A contract is created when ________
A) the acceptance has been received by the offeror
B) an acknowledgement is sent by the offeror to the offeree of receiving an acceptance
C) the offeree dispatches the acceptance
D) a written acceptance has been passed between the offeror and the offeree
C
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The ________ states that the intent to contract is judged by the reasonable person standard and not by the subjective intent of the parties.
A. objective theory of contracts B. common law of contracts C. Restatement of the Law of Contracts D. Restatement (Second) of Contracts
In all actions by an employee for damages for wrongful dismissal, the damages that can normally be recovered by an employee is a sum of money equal to the salary that would have been earned during a period of reasonable notice
Indicate whether the statement is true or false
The status of a third party is determined by
a. the type of contract. b. whether the third party gave consideration. c. the reasonable expectations of the third party. d. the intent of the contracting parties.
Thurston Company started its business on January 1, Year 1 by issuing $15,000 of common stock. On January 1, the company purchased equipment for $10,500. The equipment is estimated to have a three-year useful life and a $1,500 salvage value. On March 1, Thurston issued a $27,000, 6% five-year note to Community Bank. Customers paid Thurston $54,000 for services performed in Year 1. The company paid $33,000 for operating expenses, and paid a $900 dividend to the stockholders. At year-end, Thurston recognized interest expense on the note and depreciation expense on the equipment.Required:a) What is the amount of interest expense Thurston will recognize in Year 1?b) What is the book (carrying) value of the equipment at the end of Year 1?c) What is the net income for Year 1?d) Prepare a
balance sheet as of the end of Year 1. What will be an ideal response?