![Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card Cross/miller’s The Legal Environment Of Business: Text And Cases, 10th](https://www.bartleby.com/isbn_cover_images/9781337093897/9781337093897_largeCoverImage.gif)
Case summary: Company V.F. contracted with the company S.F. to buy 1500 pounds of basil, on the condition that an independent organization will inspect the crop of company S.F. Due to a sudden hailstorm, the crop of the company S.F. was destroyed and it was unable to perform its part of the contract.
To find: The reason available to company V.F. to deny the performance of the contract in case the basil provided by company S.F. does not pass the chemical residue test.
![Check Mark](/static/check-mark.png)
Explanation of Solution
Under the concept of Condition in Contract, the performance of some task is made mandatory by the parties before discharging their obligations. If these conditions are not fulfilled, the parties are not obligated to perform their part of the contract.
In the given case, the inspection of the crop by an independent auditor and the certification of its fitness is a condition precedent to the performance of the contract. If the crop of S.F. does not pass the residue test, V.F. can deny the performance of its part on the basis of non-fulfilment of the condition in the contract.
Want to see more full solutions like this?
Chapter 13 Solutions
Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card Cross/miller’s The Legal Environment Of Business: Text And Cases, 10th
- The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 27,000 units, The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the costs per equivalent unit for the period $4.50 for the materials and $3.60 for labor and overhead, what is the balance of the ending work in process inventory account would be: (Do not round Cost per equivalent unit)arrow_forwardClermont Industries' operating leverage is 4.7. If the company's sales increase by 15%, its net operating income should increase by about: Options-a. 4.7% b. 15.0% c. 70.5% d. 35.3%arrow_forwardHello teacher please help me this question solutionarrow_forward
- What is the maturity value of the note on mar. 1 ? Accounting questionarrow_forwardBethesda Mining Company reports the following balance sheet information for 2021 and 2022: Assets Current assets 2021 BETHESDA MINING COMPANY Balance Sheets as of December 31, 2021 and 2022 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable 2021 $ 190,422 85,520 2022 Cash Accounts receivable Inventory $ 47,858 61,781 124,912 $ 60,783 82,139 190,747 Total $ 275,942 Total $ 234,551 $ 333,669 Long-term debt $ 238,000 Owners' equity Fixed assets Common stock and paid-in surplus Accumulated retained earnings $ 217,000 161,656 Net plant and equipment Total assets $ 658,047 $ 589,628 $ 378,656 $ 892,598 $ 923,297 Total liabilities and owners' equity $ 892,598 Total 2022 $ 198,111 137,088 $ 335,199 $ 174,750 $ 217,000 196,348 $ 413,348 $ 923,297 Based on the balance sheets given, calculate the following financial ratios for each year: Calculate the following financial ratios for each year: a. Current ratio. Note: Do not round intermediate calculations and round…arrow_forwardSolve this Accounting problemarrow_forward
- BUSN 11 Introduction to Business Student EditionBusinessISBN:9781337407137Author:KellyPublisher:Cengage LearningEssentials of Business Communication (MindTap Cou...BusinessISBN:9781337386494Author:Mary Ellen Guffey, Dana LoewyPublisher:Cengage LearningAccounting Information Systems (14th Edition)BusinessISBN:9780134474021Author:Marshall B. Romney, Paul J. SteinbartPublisher:PEARSON
- International Business: Competing in the Global M...BusinessISBN:9781259929441Author:Charles W. L. Hill Dr, G. Tomas M. HultPublisher:McGraw-Hill Education
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337407137/9781337407137_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337386494/9781337386494_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134474021/9780134474021_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781947172548/9781947172548_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259929441/9781259929441_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9780357026595/9780357026595_smallCoverImage.gif)