Lulene makes the best lemon meringue pies in Mississippi. So Ellen, who owns Ellen's Old Fashion Cafe, contracts with Lulene to buy 50 pies per week at the price of $5.00 per pie. Although Lulene took a class in business law, she forgot to get her agreement with Ellen in writing. Lulene and Ellen agreed during a chat. Lulene said: "I will supply you with lemon meringue pies for however long you
want them at $5.00 per pie." Ellen said: "That's great, I'll take them." Both women were pleased. Soon Lulene had a problem. Between a hurricane in Florida and brush fires in California, the price of lemons increased by 200%. Now, instead of the $5.00 per pie price she intended to charge Ellen, she feels she must charge $7.00 per pie to make a little profit. Lulene calls Ellen with the bad news and Ellen has a fit. She tells Lulene that's too bad, but the deal is off. Lulene says, "That's what you think!" and goes to see Amanda, her attorney. Lulene and Ellen's contract may best be described as:
a. a unilateral contract b. a bilateral contract
c. an executory contract d. a voidable contract
e. a misrepresented contract
b
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The relational database model consists of _____ which are used to contain records.
Fill in the blank(s) with the appropriate word(s).
Finn and Glenda want to form and do business as Hobby Crafts Corporation. A corporation is a legal entity created and recognized by
A. a central federal administrative agency. B. a city or county clerk's office. C. an artificial legal person. D. state law.
Which of the following is one of the UCC's requirements for an instrument to be negotiable:
a. it must be oral b. it must state a certain sum of money c. it need not be payable on demand or at a specified time d. none of the other specific choices are correct e. all of the other specific choices are correct
The following production and average cost data for two levels of monthly production volume have been supplied by a company that produces a single product: Production volume 2,000units 4,000unitsDirect materials$88.40per unit$88.40per unitDirect labor$20.60per unit$20.60per unitManufacturing overhead$86.90per unit$55.30per unitThe best estimate of the total cost to manufacture 2,200 units is closest to: (Round your intermediate calculations to 2 decimal places.)
A. $430,980 B. $418,340 C. $396,220 D. $361,460