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Dr. Doe (Doe) is a well-respected scientist who has just won the Nobel Prize in medicine for his work in developing a highly effective drug to prevent the common cold. He has recently been engaged in extensive negotiations with Francis Stein (Stein), the president of the Giant Drug Company (Giant), a pharmaceutical company that is interested in marketing the new drug. On May 1, Doe signed and sent Stein the following letter: I will accept a position as vice-president in charge of research for a period of four years at a salary of $500,000 per year. (s) Doe On May 3, Stein received Doe's letter and called Doe and stated: "Your salary request is too high. Will you reduce it to $300,000?" In the phone conversation, Doe replied: "Your response is insulting! I am far too good a scientist to work for so little! That's as low as I can go." Outraged by Doe's flip answer, Stein immediately sent the following letter to Doe: I resent your statement. I am no longer interested in hiring you. (s) Stein Later in the day, Stein changed his mind, and decided to agree to Doe's demands. Stein then sent a properly addressed, stamped express mail letter to Doe stating: "Accept your terms, although I wish you would reconsider a lower salary." (s) Stein On May 4, Doe's secretary received Stein's express mail letter of acceptance and placed it on his desk. Stein's first letter had not yet arrived. Before reading his mail on May 4, Doe secured a very lucrative contract as research director with MARK Drugs, a competitor of Giant. Doe immediately called Stein and stated: "I just agreed to work for MARK Drugs." Stein replied: "You can't, I already accepted your offer." Stein consults you, asking if he has a valid contract with Doe and if so, whether Stein can force Doe to work for Giant. Required: Answer the following two questions. In each case, give reasons for your answers, and support your reasons with case law. a) Draft a memo fully analysing and discussing why there is or is not a valid contract. b) Then assume that there is a valid contract, and fully analyse and discuss the remedies that might be available under that contract.
Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. Prepare Arantxa's journal entries to record these transaction using the cost method.
Section 351 allows the tax-free creation of a corporation, or, rather, the tax free contribution of money or property to a corporation in exchange for stock in that corporation.
Prepare a memorandum - Does Cost of Goods Sold decrease or increase when concluding a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Cost of Goods Sold? Describe.
The income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest expense of $580, and income tax expense of $13,920.
On January 1, 2010, Branson Designers issued $900 Million of its 8% bonds $836 million. The bonds were then prices to yield 10%. The interest will be payable on June 30 and December 31.
The statement of cash flows and related disclosures would be of the least assistance in helping a potential investor assess:
That the taxpayer has consistently elected to carryback the net operating losses as incurred and elected the "two-year" carryback provision.
What is the time for a new employee to build 16 units with this learning curve using the cumulative average-time method? You may use an index of -0.1520.
Briefly describe each of the generally accepted auditing standards and indicate how the action(s) of Jones resulted in a failure to comply with each standard. Use the table below to present your answers.
Albert is in the 35% marginal tax bracket. He sold a building in the current year for $450,000. Albert received $110,000 cash at closing, the buyer assumed Albert's mortgage for 120,000, and the buyer gave Albert a 6% note for $220,000 due in two ..
A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.
Evaluate the amount of goodwill or others intangible assets derived from the transaction and explain whether you support that this value was created as a result of the business combination.
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