Answer:
Ello, Imposter here
Explanation:
Brand equity is the commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself.
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Answer: According to Keller (2003) and his CBBE model, brand equity emerges from two sources namely brand awareness and brand image. According to this model, consumers build associations in their minds around a brand as the result of the marketing programs companies develop for their brands.
Explanation: None.
A company forecasts growth of 6 percent for the next five years and 3 percent thereafter. Given last year's free cash flow was $100, what is its horizon value (PV looking forward from year 4) if the company cost of capital is 8 percent?
a. $0
b. $1,672
c. $2,000
d. $2,676
Answer:
d. $2,676
Explanation:
The computation of the horizontal value is shown below:
FCF1 = (100 × 1.06) = 106
FCF2 = (106 × 1.06) = 112.36
FCF3 = (112.36 × 1.06) = 119.1016
FCF4 = (119.1016 × 1.06) = 126.247696
FCF5 = (126.247696 × 1.06) = 133.8225578
Now
Horizon value is
= FCF5 ÷ (Cost of capital - Growth rate)
= 133.8225578 ÷ (0.08 - 0.03)
= $2,676
Hence, the correct option is d.
According to the question,
The computation of the horizontal value will be:
→ [tex]FCF_1 = 100\times 1.06[/tex]
[tex]= 106[/tex]
→ [tex]FCF_2 = 106\times 1.06[/tex]
[tex]= 112.36[/tex]
→ [tex]FCF_3 = 112.36\times 1.06[/tex]
[tex]= 119.1016[/tex]
→ [tex]FCF_4 = 119.1016\times 1.06[/tex]
[tex]= 126.25[/tex]
→ [tex]FCF_5 = 126.25\times 1.06[/tex]
[tex]= 133.8226[/tex]
hence,
The horizon value will be:
= [tex]\frac{FCF_5}{Cost \ of \ capital - Growth \ rate}[/tex]
By putting the values, we get
= [tex]\frac{133.8226}{0.08-0.03}[/tex]
= [tex]2,676[/tex] ($)
Thus the above approach i.e., "option d" is right.
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Roose, Inc. reported revenue of $92 million and incurred total expenses of $84 million. The total expenses included cost of goods sold of $50 million, salaries and other administrative expenses of $9 million, $11 million of interest paid on a building's mortgage, and $14 million of depreciation. Assuming Roose is subject to the interest expense limitation, what amount of interest expense can the business deduct in the current year
Answer:
Roose, Inc.
The business can deduct $9.5 million in the current year.
Explanation:
Revenue = $92 million
Expenses allowed = 73 million ( $84 - $11 million for interest expense)
Adjusted taxable income before interest = $19 million
50% of adjusted taxable income = $9.5 million
Disallowed interest expense in the current year = $1.5 million
The interest expense allowed (deductible) is 50% for 2019 and 2020, as amended by the CARES Act) of the taxpayer's adjusted taxable income.
A double-entry accounting system is an accounting system: Multiple Choice That records each transaction twice. That records the effect of each transaction in at least two accounts with equal debits and credits. In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits. That allows total credits to be greater than total debits. That allows total debits to be greater than total credits.
Answer:
That records the effect of each transaction in at least two accounts with equal debits and credits.
Explanation:
A double-entry accounting system is the accounting system in which it shows the impact of each transaction in terms of debit and credit. In this the amount of credit should be equivalent to the amount of credit that means both the amount should be equivalent to each other
hence, the second option is correct and the same is to be considered
Consider a mutual fund with $240 million in assets at the start of the year and 10 million shares outstanding. The fund invests in a portfolio of stocks that provides dividend income at the end of the year of $2.5 million. The stocks included in the fund's portfolio increase in price by 5%, but no securities are sold and there are no capital gains distributions. The fund charges 12b-1 fees of .75%, which are deducted from portfolio assets at year-end. a. What is the fund's net asset value at the start and end of the year
Answer:
Net asset value at the start of the year = $240,000,000 / 10,000,000 shares
Net asset value at the start of the year = $24
Asset in the beginning $240,000,000
Increase in value $240,000,000*5% $12,000,000
Assets at the end $352,000,000
Less: 12b-1 Charges $352,000,000 * 0.75%) $2,640,000
Asset at the end $349,360,000
Net asset value at the end of the year = $349,360,000/10,000,000 shares
Net asset value at the end of the year = $34.936
At the end of May, the unadjusted trial balance of Barker Industries included the following accounts:
Debit Credit
Sales (75% represent credit sales) $400,000
Accounts Receivable $240,000
Allowance For Doubtful Accounts 1,800
Barker Industries uses the percentage of sales approach in estimating uncollectible accounts. The uncollectible accounts expense is estimated to be 3% of credit sales The net realizable value of Barker's accounts receivable in the May 31 balance sheet is:_____.
a. $250,800.b. $229,200.c. $236,400.d. $226,200.
Answer:
b. $229,200
Explanation:
Computation for the net realizable value of Barker's accounts receivable in the May 31 balance sheet
First step is to find the credit sales
Credit sales=.75(400,000)
Credit sales=300,000
Second step is to find the 3% of 300,000
3% of 300,000=9,000
Third step is to add credit sales amount to Allowance For Doubtful Accounts
9,000 +1,800
=$10,800
Last step is to find the net realizable value
Net realizable value=Accounts Receivable $240,000-$10,800
Net realizable value=$229,200
Therefore the net realizable value of Barker's accounts receivable in the May 31 balance sheet is $229,200
MC Qu. 22 Selected information from the accounting... Selected information from the accounting records of Dunn's Auto Dealers is as follows: Cost of furniture purchased for cash $ 8,000 Proceeds from bank loan 100,000 Repayment of bank loan (includes interest of $4,000) 44,000 Proceeds from sale of equipment 5,000 Cash collected from customers 320,000 Purchase of stock of another corporation as an investment 20,000 Common stock issued for cash 200,000 In its statement of cash flows, Dunn's should report net cash outflows from investing activities of:
Answer:
($23,000)
Explanation:
Cash flow from Investing Activities
Purchase of furniture ($ 8,000)
Proceeds from sale of Equipment $5,000
Investment in other companies ($20,000)
Net Cash used by Investing Activities ($23,000)
Notes :
Cash flow from Investing activities section of the cash flows statement shows the cash movement in acquisition of assets and sale of assets.
Epiphany is an all-equity firm with an estimated market value of $400,000. The firm sells $275,000 of debt and uses the proceeds to purchase outstanding equity. Compute the weight in equity and the weight in debt after the proposed financing and repurchase of equity. Group of answer choices 0.31, 0.69 0.34, 0.66 0.48, 0.52 0.69, 0.31
Answer:
Epiphany
Weight in equity = 0.31
Weight in debt = 0.69
Explanation:
a) Data and Calculations:
Estimated market value of equity = $400,000
Debts = $275,000
Net equity after debt = $125,000
Weight in equity = $125,000/$400,000 = 0.31
Weight in debt = $275,000/$400,000 = 0.69
b) The weight in equity shows the relationship between the equity and the total capital (equity and debt) in use in Epiphany after the sale of debt and repurchase of outstanding equity.
c) The weight in debt shows the relationship between the debt capital and the total capital (equity and debt) in use in Epiphany after the sale of debt and repurchase of outstanding equity.
A share of Lash Inc.'s common stock just paid a dividend of $2.10. If the expected long-run growth rate for this stock is 5%, and if investors' required rate of return is 18.5%, what is the stock price
Answer:
P0 = $16.333333333 rounded off to $16.33
Explanation:
Using the constant growth model of dividend discount model, we can calculate the price of the stock today. The DDM values a stock based on the present value of the expected future dividends from the stock. The formula for price today under this model is,
P0 = D0 * (1+g) / (r - g)
Where,
D0 * (1+g) is dividend expected for the next period g is the growth rate r is the required rate of return
P0 = 2.1 * (1+0.05) / (0.185 - 0.05)
P0 = $16.333333333 rounded off to $16.33
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10, n/30, what is the amount to be recorded as an accounts receivable on the date of the sale?
a. $10,000
b. $10,050
c. $9,950
d. none of the above
Answer: a. $10,000
Explanation:
The amount to be recorded as an Accounts Receivable on the date of the sale is the actual amount that the merchandise was sold for which is $10,000.
The discount of 1% if paid within 10 days will only apply if the customer pays within that time and if this is done, the discount will be deducted from the amount paid to the company and debited to the Sales discount account.
Joni Hyde Inc. has the following amounts reported in its general ledger at the end of the current year.
Organization costs $24,000
Trademarks 15,000
Discount on bonds payable 35,000
Deposits with advertising agency
for ads to promote goodwill of company 10,000
Excess of cost over fair value of net
identifiable assets of acquired subsidiary 75,000
Cost of equipment acquired for research
and development projects; the equipment
has an alternative future use 90,000
Costs of developing a secret formula for a
product that is expected to be marketed for
at least 20 years 80,000
On the basis of this information, compute the total amount to be reported by Hyde for intangible assets on its balance sheet at year-end. Equipment has alternative future use.
Answer:
90,000
Explanation:
An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets.
Trademarks = 15,000
Excess of cost over the fair value of net
identifiable assets (Goodwill) = 75,000
Total intangible assets = 90,000
1. When will countries trade? Assuming 2 goods, food and clothing, and that both countries’ preferences are homothetic (but not necessarily identical), determine whether two countries will trade in each of the following situations: (a) Countries have identical preferences and identical endowments. (b) Countries have identical preferences, their endowments differ, and their endowments are not in the same ratio of food to clothing. (c) Countries have identical preferences, their endowments differ, but the ratio of food to clothing is the same in both countries. (d) Countries have identical endowments but different preferences. (e) Countries have both different preferences and different endowments.
Answer:
(a) Countries have identical preferences and identical endowments.
Explanation:
Analyzing the statement, there is information that the preferences of countries are homothetic (but not necessarily identical) with respect to the 2 goods, food and clothing.
That is why it is correct to state that countries will not trade with each other, as countries have identical preferences and identical allocations, which means that the demands for these goods will be related to the prices of the goods and not in relation to income or preferences.
Therefore, there is no need to commercialize these two goods between these countries, except in situations of scarcity.
is the price of a movie ticket likely to go up or down why?
Answer:
Down
Explanation:
Because they want more people to watch
Which scenario holds true when a tariff is applied to an imported item? A. both domestic and foreign consumers pay the same price B. domestic consumers of the imported item pay a higher price C. foreign consumers of the imported item pay a higher price D domestic consumers of the imported itern pay a lower price
Answer:
i would say b, the domestic pay more.
The journal entry to record the transfer of units to the next department in process accounting is a(n):
Answer:
Decrease in one asset and an increase in another asset
Explanation:
The journal entry to record the transfer of units to the next department in process accounting is a(n):
i. Decrease in one asset
ii. Increase in another asset
On September 15, 2021, Oliver's Mortuary received a $7,200, nine-month note bearing interest at an annual rate of 8% from the estate of Jay Hendrix for services rendered. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2021
Answer: PLease see answer below
Explanation:
Date Account title and explanation Debit Credit
Dec 31 Interest receivable $168
2021 Interest revenue $168
Calculation
Interest =Principal x time x rate
= 7,200 x 8% x 3.5 /12(15th september to 31st December)
=$168
A company, which is currently operating at full capacity, has sales of $2,480, current assets of $820, current liabilities of $510, net fixed assets of $1,670, and a 5 percent profit margin. The company has no long-term debt and does not plan on acquiring any. The company does not pay any dividends. Sales are expected to increase by 10 percent next year. If all assets, short-term liabilities, and costs vary directly with sales, how much additional equity financing is required for next year
Answer:
$61.60
Explanation:
Equity funding need = Projected assets - Projected liabilities - Current equity - Projected increase in retained earnings
Equity funding need = $2,739 - $561 - $1,980 - $136.40
Equity funding need = $61.60
Workings
Projected assets = (Current assets + Fixed assets) * 1.10 = 820+1,670 * 1.10 = $2,739
Projected liabilities = Current liabilities * 1.10 = 510 * 1.10 = $561
Current equity = Current assets + Fixed assets - Current liabilities = 820 + 1,670 - 510 = $1,980
Projected increase in retained earnings = Sales*5% * 1.10 = $2,480*5% * 1.10 = 124*1.10 = $136.40
Bond Ratings. Companies pay rating agencies such as Moody’s and S&P to rate their bonds, and the costs can be substantial. However, companies are not required to have their bonds rated in the first place; doing so is strictly voluntary. Why so you think they do so?
Answer:
Bond Ratings
Companies employ rating agencies such as Moody's and S&P to rate their bonds despite the substantial costs and their voluntariness because ratings by these agencies add a badge of honor to the bonds. It gives investors some level of assurance that the bonds will be honored at maturity and that the pricing is right, given the company's credit risk.
Explanation:
Credit risk rating agencies assess the credit risk of a company or financial product as formal and credit-worthy benchmarks for investment decisions. While companies pay huge costs to have these ratings conducted by the big three, including Moody's, S&P, and Fitch, the main value goes to the potential investors who require the information to decide whether to invest in the rated companies.
$50 an hour is a
A salary
B commission
C wage
D pension
Answer: C.) Wage
Explanation: A salary is a set cost that is due to you over an agreed amount of time. A commission is a percentage that you get from the original cost. A wage is the income one makes daily, or per hour. A pension is the gradual amount of money being added up during the years one works. Therefore, $50 an hour is a wage.
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Suppose there are 100 million in the labor force, and 6 million unemployed people. During the next month, 200,000 people lose their jobs and 300,000 find jobs. The new total of employed persons is ________ and the new unemployment rate is ________.
Answer:
Results are below.
Explanation:
First, we need to calculate the currently employed people and the unemployment rate:
Employed people= 100,000,000 - 6,000,000= 94,000,000
Unemployment rate= unemployed people / labor force
Unemployment rate= 6,000,000 / 100,000,000
Unemployment rate= 0.06= 6%
Now, the newly employed people and the unemployment rate:
Employed people= 94,000,000 + 300,000 - 200,000
Employed people= 94,100,000
Unemployment rate= 5,900,000 / 100,000,000
Unemployment rate= 0.059 = 5.9%
Holiday Laboratories purchased a high-speed industrial centrifuge at a cost of $470,000. Shipping costs totaled $14,100. Foundation work to house the centrifuge cost $7,700. An additional water line had to be run to the equipment at a cost of $2,600. Labor and testing costs totaled $7,000. Materials used up in testing cost $3,700. (Leave no cells blank. Enter 0 where needed.) a. What is the total cost of the equipment
Answer:Total Cost of equipment=$502,500
Explanation:
Total Cost of equipment= This is gotten by addition of Cost of Purchase +Shipping costs +Foundation work+ Testing expense
=$470,000+$14,100+$7,700+($7,000+$3,700.)
=$502,500
Rust Pipe Co. was established in 1994. Four years later the company went public. At that time, Robert Rust, the original owner, decided to establish two classes of stock. The first represents Class A founders' stock and is entitled to twelve votes per share. The normally traded common stock, designated as Class B, is entitled to one vote per share. In late 2010, Mr. Stone, an investor, was considering purchasing shares in Rust Pipe Co. While he knew the existence of founders’ shares were not often present in other companies, he decided to buy the shares anyway because of a new technology Rust Pipe had developed to improve the flow of liquids through pipes. Of the 1,900,000 total shares currently outstanding, the original founder's family owns 52,725 shares. What is the percentage of the founder's family votes to Class B votes? (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)
Answer:
34.25%
Explanation:
Votes per share = 12
Shares owned = 52725
Now we are to calculate the total value of the total number of of votes
Total votes = votes per share * shares owned
= 12*52725
Total = 632700
Value of votes of class B
Total shares outstanding - founders family shares
= 1900000 - 52725
= 1847275
The question requires us to calculate percentage of the founder's family votes to Class B votes
632700/1847275
= 0.3425
= 34.25%
The specific The specific identification inventory costing method: Select one: A. Measures the ending inventory at the actual prices of the specific units sold during the period B. Is more appropriate for a firm selling construction equipment than for a firm selling greeting cards C. Is not a generally accepted method of pricing inventories D. Uses expected future acquisition costs rather than historical costs to measure the ending inventoryinventory costing method:
Answer:
A. Measures the ending inventory at the actual prices of the specific units sold during the period
Explanation:
The Specific identification inventory costing method is a strategy of getting the actual ending inventory cost. To get this cost requires the deliberate manual calculation of each of the remaining commodities brought on certain dates, at year-end inventory. The number gotten is then multiplied by their actual cost of purchase date. The result is then taken as the ending inventory cost.
Consequently, the purpose is to allocates the specific cost of each inventory item to cost of goods sold.
Hence, in this case, the correct answer is option A. Measures the ending inventory at the actual prices of the specific units sold during the period.
A project that will last for 10 years is expected to have equal annual cash flows of $103,900. If the required return is 8.4 percent, what maximum initial investment would make the project acceptable? Multiple Choice $638,392.96 $595,833.43 $1,534,047.75 $655,213.49 $684,772.10
Answer:
PV= $684,772.1
Explanation:
Giving the following information:
A project that will last for 10 years is expected to have equal annual cash flows of $103,900. If the required return is 8.4 percent.
First, we need to calculate the future value of the cash flows:
FV= {A*[(1+i)^n-1]}/i
A= annual cash flow
FV= {103,900*[(1.084^10) - 1]} / 0.084
FV= $1,534,047.75
Now, we can determine the present value:
PV= FV/(1+i)^n
PV= 1,534,047.75 / (1.084^10)
PV= $684,772.1
Your boss wants to purchase a graphics design application to be distributed to approximately 40 users in the company. Although the vendor says the application has broad OS support, your boss wants to be sure it will work on the five different OSs running on the company’s user workstations. He wants you to verify compatibility by using evaluation copies of the software without disrupting users or their computers. You have the installation disks for all five OSs your company uses, but you don’t have a lot of computers available to install the OSs. a. What’s your plan?
Explanation:
My plan is to use this same machine for testing more than one operating system available in more than one disk. Virtual machines can be run with more than one operating systems. Now this is the idea, firstly install the first operating system in a machine. After testing well enough, then reboot. Then install second operating system in same machine and also test. Follow this process for testing all the operating systems with the aid of installation disks without causing any Interference to the users in the company.
Budgets are prepared in which of the following orders? Group of answer choices sales budget, production budget, direct materials purchases budget sales budget, cash budget, production budget production budget, cost of goods sold budget, direct labor budget production budget, sales budget, direct labor budget
Answer:
Sales Budget,
Production Budget,
Direct Materials Purchases Budget
Explanation:
The budgets are prepared so that the company could get to know how much revenue earned and the expenses to be incurred during a particular period of time. It gives an idea of how much would be earned and how much would be incurred
Here, in the following orders, the budgets could be prepared
Sales Budget,
Production Budget,
Direct Materials Purchases Budget
None of the following would be an advantage of self-administered surveys:
A) Reduced cost
B) Respondent control
C) Reduced interview evaluation apprehension
A. True
B. False
Answer:
B. False
Explanation:
A self-administered survey is one where there is the collection of the necessary data for the survey is carried out through a questionnaire of questions to be answered by the interviewee. Questionnaires can be sent via mail, e-mail, personal interception, hand delivery etc.
The advantages of self-administered surveys are cost reduction, since questionnaires can be sent via email at no cost to both, greater control of the interviewee, since the questions can be developed according to the information you want to collect, greater quick feedback, which reduces the apprehension of the interview evaluation.
False, the self-administered surveys would not be advantageous in terms of reduced interview evaluation apprehension. The Option B.
Would self-administered surveys be advantageous?Self-administered surveys eliminate the need for face-to-face interactions and direct interviewer involvement which can indeed reduce interview evaluation apprehension. When individuals complete surveys on their own, they may feel less pressured and more comfortable expressing their opinions.
But this advantage does not hold true for self-administered surveys as they are completed by the respondents themselves without the presence of an interviewer. Consequently, the absence of an interviewer does not contribute to a reduction in interview evaluation apprehension. Therefore, the Option B is correct.
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Question 3
A situation where the level of output scale and average costs are all rising is called
Answer: Decreasing return to scale
Explanation:
Decreasing return to scale is a situation where the level of output, scale and average costs are all rising.
Decreasing return to scale happens when there's a rise in inputs that are involved in production process such as labour and capital which brings about a increase in output as well even though it's lesser.
During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 2019 understated by $ 124,000 2020 overstated by 154,000 WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors.
Answer:
WMC Corporation
Misstatement of Ending Inventories:
1. Effect of these errors on Retained Earnings at January 1, 2021:
a) The understated amount by $124,000 in 2019 has self-corrected in 2020 with the Beginning Inventory also understated. So, it has no effect on the Retained Earnings at January 1, 2021.
b) The overstated ending inventories by $154,000 will overstate the Retained Earnings at January 1, 2021 by the same amount. Since it has not self-corrected like (a), the correction will be to reduce the Retained Earnings and reduce the Beginning Inventories by $154,000.
2. Journal Entry:
Debit Retained Earnings $154,000
Credit Beginning Inventories $154,000
To reverse the overstated inventories.
Explanation:
a) Data:
2019 understated by $ 124,000
2020 overstated by 154,000
Inventory system = periodic
Inventory method = FIFO
A U.S. business sells milk to consumers in France. Which situation would
most likely cause demand for milk to decline in France?
A. A popular French nutrition author claims that milk is bad for
people's health.
B. French consumers expect the price for milk to increase in the
future.
C. Cheese and other products made from milk become more popular
in France
D. The French population grows steadily due to years of economic
prosperity
The situation that cause the demand for falling in france should be option A. A popular French nutrition author claims that milk is bad for people's health.
The reason why it cause demand for milk:
The various consumers believes on expert's suggestion to select between products. Marketers know this, and that is why they incorporate doctors and other professionals in advertisements. Should the popular nutrition author provides a negative opinion on milk products, the demand for milk in France will decline.
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Answer:
A
Explanation:
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Westbank Real Estate, Inc. owns 10 acres of forested land. Westbank wants the land cleared in order to build houses. Westbank emails a signed electronic memorandum to a representative of Hardell Lumber Co. offering to sell the mature trees and rich topsoil to Hardell for lumber and agricultural purposes. The electronic memorandum includes the parties' typed names, the consideration, the price, and a description of the property, lumber, and soil. Hardell replies via email to Westbank that it accepts Westbank's terms, electronically signs the memorandum, and will start removing the trees and soil next month. Before Hardell can begin clearing the land, Westbank changes its mind, wants to keep the land forested, and prevents Hardell from accessing the property claiming no contract has been formed.
2. Does the electronic agreement for the sale of trees and soil fall under the statute of frauds? (YES / NO)
3. Under which category? (CONTRACTS INVOLVING LAND/ CONTRACTS THAT BY THEIR TERMS CANNOT BE PREFORMED IN LESS THAN A YEAR AFTER THE DATE OF AGREEMENT/ A PROMISE TO ANSWER FOR A DEBT OF ANOTHER/ A PROMISE MADE IN CONSIDERATION OF MARRIAGE/ CONTRACTS FOR THE SALE OF GOODS OVER $500)
4. An electronic memorandum (DOES/ DOES NOT) satisfy the writing requirements for the Statute of Frauds.
5. Land is considered to be (REAL PROPERTY/ PERSONAL PROPERTY)
6. The definition of land includes (NO/ SOME/ ALL) physical objects that are permanently attached to the property.
7. Examples of physical objects that constitute land for purposes of the statute of frauds include (BUILDINGS/ FENCES/ TREES/ SOIL/ ALL OF THESE)
8. A written or electronic memorandum evidencing a contract will suffice provided that the writing is signed by (THE PERSON WHO IS ENFORCING THE CONTRACT/ THE PERSON AGAINST WHOM THE CONTRACT IS BEING ENFORCED)
9. Who signed the e-mails? (WESTBANK REAL ESTATE/ HARDELL LUMBER/ BOTH PARTIES)
10. What type of signature must be on an e-mail in order to enforce an electronic record? (A TYPED NAME/ AN OFFICIAL SIGNATURE/ A NOTARIZED SIGNATURE/ AN ENCRYPTED SIGNATURE)
11. Does the electronic memorandum have the parties' typed names? (YES/ NO)
12. Does the electronic memorandum describe the property involved?(YES/ NO)
13. Is it likely a court would find that the electronic memorandum satisfied the statue of frauds? (YES/ NO)
14. As a result, Hardell (WILL/ WILL NOT) likely be able to enforce the contract against Westbank.
Answer:
Westbank Real Estate, Inc. and Hardell Lumber Co.
2. Does the electronic agreement for the sale of trees and soil fall under the statute of frauds? (YES / NO)
3. Under which category? (CONTRACTS INVOLVING LAND/ CONTRACTS THAT BY THEIR TERMS CANNOT BE PERFORMED IN LESS THAN A YEAR AFTER THE DATE OF AGREEMENT/ A PROMISE TO ANSWER FOR A DEBT OF ANOTHER/ A PROMISE MADE IN CONSIDERATION OF MARRIAGE/ CONTRACTS FOR THE SALE OF GOODS OVER $500)
4. An electronic memorandum (DOES/ DOES NOT) satisfy the writing requirements for the Statute of Frauds.
5. Land is considered to be (REAL PROPERTY/ PERSONAL PROPERTY)
6. The definition of land includes (NO/ SOME/ ALL) physical objects that are permanently attached to the property.
7. Examples of physical objects that constitute land for purposes of the statute of frauds include (BUILDINGS/ FENCES/ TREES/ SOIL/ ALL OF THESE)
8. A written or electronic memorandum evidencing a contract will suffice provided that the writing is signed by (THE PERSON WHO IS ENFORCING THE CONTRACT/ THE PERSON AGAINST WHOM THE CONTRACT IS BEING ENFORCED)
9. Who signed the emails? (WESTBANK REAL ESTATE/ HARDELL LUMBER/ BOTH PARTIES)
10. What type of signature must be on an email in order to enforce an electronic record? (A TYPED NAME/ AN OFFICIAL SIGNATURE/ A NOTARIZED SIGNATURE/ AN ENCRYPTED SIGNATURE)
11. Does the electronic memorandum have the parties' typed names? (YES/ NO)
12. Does the electronic memorandum describe the property involved?(YES/ NO)
13. Is it likely a court would find that the electronic memorandum satisfied the statute of frauds? (YES/ NO)
14. As a result, Hardell (WILL/ WILL NOT) likely be able to enforce the contract against Westbank.
Explanation:
The memoranda exchanged between Westbank Real Estate and Hardell Lumber Co provides the evidence of their oral contract. The statute of fraud covers most oral contracts, especially those involving real property or sale of land. It is important to note that land includes all its permanent attachments.