The Legal Environment of Business: Text and Cases
9th Edition
ISBN: 9781305764460
Author: Frank B Cross/ Roger LeRoy Miller
Publisher: CENGAGE C
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Chapter 14, Problem 1CT
Summary Introduction
Case summary: A person J agreed to buy a freezer costing $900. After-tax and additional charges, the cost got raised to $1,234.80. Later, the person J filed a suit against the seller in the state court to declare the purchase contract as unconscionable.
To Find: The reason behind the knowledge of the seller regarding the buyer’s limited resource that supports the finding that the contract was unconscionable.
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- Please provide the correct answer to this general accounting problem using accurate calculations.arrow_forwardUniversal Computing Solutions (UCS) sells laptops for $1,800 each and also provides a 2-year warranty, which requires the company to perform periodic services and replace defective parts. During 2024, the company sold 750 laptops. Based on past experience, the company has estimated the total 2-year warranty costs per laptop as $45 for parts and $75 for labor. (Assume sales all occur on December 31, 2024.) In 2025, UCS incurred actual warranty costs relative to 2024 laptop sales of $12,000 for parts and $25,000 for labor. Under the expense warranty treatment (accrual method), what is the balance under current liabilities in the 2024 balance sheet? a. $90,000 b. $120,000 c. $100,000 d. $85,000arrow_forwardI need help finding the accurate solution to this general accounting problem with valid methods.arrow_forward
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