Mary contracts to sell Rachel her violin for $10,000, based on an appraisal of the instrument. Their contract provides that even if the appraisal is later found to be mistaken, the sale price will not be altered. One month after the sale, Rachel learns that the violin is only worth $5000. Which of the following is true:
A) Because the contract specified what would happen in the case of a mistake,
the sale price will not be altered.
B) Mary must refund Rachel $5000, because the appraisal was mistaken.
C) The contract is unenforceable, because the appraisal was mistaken.
D)The contract is void, because the sale is fraudulent.
A
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Jarvis Company provided the following information regarding its first year of operations:
Required:Determine the following amounts:(a) Total overhead costs.(b) Total product costs.(c) Product cost per unit.(d) Total cost of ending finished goods inventory.(e) Total cost of goods sold.
What will be an ideal response?
Marty, a 16-year-old, contracted with Cream-of-the-Crop Cycles to buy an $8,000 motorcycle. He agreed to make monthly payments until the purchase price plus interest were paid in full. It is three years later and Marty has not disaffirmed the contract and has made regular payments on the cycle since turning 18 . Which of the following is correct?
a. The contract is void and Marty has no obligation. b. The contract is now voidable by Cream-of-the-Crop Cycles. c. Marty has ratified the contract and is now bound by its terms. d. Marty has ratified the contract but can still get a return of the payments made while he was a minor.
Simulation results can produce different solutions in repeated runs
Indicate whether the statement is true or false
Which of the following would a mail order company's customers prefer?
A) 900 number service B) 800 number service C) WATS service D) They would have no preference among these choices.