to the essential elements for the formation of a contract, explain:

a) Did you enter into a contract in this scenario?

b) If your answer is yes, with whom did you enter a contract?

Reference no: EM132543553

Questions Cloud

Find what the net cash flow from operating activities : Find The net cash flow from operating activities using the indirect method is?What net cash flow from operating activities using the indirect method is
What is their interest expense on the bond each year : If the bond's coupon rate is 7%, and they use straight-line amortization methods for all intangibles, what is their interest expense on the bond each year
What will the bond sell for when issued : A firm issues a zero-coupon bond with a face value of $1,000,000 and a term of 10 years. If the market interest rate is 6%, what will the bond sell
What amount reported as net cash inflow from operating : How to Make the operating activities section of the statement of cash flows, what amount will be reported as net cash inflow from operating activities for 2019?
Did you enter into a contract in this scenario : You see a vending machine from where you can buy snacks and chips for $3.50. Did you enter into a contract in this scenario
What amount should camil company report as cash : On its December 31, 2018 statement of financial position, what amount should Camil Company report as cash and cash equivalents?
Prepare the cost of goods manufactured schedule : Finished goods 10,000 12,000 Costs incurred: raw materials purchases $62,500, direct labor $51,000, Prepare the cost of goods manufactured schedule
Ethical implications of social media in healthcare : Develop a 5-6 slide PowerPoint presentation that covers the ethical implications of social media in healthcare.
Make an e-r model for the data described : Make the normalization to 3NF. State for every step in the normalization, which functional dependency that causes it

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd