Question

In: Accounting

QUESTION 17 Which of the following actions by a buyer is least likely to persuade a...

QUESTION 17

Which of the following actions by a buyer is least likely to persuade a court to enforce an oral contract for the sale of land?

Buyer pays seller the full purchase price

Buyer pays part of the purchase price and takes possession of the property

Buyer pays part of the purchase price, takes possession of the property, and makes valuable improvements.

Buyer pays part of the purchase price, takes possession of the property, and makes property tax and mortgage payments.

QUESTION 20

Parole evidence is evidence based on

Oral statements

Usage of the trade

Provisions handwritten into a contract

Waivers of liability

QUESTION 24

Gourmet, an upscale restaurant chain, planned to open a new restaurant in downtown Smallville on Memorial Day weekend. Ye Olde Antique Shoppe, a merchant located next door to Gourmet, was looking forward to the increased sales it would realize from diners who dropped in from next door. Gourmet's contractor did not finish the building on time so Gourmet did not open for the big weekend. Can Ye Olde Antique Shoppe sue the contractor since it lost profits because of his failure to perform on time?

		Yes, because it is a business beneficiary of the contract between contractor and Gourmet
		Yes, because it is an intended commercial beneficiary of the contract between contractor and Gourmet
		No, because it is a donor beneficiary of the contract between contractor and Gourmet.
		No, because it is an incidental beneficiary of the contract between contractor and Gourmet.

Expert Solution

1) Solution: Buyer pays seller the full purchase price

Explanation: Article 2 of the Code covers the sale of land and improvements on the land.

2) Solution: Oral statements

Explanation: The parol evidence rule where (parol refers oral; it is related to parliament and parly—talking) is a substantive rule of law that operates to bar the introduction of evidence intended to reflect that the parties had agreed to certain activity different from what they finally arrived at and wrote down

3) Solution: No, because it is an incidental beneficiary of the contract between contractor and Gourmet.

Explanation: Since it is an incidental beneficiary of the contract between contractor and Gourmet Ye Olde Antique Shoppe sue the contractor thus Ye Olde Antique Shoppe cannot sue the contractor

ekkarill92 answered 2 years ago

Question 1 Which of the following is least likely be categorized as “science”? Determining the qualities...

Question 1 Which of the following is least likely be categorized as “science”? Determining the qualities of a pigment used in a famous painting Determining the age of the marble used to make a famous statue Determining the aesthetic properties of a famous poem Determining the thickness of paper on which a work of Shakespeare was written 4 points Question 2 You notice that when the parchment paper of an ancient document is exposed to a certain chemical, the parchment...

Which of the following actions are most likely to directly increase cash as shown on a...

Which of the following actions are most likely to directly increase cash as shown on a firm’s balance sheet? Select the appropriate assumptions that underlie your answer. a. It issues $5 million of new common stock. b. It buys new plant and equipment at a cost of $3 million. c. It reports a large loss for the year. d. It increases the dividends paid on its common stock. I. Statements (b) and (d) will increase the amount of cash on...

Which of the following is least likely to be included in the tax constraint for an...

Which of the following is least likely to be included in the tax constraint for an individual investor? a. The federal withholding tax from the individual's employment income. b. The tax liability from a taxable lump sum received as part of an employment contract. c. Property taxes to be paid during the upcoming year from ownership of a beach house. d. Capital gains taxes owed on the sale of a watch worn by Benjamin Franklin.

Which of the following actions are likely to reduce agency conflicts? A Paying a large fixed...

Which of the following actions are likely to reduce agency conflicts? A Paying a large fixed salary to managers B Placing restricting covenants in debt agreements C Increasing the threat of corporate takeover D All of the above statements are correct Statements B and C are correct 2. Which of the following factors is likely to encourage a corporation to increase the proportion of debt in its capital structure? A. An increase in the company’s degree of operating leverage B...

Q33 Which of the following statements is least likely to lead to a conclusion that the...

Q33 Which of the following statements is least likely to lead to a conclusion that the taxpayer was undertaking the mere realisation of a capital asset? a. The land was surplus to the taxpayer’s needs in carrying on the taxpayer’s manufacturing business. b. The taxpayer set up their own on-site sales office to assist with the sale of the blocks of land. c. The taxpayer developed the land to the extent necessary to get local council approval and no more....

Which situation is least likely to be an example of labor discrimination? Question 18 options: a)...

Which situation is least likely to be an example of labor discrimination? Question 18 options: a) a restaurant that hires only young female servers b) women earning less money in a career that offers flexible work hours c) senior citizens finding difficulty in pursuing new careers d) employers screening out candidates based on candidates' names A monopsony hires workers up to the point at which the: Question 19 options: a) wage exceeds the VMP. b) wage equals the VMP. c)...

Which of the following three situations is least likely to occur at the same time as...

Which of the following three situations is least likely to occur at the same time as the other two situations? Why? a-Real GDP is less than potential GDP.   b-An economy in a strong, 5-year expansion.   c-An unemployment rate above the natural rate of unemployment.

which of the following is least likely to be included in accumulated other comprehensive income as...

which of the following is least likely to be included in accumulated other comprehensive income as a component of stockholders equity? a. foreign currency transaction gain. b. net unrealized changes in the value of available for - sale securities. c. net gain or loss from derivative cash flow hedged. d. Pension plan prior to service cost adjustment.

Which one of the following types of contracts is least likely to be considered a contract...

Which one of the following types of contracts is least likely to be considered a contract of adhesion? A) homeowners policy contract B) commercial fire insurance policy contract C) manuscript or customized policy contract D) personal auto policy contract

Which of the following species is least likely to function as a ligand in a transition-metal...

Which of the following species is least likely to function as a ligand in a transition-metal coordination compound? a. BH3 b. CO32– c. H2O d. NF3 e. Cl–