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
- Financial accountingarrow_forwardAccounting problemarrow_forwardA company began the year with total liabilities of $159,000 and stockholders' equity of $42,000. During the year, the company had a net income of $255,000 and paid its shareholders $73,000. Total liabilities at the end of the year were $63,000. What is the total amount of assets at the end of the year? Need Solution of this financial accounting Problem.arrow_forward
- Overhead rate per direct labour hourarrow_forwardCalculate Miller's activity ratearrow_forwardUsing the information below, calculate the net income for the period: Account Amount Beginning Raw Materials Inventory $18,500 Ending Raw Materials Inventory $22,750 Beginning Work in Process Inventory $42,300 Ending Work in Process Inventory ||$39,800 Beginning Finished Goods Inventory $63,400 Ending Finished Goods Inventory Cost of Goods Sold for the period Sales revenues for the period Operating expenses for the period $71,250 $465,000 $895,000 $176,000 a. $430,000 b. $254,000 c. $627,850 d. $312,500 e. $210,750arrow_forward
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