Franz, the owner and manager of Green's Grocery Store, contracts to buy sixty crates of fresh peaches from Holly, the owner and manager of Ideal Farms. Suppose that Holly dies before she can harvest and deliver the peaches. How does Holly's death affect
their contract? If Holly does not die, but does not deliver, and Franz suffers a loss, is there any limit to the time within which Franz can file a suit against Holly for breach of con¬tract? If so, how might Franz extend this time?
Holly's death, before fulfilling the contract, dis¬charge both the contract and Holly's estate's liability for her nonperformance. If Holly does not die, but does not deliver, there is a limit on how long Franz has to file a suit for breach of contract.
Statutes of limitations limit the period during which a party can sue on a cause of action. The running of a limi¬tations statute does not extinguish the contrac¬tual obligation, how¬ever—the obligor can revive it by making a new promise to perform. Thus, if the time has run out, the breaching party can make a new prom¬ise to perform, for which it can be held liable.
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The purchase of new equipment is included on the statement of cash flows as a(n)
a. operating activity; b. investing activity; c. financing activity; d. schedule of noncash investing and financing activities; e. none of these.
One method of appealing a case to the U.S. Supreme Court is by:
a. writ of execution. b. offer of proof. c. writ of certiorari. d. request for admissions.
Della Corporation is headquartered in Carlisle, Pennsylvania. Della has a Pennsylvania state income tax base of $425,000. Of this amount, $75,000 was nonbusiness income. Della's Pennsylvania apportionment factor is 28.52 percent. The nonbusiness income allocated to Pennsylvania was $61,000. Assuming a Pennsylvania corporate tax rate of 7.75 percent, what is Della's Pennsylvania state tax liability? (Round your answer to the nearest whole number.)
A. $12,464 B. $8,821 C. $9,084 D. $13,549
On March 1, 2018, Mattie Company received an order to sell a machine to a customer in England at a price of 200,000 British pounds. The machine was shipped and payment was received on March 1, 2019. On March 1, 2018, Mattie purchased a put option giving it the right to sell 200,000 British pounds on March 1, 2019 at a price of $380,000. Mattie properly designates the option as a fair hedge of the pound firm commitment. The option cost $2,000 and had a fair value of $2,200 on December 31, 2018. The following spot exchange rates apply:DateSpot RateMarch 1, 2018$1.90 December 31, 2018 1.89 March 1, 2019 1.84 ??Mattie's incremental borrowing rate is 12 percent, and the present value factor for two months at a 12 percent annual rate is .9803.?What was the net impact on Mattie's 2019
income including the fair value hedge of a firm commitment? A. $379,760.60 increase. B. $8,360.60 increase. C. $4,390.40 decrease. D. $8,360.60 decrease. E. $379,760.60 decrease.