Concept explainers
Case summary: Person D wanted a custom-built recording studio in his home. He asked local contractors for bid submission. The lowest bid was of person A. They both discussed the type and quality of the material to be used. Person D asked for a better quality of material within the bid price. They also discussed the starting date for the construction work. Two weeks later, D changed his mind to carry out the plan and A filed a suit in response.
To find: The procedure to terminate an offer.
Case summary: Person D wanted a recording studio custom-built in his home. He asked local contractors for bid submission. The lowest bid was of person A. They both discussed the type and quality of material to be used. Person D wanted a better quality of material within the bid price. Person A said that he would check. They also discussed the start date for the construction work. Two weeks later, D changed his mind to carry out with the plan, and A filed a suit in response.
To find: Explain whether the offer even terminated in this case.
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Chapter 12 Solutions
The Legal Environment of Business: Text and Cases
- Herbert expects to increase sales in the coming year by 15% while keeping fixed operating costs constant at $15.6 million.arrow_forwardGeneral accountingarrow_forwardHillwood Textiles computes its plantwide predetermined overhead rate annually based on direct labor hours. At the beginning of the year, it was estimated that 42,000 direct labor hours would be required for the period's estimated level of production. The company also estimated $525,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.00 per direct labor hour. Hillwood’s actual manufacturing overhead cost for the year was $670,000, and its actual total direct labor hours were 43,200. Compute the company’s plantwide predetermined overhead rate for the year.arrow_forward
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