User Account

All Pages

Will the buyer succeed in recovering the excess

Assignment Help Financial Accounting
Reference no: EM131175749

BUSINESS AND CORPORATIONS LAW

Assignment Instructions: Answer ALL questions.

QUESTION 1 -

Consider the following situations and indicate whether consideration is present and whether Jack has an enforceable agreement:

a) Jane is going overseas and she offers to give her Lotus Super 7 sports car to Jack. The market value for this type of vehicle in good condition is around $25 000. Jack accepts.

b) Jane offers to sell Jack her Lotus Super 7 sports car for $25 000. The market value for this type of vehicle in good condition is around $25 000. Jack accepts.

c) Jane offers to sell Jack her Lotus Super 7 sports car for $2500. The market value for this type of vehicle in good condition is around $25 000. Jack accepts. 

QUESTION 2

A shipbuilder had contracted to build a tanker for North Ocean Tankers. The contract was in US dollars and didn't contain any provisions for currency fluctuations. Approximately halfway through construction of the ship, the United States devalued its currency by 10 per cent. As the shipbuilder stood to make a loss on the contract, it demanded that an extra US$3 million be paid or it would stop work. The buyer reluctantly agreed under protest to pay, as he already had a charter for the tanker and it was essential that it be delivered on time. The buyer didn't commence action to recover the excess payment until some nine months after delivery. Will the buyer succeed in recovering the excess?

Reference no: EM131175749

Questions Cloud

Discuss the dilemma that jobe now faces : Why is it even more important that project team members work well together on international projects such as Project Abu Dhabi? Discuss the dilemma that Jobe now faces
Demand and supply sides of the market : Choose any industry and discuss the reforms done or needed in that industry and demand and supply of a product of your choice and factors that affect the demand and supply sides of the market.
How effective is the juvenile justice system : How has it changed, if at all? If so how. How effective is the juvenile justice system in preventing delinquency rather than just addressing it as it comes through the court system?What recommendations would you make to change the juvenile justice..
Find a hook and a central image to hold your readers : Expressive writing is all about expressing the self, but the audience is important too. You need to find a hook and a central image to hold your readers.
Will the buyer succeed in recovering the excess : The buyer didn't commence action to recover the excess payment until some nine months after delivery. Will the buyer succeed in recovering the excess?
Write a succinct introduction to the unit plan : Write a succinct introduction to the unit plan that describes the contents of the plan and the organization of the contents of the plan.
How could a more effective strategic plan affect the issue : Connect the news story you present with the need for ethics and social responsibility in strategic planning. How could a more effective strategic plan affect the issue(s) included in the news story
What type of serial killer in particular would program vicap : Describe the CODIS and answer the same questions as above. Discuss why it is difficult for law enforcement agencies to work together when they are faced with a case such as that of an active serial killer.
Find the line of best fit for this data : Does this indicate anything about the attractiveness of American investments to citizens of other countries?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Summarize how the workplace capability enthusiasm

Summarize how the workplace capability enthusiasm can be used to explain payroll tax and the responsibilities of an employer to a client.

  Equivalent units for conversion costs

Calculation of the equivalent units for conversion costs in process costing and What were the equivalent units for conversion costs in the Lubricating Department for October

  Questionlessee accounting with payments made at starting of

questionlessee accounting with payments made at starting of yearadden company starts a lease agreement dated january 1

  Describe each of the three business functions

There are three important business functions that are performed by the six components of AIS. Describe each of the three business functions and the six components of AIS

  Customers are given a bigger discount for cash transactions

What impact will each of the following events have upon a firm’s cash conversion period (that is, will the CCP increase, decrease, remain the same): Customers are given a bigger discount for cash transactions.

  Determine whether the bonds sold at face value

Determine whether the bonds sold at face value, a premium, or at a discount, and whether interest expense recognized each year for the bonds

  Conversion cost-direct materials cost-direct labor cost

In September direct labor was 40% of conversion cost. If the manufacturing overhead for the month was $66,000 and the direct materials cost was $20,000, the direct labor cost was: $13,333 $44,000 $99,000 $30,000

  About the without recourse

Pete Payee specially indorses a note payable to his order and also uses the words "without recourse." What is the effect of the words "without recourse" here?

  Upgrading computers rather selling them in present conditon

Tawstir Corporation has 500 obsolete personal computers that are carried in inventory at a total cost of $720,000. If these computers are upgraded at a total cost of $140,000, they can be sold for a total of $200,000. As an alternative, the computers..

  Compute the amount of deferred gain or loss

Compute the amount of deferred gain or loss for 2015. Compute the amount of amortization of deferred pension gain or loss for 2015.

  Kept as ending fantastic futons manufactures futons

Finished goods inventory at the end of 2013 was 10,000 units. On average, 25 percent of the futons to be sold in the next month are produced and kept as ending Fantastic Futons manufactures futons. How many futons are budgeted to be produced in Janua..

  Prepare to practice in public and private accounting

Develop a thorough understanding of accounting standards and principles and fulfill the core accounting educational requirement to sit for the CPA exam prepare to practice in public and private accounting position.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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