William agrees to drill a well up to 200 feet deep for John's rural cabin. The contract price is $3,000. After drilling 100 feet, William strikes solid granite rock. He talks to John and explains that this is highly unusual for the area and could not have been anticipated at the time of entering into the contract. He offers to get a special drill, but says it will cost him more money, so that he will be unable to complete the project for the agreed price. Because John is anxious to have the well, he agrees to pay William an additional $1,000 to complete the job. However, once the well is finished, he changes his mind and now says he will pay only the originally agreed-upon amount. a.The parties have agreed to a substitute contract which discharges the original contract. John is obligated to pay the additional $1,000.b. Under the UCC, the substitute contract is binding, because there is the payment of additional money. c.William is in breach of contract. John need not pay any additional money. d.William is under a pre-existing moral duty to perform at the originally agreed-upon price.
Answers: 1
Business, 22.06.2019 20:00, hunter3978
Assume the perpetual inventory method is used. 1) the company purchased $12,500 of merchandise on account under terms 2/10, n/30. 2) the company returned $1,200 of merchandise to the supplier before payment was made. 3) the liability was paid within the discount period. 4) all of the merchandise purchased was sold for $18,800 cash. what effect will the return of merchandise to the supplier have on the accounting equation?
Answers: 2
Business, 22.06.2019 20:30, lareynademividp0a99r
The smelting department of kiner company has the following production and cost data for november. production: beginning work in process 3,700 units that are 100% complete as to materials and 23% complete as to conversion costs; units transferred out 10,500 units; and ending work in process 8,100 units that are 100% complete as to materials and 41% complete as to conversion costs. compute the equivalent units of production for (a) materials and (b) conversion costs for the month of november.
Answers: 3
William agrees to drill a well up to 200 feet deep for John's rural cabin. The contract price is $3,...
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