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Johnny, a neighbor who is not a merchant under the Uniform Commercial Code, offers to buy a car from Mark for $30,000. Mark asks Johnny for some time to think about it. Johnny says sure. He writes on a piece of paper that he will keep the offer open for two weeks. A week later Johnny sees another car he would rather buy. He purchases that, and then he tells Mark that he is revoking his offer. Two days after that Mark said: “I’m sorry Johnny you made an offer in writing to buy my car. I’m going to hold you to that.” Johnny replied: “Sorry I cannot do that. But I will promise to pay you $10,000 for the help you gave me last year around the house.” Somewhat mollified Mark accepts. A week later and Johnny decided to renege on that promise as well. Fed up. Mark sued Johnny for breach of contract on both the promise to buy the car and the promise for the $10,000.
Discuss whether the elements of a contract are satisfied in this case
You deposit 5% of your $40,000 annual income in a 401(K) plan at the end of each year. Your employer matches 2% of your earnings. You expect the plan to earn 10% and you are in the 25% tax bracket. What is your annual investment? What is your one yea..
A corporate treasurer is looking to invest about $4 million for 60 days. Commercial paper rates are a 3.65% discount and CD rates are 3.66%. Comparing the bond equivalent yields over a 365-day year, which is the best alternative? What is the opportun..
Buffalo Bob’s Wild Wings is a restaurant that sells only chicken wings. The restaurant has fixed costs per year of $200,000 and each wing (regardless of dressing) sells for $0.50 and costs $0.25 per. The profit/loss of the firm at 1,000,000 wings sol..
Jimmy wants to purchase a new set of bucket seats for his van. He has bad credit, so he finds a place that will sell him the seats via an add-on loan. The seats cost $900 total. Jimmy in willing to pay up to $90 per month for one year for these seats..
Suppose Community Bank offers to lend you $20,000 for one year at a nominal annual rate (annual percentage rate) of 6.00%, but you must make interest payments at the end of each month and then pay off the $20,000 principal amount at the end of the ye..
Reagan Corp. has reported a net income of $815,200 for the year. The company's share price is $13.80, and the company has 317,880 shares outstanding. Compute the firm's price-earnings ratio upto two decimal places.
A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $1,500 per month for the next three years and then $500 per month for two years after that. If the bank is charging customers 8.5 percent APR, how ..
May Industries has a bond outstanding that sells for $780. The bond has a coupon rate of 7.20 percent and 11 years until maturity. What is the yield to maturity of the bond?
The preferred stock of Dallas Platinum Exchange has a par value of $65.00 and pays a 7.25% dividend rate per year. You calculated a beta of 1.05 for the stock. The risk-free rate is 2.7% and the market return is 9.2%. Assuming that CAPM holds, what i..
Nystrand Corporation's stock has an expected return of 12.50%, a beta of 1.49, and is in equilibrium. If the risk-free rate is 5.00%, what is the market risk premium?
Ac is back from a long journey and that’s a fact, Jack. He wishes to buy a boat in five years that presently costs $150,000. He expects the cost of the boat to increase due to inflation by 3% per year for the next two years and 5% per year the follow..
What are the two determinants of the growth rate in dividends?
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