17-year-old Robert purchased a car from King that was then destroyed by fire. Robert sued to recover the price of the car. The court would hold that:
a. no contract existed; Robert relied on King to his detriment
b. no contract existed because Robert is too young to enter into a contract; his parents are parties to the contract
c. a contract existed, but Robert was a minor and so could disaffirm the contract and get a full refund
d. a contract existed, but the uneven bargaining positions of the parties allowed the court to render the contract void as in violation of public policy
e. a contract existed that Robert could disaffirm, but he could only collect a refund equal to the value of the car after the fire
e
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Ellis Retail is considering an investment in a delivery truck. Ellis has found a used truck that he can purchase for $8,000 . He estimates the truck would last six years and increase his store's net cash revenues by $2,000 per year. At the end of six years, the truck would have no salvage value and would be discarded. Ellis will depreciate the truck using the straight-line method. Refer to Ellis
Retail. What is the accounting rate of return on the truck investment (based on average profit and average investment)? a. 25.0% b. 50.0% c. 16.7% d. 8.3%
The Crown Howe accounting firm rents a skybox at Lucas Oil Field where the Indianapolis Colts plays their home games. The cost of the skybox for the season is $80,000 and includes 8 tickets to each game. The team plays 10 games a year at the arena. The most expensive non-luxury box seat is $200. After acquiring a new accounting client, the managing partner invites 5 business associates to watch a game in the firm skybox. What amount can Crown Howe deduct as an entertainment expense?
A. $0 B. $1,000 C. $1,200 D. $2,400 E. $4,400
Which of the following statements is typically not true of industry-university joint venture agreements?
A. Both parties want to share in any possible financial returns from a resulting patent. B. The corporation has the objective of obtaining tangible results, such as a patent. C. Neither party wants to share the research results. D. Industry-university joint venture agreements are created for the purpose of doing research.
The center of gravity technique does not take into consideration the:
A) total volume of product any given site receives. B) location of any given site. C) number of locations that must be served. D) balance of supply and demand.