Able Builders, Inc, contracts with Beach Assets Company to build a Cool Juice stand near Divers' Beach. The work is to begin on April 1 and be done by June 1, so that the stand can open for the summer. Able Builders does not finish until June 14. The
stand opens but Beach Assets loses two weeks' early summer sales due to the delay. Is Beach Assets's duty to pay for the construction of the stand discharged?
No. Able Builders substantially per¬formed its du¬ties under the con¬tract with Beach Assets. Assuming the performance and the delay was in good faith, Able Builders could successfully sue Beach Assets for the value of the work performed if Beach Assets attempts to avoid pay¬ing under their contract. For the sake of fairness, Beach Assets will be held to the contractual duty to pay, but may be able to deduct reason¬able damages for the missed contract dead¬line.
You might also like to view...
Over the past several decades
A) the life cycle of products has increased. B) most firms have become more vertically integrated. C) the number of owners per supply chain has increased. D) product variety has decreased.
In most states, one individual cannot be both an officer and a director
a. True b. False Indicate whether the statement is true or false
All of the following regarding reversing entries are true except:
A. Reversing entries should not be the exact opposite of previous period adjusting entries. B. Reversing entries are dated the first day of the new accounting period. C. Reversing entries are optional. D. Reversing entries are recorded in response to accrued assets and accrued liabilities that were created by adjusting entries at the end of the previous accounting period. E. Reversing entries are used to simplify a company's record keeping.
Walmart used gestores in Mexico
Indicate whether the statement is true or false