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Lindenwood Marine, Inc. was awarded a contract by the federal government to build flood control dams along the Missouri River. In April 2010, Lindenwood entered into a contract with Noell Engineering, a Missouri engineering company, to construct special turbines to be used in the dam construction. Noell holds itself out to be an expert in water technology and engineering and has supplied turbine for flood control dams throughout the world. Under their contract, Noell was to design, build and supply the turbines for Lindenwood, with a final delivery and installation date of September 2011. Noell supplied the engineering drawings to Lindenwood Marine in August 2010 and promised delivery and installation by the agreed contract date. Under the contract, Noell warranted that the turbines were capable of continuous operation, a feature that was important for the flood control function of the dams. In January 2011, Lindenwood Marine learned through industry publications that certain dams along the Nile River in Egypt and the Danube River in Hungary experienced serious problems with their turbines that that been designed, built and supplied by Noell. In particular, there were reports that the turbines were not able to operate in a continuous manner as was required under Lindenwood's contract with Noell. On January 8, 2011 Lindenwood e-mailed Noell expressing its concern about the turbine failures in Egypt and Hungary and asked Noell for proof that the turbines would meet the specifications for continuous operation as required under the agreement. On February 1, 2011 Noell e-mailed Lindenwood that the turbines would satisfactorily do the job. Lindenwood was not satisfied with Noell's explanation, and in April 2011, Lindenwood told Noell it was cancelling the contract and was purchasing the turbines from one of Noell's competitors. Noell then sued Lindenwood for breach of contract and sought damages. Noell claims that it has incurred substantial expenses in providing the engineering and design for the turbines, purchased materials, and had begun construction of the turbines. Lindenwood says that it was Noell that breached the contract. Discuss the strength of each party's claim for breach of contract, and specifically address in your answer how the legal concepts of performance affect each party's claim.
A company that franchises coffee houses conducted taste tests for a new coffee product. The company prepared four blends and randomly chose individuals to do a taste test and state which of the four blends they liked best. Results of the taste test f..
If you have a rental property that is leased for $1,000 a month for the next 20 years, what could an investor pay for the property if their required rate of return was 11% (assume rent is collected at the end of each month)?
What are some risks of international business that may not exist for local business? What does this chapter reveal about the relationship between an MNC's degree of international business and its risk?
An initial investment of $27,775 followed by a single cash flow of $45,590 in year 6. (Round intermediate calculations to 0 decimal places, e.g. 1,251 and final answer to 2 decimal places, e.g. 15.25%.) IRR _______ %. An initial investment of $833,32..
Give examples of how ratios gleaned from the financial statements can be used as a tool in helping a firm plan for the future. What do these ratios tell an individual analyzing them? What limitations prevent the forecasts from being foolproof?
Which of the following is not necessarily to be estimated for a "optimal replacement life for equipment" decision?
Your bank offers to lend you $230,000 at an 8.5% annual interest rate to start your new business. The terms require you to amortize the loan with 10 equal end-of-year payments. How much of the principal would you be paying back during the 3rd year?
Assume that the demand for chalk is = 8 -0.1, where P is the market price and Q is the total market output measured in thousands of boxes of chalk. Suppose that there are three firms in this industry, each of which has a constant variable cost of $2...
QRM, Inc.'s marginal tax rate is 35%. It can issue 10-year bonds with an annual coupon rate of 7% and a par value of $1,000. After $12 per bond flotation costs, new bonds will net the company $966 in proceeds. Determine the appropriate after-tax cost..
A bond with a coupon rate of 6% makes semi annual coupon payments on January 15 and July 15 of each year. The Wall Street Journal reports the ask price for the bond on January 30 at 100:05. What is the invoice price of the bond? The coupon period has..
Probability distribution of its expected future returns, the greater the risk of a given investment as measured by its standard deviation.
Pierce Furnishings generated $4 million in sales during 2012, and its year-end total assets were $2.6 million. Also, at year-end 2012, current liabilities were $500,000, consisting of $200,000 of notes payable, $200,000 of accounts payable, and $100,..
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