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ale4655 [162]
2 years ago
10

Eddie, a 16 year old minor, buys a car from Ace Auto and then damages the car in an accident. To disaffirm the contract and sati

sfy his duty of restitution, Eddie mustA. do nothing.B. only return the car.C. only pay for the damage.D. return the car and pay for the damage.
Business
2 answers:
faltersainse [42]2 years ago
5 0

Answer: D- Pay for the car damage and return the car

Explanation:

To disaffirm a contract means to deny the responsibility of the contract. This is usually used in contract law for minors and is the first right given to minors to utilise their power to deny the responsibility bound by a contract.  A minor in a contract law is someone below the age of 18. The contract would remain valid unless a minor disaffirms at a given matured age, makes restitution and must be within a reasonable time then possible consideration could be given. Unless a minor is emancipated (relieved of been considered a minor legally because you display independency of a legal guardian), they have contractual rights.

In Eddy's case, he's still a minor and can only disaffirm at age of maturity which he turns in two years time. Hence Eddy is still legally bound by the contract and would pay for the damage of his car (meaning he can't return the car without paying to avoid the contractual responsibilities)

And even if he chooses to disaffirm at 18, it wouldn't be granted because the damage wasn't within the time he turned 18. He would still pay for the damage

Ket [755]2 years ago
3 0

Answer: Return the car and pay for the damage(D)

Explanation:

To disaffirm a contract means to avoid the obligations in a contract. A contract can be disaffirmed by a minor when he shows an intent that he or she isn't bound by it. Contracts can be disaffirmed by minors before they reach eighteen years. When a minor disaffirms a contract, all properties transferred to the minor can be gotten back.

In the scenario explained in the question, even though Eddie had damaged the car, he can disaffirm the contract and satisfy his duty if restitution by returning the car and paying for damage.

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Explain whether each of the following government activities is motivated by a concern about equality or a concern about efficien
Setler [38]

Answer:

a) <em>Regulating cable TV prices</em> - This is motivated by the concern about efficiency. Since one cable TV company can easily become a monopolist and manage cable TV prices on its own, market power (a type of market failure) is hindered by regulation. These measures aim to decentralize power and distribute it once again.

b) <em>Providing some poor with vouchers that can be used to buy food. </em>- Being a concern for equality, this regulation aims to improve fairness and equality among society levels by giving vouchers to poor people. Equality measures are usually non-efficient by the means of concern, and are a common practice in all governments.

c) <em>Prohibiting smoking in public places </em>- Being a concern about efficiency, this aims to overcome a possible externality. Third parties (non-smokers) are affected by something they cannot influence, which indicates a case of externality failure. Government regulation is essential

d) <em>Breaking up Standard Oil (which once owned 90 percent of all oil refineries) into several smaller companies.</em> - Once a monopoly, Standard Oil is broken down into several smaller, competition-oriented companies. The market failure regarding market power is regulated by this move. When this happens, Standard Oil will not be able to dictate prices.

e) <em>Imposing higher personal income tax rates on people with higher incomes</em> - Being an equality measure by nature, this economic remedy tries to create less discrepancy among income across all social levels. The standard deviation becomes smaller, which is the result of equality measures. Although people with higher incomes will always have a similar income, regulation vastly influences people with less income.

f) <em>Instituting laws against driving while intoxicated.</em> - This is an efficiency measure (against externality), as sober drivers and traffic participants become influenced by drunk drivers who they cannot control. In case of an accident, the third party is imposed a cost that could be fatal. Therefore, it has to be regulated.

4 0
2 years ago
Lowlife Company defaulted on a $250,000 loan that was due on December 31, 2018. The bank has agreed to allow Lowlife to repay th
IceJOKER [234]

Answer:

Explanation:

1. Present value = Annuity amount * PVA (n=4;i=10%)

250,000 = Annuity amount*3.16987

Annuity amount = $78,868

2. Present value = Annuity amount * PVA (n=5;i=8%)

250,000 = Annuity amount* 3.99271

Annuity amount = $62,614

3. i = 10%

Annual payments = $51,351

250,000 = 51,351 *X

X = 4.86845

When looking at the table of present value of an ordinary annuity, PVA of 4.86845 and i=10%, ⇒ n = 7 payments

4.

Payments = 104,087

n = 3

250,000 = 104,087*X

X = 2.40184

When looking at the table of present value of an ordinary annuity, PVA of 2.40184 and n=3, ⇒ i = 12%

3 0
2 years ago
Baldwin, Inc. had the following balances and transactions during​ 2019: Beginning Merchandise Inventory as of January​ 1, 2019 1
harkovskaia [24]

Answer:

$18,500

Explanation:

The first in first out (FIFO) inventory system assumes that It is the first purchased inventory that is the first to be sold.

Total inventory sold = 175 + 50 = 225 units

The first 50 units would be taken from the beginning inventory which costs $80. Total cost of 50 units of inventory would be $80 × 50 = $4,000

This leaves 75 units of the beginning inventory.

The 175 units sold would be taken from the remaining 75 units of the beginning inventory and the 270 units purchased

75 × $80 = $6,000

100 x $85 = $8500

Total cost of goods sold = $6,000 + $8500 + $4,000 = $18,500

I hope my answer helps you

4 0
2 years ago
Lamar has just gotten a new job and is attending a company party where he will meet his colleagues for the first time. His boss
a_sh-v [17]

Lamar's experience demonstrates retroactive interference.

<h3><u>Explanation:</u></h3>

When a person tries to recall some information that are older in nature and comes to know about some recent information it refers to Retroactive interference. For instance you may call the name of your grandmother with the name of your mom. There will be a retroactive interference with the two names.

This happens when you forget some tasks that are learnt in past because of the learning of new tasks. In the given example, Lamar only rememnbers the names of the people in the first group and remebers the profession of the last women met by him. His experience demonstrates retroactive interference.

3 0
2 years ago
On February 2, 2016, the Farmer Corporation issued 9,000 shares of no-par stock for $17 per share. Within two hours of the issue
hichkok12 [17]

Answer:

D. 189,000 = NA + 189,000 NA - NA = NA 189,000 FA

Explanation:

The accounting equation shows the relationship between the elements of a balance sheet which are assets liabilities and equity. This may be expressed mathematically as

Assets = Liabilities + Equity

While assets include fixed assets, cash, inventories, account receivables etc, liabilities include accounts payable, loans payable, accrued expenses etc.

Equity which represents the amount owed to the owners of the business includes retained earnings (which is the accumulation of the net income/loss over the years less dividends paid) and common shares.

When 9,000 shares of no-par stock issued for $17 per share increases to $21, this means that the additional amount

= ($21 - $17) × 9000

= $36,000

Amount to be collected from the issue

= $21 × 9000

= $189,000

This will result in an increase in cash and an increase in owners equity (the respective debits and credits).

5 0
2 years ago
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