Reference no: EM132234226
Question: Read the following case studies and answer the questions. Be sure to use the appropriate legal terminology that you learned this week.
Case Study 1
Steve and Bill go out drinking. After Steve has had so many drinks that Bill knows (or should know) that Steve is very intoxicated, Steve says to Bill, "I'll sell you my house for $100,000." Bill accepts. The fair market value of Steve's house is $100,000. Will Steve be able to void this transaction? Why or why not?
Case Study 2
Steve writes a letter to Bill one day saying, "I will sell you my house for $100,000." Completely unbeknownst to Bill, at the time Steve wrote the letter he was utterly intoxicated. The fair market value for the house is $100,000. Will Steve have to sell his house to Bill? Why or why not?
Case Study 3
Mary, a longtime law professor, has been entering into quite a few contracts in recent months. One of those contracts was for the purchase of a riding lawn mower. Unbeknownst to the sales clerk who entered Mary into the contract, Mary is suffering from Alzheimer's, but has not been deemed incompetent by the state. On the day of delivery, the sales clerk delivers the lawn mower to Mary's apartment. Mary is surprised by the delivery of the mower and has no recollection of ordering it. The clerk shows her the contract. Is this contract voidable and why?
Submit your completed assignment by following the directions linked below. Please check the Course Calendar for specific due dates.
Save your assignment as a Microsoft Word document. (Mac users, please remember to append the ".docx" extension to the filename.) The name of the file should be your first initial and last name, followed by an underscore and the name of the assignment, and an underscore and the date. An example is shown below:
Jstudent_exampleproblem_101504
What is the balance sheet amount for trading securities
: On 1/2/20X6, ALPHA acquired 100 shares of CHARLIE Corporation stock at $20 per share, What is the balance sheet amount for trading securities at the end of 20X7
|
What will be the dollar balances in the bad debt expense
: The current unadjusted Allowance for Uncollectable Accounts balance is a credit balance of $2,500, What will be the dollar balances in the Bad Debt Expense
|
What are you receiving for being a party to the contract
: Throughout this module you learned the basics of contract formation. An additional requirement of contract formation is consideration.
|
What is the total cash paid for interest
: What is the total cash paid for interest, income taxes, and total amount of Property and Equipment acquired on a non-cash basis on Amazon's 2018 10K
|
Will steve be able to void the transaction
: Steve and Bill go out drinking. After Steve has had so many drinks that Bill knows (or should know) that Steve is very intoxicated, Steve says to Bill.
|
Compute the amount of goodwill at the date of acquisition
: ACCT 302 Road Corporation acquired all of Conger Corporation's voting shares on January 1, 20X2, for $470,000. At that time Conger reported common stock.
|
Prepare general journal entries to record the transactions
: On July 26,20X5, SLB Company accepted a subscription for 8,000 shares, Prepare general journal entries to record the transactions of July 26 and August 31
|
What amount will be reported for accumulated depreciation
: A machine has a cost of $15,900, an estimated residual value of $3,990, what amount will be reported for accumulated depreciation
|
What is robert net income from his business
: Robert purchased a new car for his business on May 15 for $28,000. What is Robert's net income (loss) from his business
|