Define a substituted contract and explain how it affects an agreement
A substituted contract results when the parties to a contract mutually agree to rescind their original contract and enter into a new one. The rescission is binding in that each party, giving up his rights under the original contract, has provided consideration to the other, as long as each party still has rights under the original contract. Where the rescission and new agreement are simultaneous, the effect is the same as a contractual modification.
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Harry was the lead singer in a band that hit it big. For his birthday, Harry had two hundred friends flown by chartered jets to a private island in the South Pacific
They ate the most expensive food, and every morning the bungalows were burned to the ground and rebuilt for the next night. Harry's party is a good example of ________. A) parody display B) social mobility C) ascribed status D) conspicuous consumption
Revenue on account amounted to $6800. Cash collections of accounts receivable amounted to $4400. Expenses for the period were $3500. The company paid dividends of $1150. What was net income for the period?
A. $900 B. $3300 C. $2150 D. $3250
Get Out of Town Vacations signed a 14%, 10-year note for $157,000. The company paid an installment of $2,100 for the first month. What portion of the first monthly payment is interest expense? (Round your answer to the nearest whole number.)
A) $268 B) $35,063 C) $15,183 D) $1,832
When a firm sells a product in a foreign country below its domestic price or below its actual cost, the practice is referred to as
A. dumping. B. entrepreneurial pricing. C. second-market pricing. D. surplus marketing. E. loss-leader pricing.