Business, 20.10.2020 20:01 Priskittles

In this activity, you will be determining what constitutes a preexisting duty. Pay special attention to the different exceptions to the preexisting duty rule, specifically unforeseen circumstances, additional work, and the UCC exceptions. For a court to enforce a promise, both sides must offer consideration. Sometimes issues arise when a valid consideration is not offered by one party. For example, a promise to do something that you are already obligated to do is not valid consideration, because you have a preexisting duty. There are two parts to the preexisting duty rule. First, performance of a duty you are obligated to do under the law is not good consideration. Moreover, performance of an existing contractual duty is not good consideration either. Highlight each title below to reveal a scenario. Read the scenario and then determine whether there is valid consideration. If the person has a preexisting duty, there is no valid consideration.
NO YES
Additional Work UCC 2-209 The person has a preexisting duty and therefore, there is no valid consideration
This scenario is an exception to the preexisting duty rule and valid Fonsideration exists
Unforeseen Circumstance
Government Employee
Firefighter

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 06:50

Suppose the marginal damage and marginal benefit curves in a polluted neighborhood are md = p/3 and mb = 4 – p. also, suppose that transactions costs are low, so that the consumers and the firm can bargain. we saw that in this case, the socially-optimal level of pollution is achieved. start by computing the socially-optimal p. then, for each of the following cases, compute the amount of money transferred through the bargaining process, and indicate who pays whom (i.e., whether consumers pay the firm, or vice versa). also, compute the gains to each party relative to the status quo (i.e., the starting point of the bargaining process).a)consumers have the right to clean air; firm is dominant in the bargaining process.b)consumers have the right to clean air; consumers are dominant in the bargaining process.c)firm has the right to pollute; firm is dominant in the bargaining process.d)firm has the right to pollute; consumers are dominant in the bargaining proces

Answers: 1

Answer

Business, 22.06.2019 12:10

Profits from using currency options and futures.on july 2, the two-month futures rate of the mexican peso contained a 2 percent discount (unannualized). there was a call option on pesos with an exercise price that was equal to the spot rate. there was also a put option on pesos with an exercise price equal to the spot rate. the premium on each of these options was 3 percent of the spot rate at that time. on september 2, the option expired. go to the oanda.com website (or any site that has foreign exchange rate quotations) and determine the direct quote of the mexican peso. you exercised the option on this date if it was feasible to do so. a. what was your net profit per unit if you had purchased the call option? b. what was your net profit per unit if you had purchased the put option? c. what was your net profit per unit if you had purchased a futures contract on july 2 that had a settlement date of september 2? d. what was your net profit per unit if you sold a futures contract on july 2 that had a settlement date of september 2

Answers: 1

Answer

Business, 22.06.2019 16:30

Penelope summers received certain income benefits in 2018. she received $1,400 of state unemployment insurance benefits, $2,000 from a federal unemployment trust fund and $3,700 workers’ compensation received for an occupational injury. what amount of the compensation must penelope include in her income

Answers: 1

Answer

Business, 22.06.2019 19:30

He moto hotel opened for business on may 1, 2017. here is its trial balance before adjustment on may 31. moto hotel trial balance may 31, 2017 debit credit cash $ 2,283 supplies 2,600 prepaid insurance 1,800 land 14,783 buildings 72,400 equipment 16,800 accounts payable $ 4,483 unearned rent revenue 3,300 mortgage payable 38,400 common stock 59,783 rent revenue 9,000 salaries and wages expense 3,000 utilities expense 800 advertising expense 500 $114,966 $114,966 other data: 1. insurance expires at the rate of $360 per month. 2. a count of supplies shows $1,050 of unused supplies on may 31. 3. (a) annual depreciation is $2,760 on the building. (b) annual depreciation is $2,160 on equipment. 4. the mortgage interest rate is 5%. (the mortgage was taken out on may 1.) 5. unearned rent of $2,580 has been earned. 6. salaries of $810 are accrued and unpaid at may 31

Answers: 2

Answer

You know the right answer?

In this activity, you will be determining what constitutes a preexisting duty. Pay special attention...

Questions