Answer:
a. digital dashboard.
Explanation:
Management involves the control, planning and organization of the affairs of a business firm.
Basically, the management of an organization is saddled with the responsibility of planning, organizing, controlling and staffing within the organization.
An Executive information system is also referred to as an Executive support system and it can be defined as a management support system that enhances and supports all of the senior executive information and decision-making process.
Hence, most executive information systems (EISs) include a digital dashboard, which is typically used for integrating information obtained from multiple sources and then presents it in a unified, understandable format, often as charts and graphs.
Huffman Corporation constructed a building at a cost of $30,000,000. Weighted-average accumulated expenditures (WAAE) were $12,000,000, actual interest was $1,200,000, and avoidable interest was $1,600,000. If the salvage value is $2,400,000, and the useful life is 40 years, depreciation expense for the first full year using the straight-line method is
a. $690,000
b. $705,000.
c. $720,000.
d. $735,000.
Answer:
$730,000
Explanation:
Calculation to determine what depreciation expense for the first full year using the straight-line method is
Using this formula
Depreciation expense=Costs of Building+Avoidable interest-Salvage value)/Useful life
Let plug in the formula
Depreciation expense=( $30,000,000 + $ 1,600,000- $2,400,000) / 40 years
Depreciation expense=$29,200,000/40 years
Depreciation expense= $730,000
Therefore depreciation expense for the first full year using the straight-line method is $730,000
PlZ Help 70 points
Look at the circular flow diagram. Choose and define an environmental issue. Using the diagram as a guide, explain how the environmental issue you chose affects the relationship between the business and factor market. (4 points)
Answer:
Family and government are related to each other in terms of financial unit. Family pay charges to government and after that government utilize that cash for the individuals. Family gain the money by working in firms or by running their possess commerce. Natural issues such as discuss contamination can influence the relationship between family and government. Popleuses their possess transport to go to firms and the number of vehicles are expanding day by day which causes discuss contamination. The government can shape arrangements against personal transport and persuade individuals to utilize open transport which can be advantageous for government as government will straightforwardly get cash from family.
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If an investor has a choice of investing money at 6% compounded daily or 6.025% compounded quarterly which one is best
General Rule: Daily compounding gives a higher yield
Compounding works like this:
6.025% per quarter
Quarter 1: $100 x 6.025% = $6.025
Quarter 2: $106.025 x 6.025% = $6.388
Quarter 3: $112.413 x 6.025% = $6.7729
Quarter 4: $119.186 x 6.025% = $7.4491
Etc…
6% per day
Day 1: $100 x 6% = $6
Day 2: $106 x 6% = $6.36
...
Day 365: $193.47 x 6% = $11.96
Last year, you purchased a stock at a price of $64.00 a share. Over the course of the year, you received $2.20 per share in dividends and inflation averaged 2.7 percent. Today, you sold your shares for $69.00 a share. What is your approximate real rate of return on this investment
Answer:
8.55%
Explanation:
Calculation to determine your approximate real rate of return on this investment
First step is to calculate the Nominal return
Nominal return = ($69 - $64+ $2.20)/$64
Nominal return=7.2/$64
Nominal return= 0.1125
Now let calculate the Approximate real return
Approximate real return = 0.1125 - 0.027
Approximate real return= 0.0855*100
Approximate real return=8.55%
Therefore your approximate real rate of return on this investment is 8.55%
The difference between actual overhead costs incurred and the budgeted overhead costs based on a flexible budget is the: Multiple Choice Production variance. Controllable variance. Volume variance. Price variance. Quantity variance.
The difference between actual overhead costs incurred and the budgeted overhead costs based on a flexible budget is the controllable variance.
In accounting, there are two elements of a variance- rate variance and volume variance. While the rate variance refers to the difference in the actual price paid vs. the budgeted price, the volume variance refers to the portion of the variance in sales, unit usage.
The controllable variance is in the "rate" element of the variance.Controllable variance refers to the process by which the efficiency of using variable overhead resources is measured.This means that the controllable variance is the difference between the actual cost and the budgeted overhead cost.The calculation for this variance is: Actual overhear expense - (budgeted overhead cost x standard number of units)= overhead controllable variance.In short, we can say that the controllable variance is the amount that is not part of the volume variance. Rather, it is the difference in the overhead cost incurred and the budgeted overhead cost.
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A partial list of Waterways' accounts and their balances for the month of November 2016 follows:
Accounts Receivable $ 275,000
Advertising Expenses 54,000
Cash 260,000
Depreciation-Factory Equipment 16,800
Depreciation-Office Equipment 2,400
Direct Labor 42,000
Factory Supplies Used 16,800
Factory Utilities 10,200
Finished Goods Inventory, November 30 68,800
Finished Goods Inventory, October 31 72,550
Indirect Labor 48,000
Office Supplies Expense 1,600
Other Administrative Expenses 72,000
Prepaid Expenses 41,250
Raw Materials Inventory, November 30 52,700
Raw Materials Inventory, October 31 38,000
Raw Materials Purchases 184,500
Rent Factory Equipment 47,000
Repairs-Factory Equipment 4,500
Salaries 325,000
A list of accounts and their values are given above. From this information, prepare a partial balance sheet for Waterways Corporation for the month of November. (List Current Assets in order of liquidity.)
Answer:
Total current assets = $697,750
Explanation:
The partial balance sheet is as follows:
Waterways Corporation
Balance Sheet (Partial)
For the month of November 2016
Details $ $
Current Assets
Cash 260,000
Accounts Receivable 275,000
Finished Goods Inventory, November 68,800
Raw Materials Inventory, November 52,700
Prepaid Expenses 41,250
Total current assets 697,750
Note:
Cash is the most liquid of assets.
Accounts receivable which should be collected within 30 to 60 days are less liquid than cash, but more liquid than inventory.
Finished Goods Inventory which is expected to be sold and converted to cash within one year, and Raw Materials Inventory which is expected to be converted to finished good within one year are more liquid than Prepaid expense.
Therefore, the least liquid among current assets’ item above is the Prepaid Expense as it is cash paid for services not yet received..
Complete the following statements with one of the terms listed here. You may use a term more than once. Some terms may not be used at all. Capital turnover Direct fixed expenses Flexible budget variance Key performance indictors (KPIs) Profit center Sales margin Common fixed expenses Favorable variance Goal congruence Management by exception Return on investment (ROI) Unfavorable variance Cost center Flexible budget Investment center Master budget variance Revenue center Volume variance
Solution :
a). Flexible budget
A flexible budget is a budget that is prepared for the different volume level which was originally anticipated.
b). Flexible budget variance
It is the different between the flexible budget and the actual results.
c). Return on Investment
It is used to evaluate the performance of the investment centers. It is calculated by dividing operating income by the investment.
d). Favorable variance
The company has the favorable variance when the actual values are more than the budgeted values.
Thomlin Company forecasts that total overhead for the current year will be $12,300,000 with 150,000 total machine hours. Year to date, the actual overhead is $8,270,500, and the actual machine hours are 97,300 hours. If Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is a.$291,900 overapplied b.$291,900 underapplied c.$158,100 overapplied d.$158,100 underapplied
Answer:
b. $291,900 underapplied
Explanation:
With regards to the above information, we will calculate the predetermined overhead rate first.
Predetermined overhead rate = Estimated total overhead / Total machine hours
= $12,300,000 / 150,000
= $82 per machine hours
Total overhead = Predetermined overhead rate × Actual total machine hours
= $82 × 97,300
= $9,798,600
Then,
Overhead = Total overhead - Actual overhead
= $9,798,600 - $8,270,500
= $291,900 underapplied
Beagle Corporation has 26,000 shares of $10 par common stock outstanding and 16,000 shares of $100 par, 5.50% cumulative, nonparticipating preferred stock outstanding. Dividends have not been paid for the past two years. This year, a $420,000 dividend will be paid. What are the dividends per share payable to preferred and common, respectively
Answer:
$16.5 per share; $6 per share
Explanation:
Calculation to determine the dividends per share payable to preferred and common, respectively
DIVIDENDS PER SHARE PAYABLE TO PREFERRED
First step
Total dividend paid to Preferred Stockholders
= Outstanding preferred stock × Par value of preferred stock × 5.50% × Number of years
Total dividend paid to Preferred Stockholders= 16000 × 100 × 5.50% × 3
Total dividend paid to Preferred Stockholders= $264,000
Second step
Total dividend per share paid to Preferred Stockholders= Total dividend paid to preferred ÷ No. of outstanding shares
Total dividend per share paid to Preferred Stockholders= $264,000 ÷ 16,000 shares
Total dividend per share paid to Preferred Stockholders= $16.5 per share
DIVIDENDS PER SHARE PAYABLE TO COMMON STOCKHOLDERS
First step
Total dividend paid to Preferred Stockholders
= Outstanding preferred stock × Par value of preferred stock × 5.50% × Number of years
Total dividend paid to Preferred Stockholders= 16000 × 100 × 5.50% × 3
Total dividend paid to Preferred Stockholders= $264,000
Second step
Total dividend per share paid to common Stockholders= (Dividend paid in the current year - Total dividend paid to preferred) ÷ Common stock outstanding shares
Total dividend per share paid to common Stockholders= ($420,000 - $264,000) ÷ 26,000
Total dividend per share paid to common Stockholders= $156,000 ÷ 26,000 shares
Total dividend per share paid to common Stockholders= 6 per share
Therefore the dividends per share payable to preferred and common, respectively is:
$16.5 per share; $6 per share
9 Given figures showing: Sales £8,200, Opening inventory £1,300, Closing inventory £900, Purchases £6,400, Carriage inwards £200, the cost of goods sold figure is (A) £6,800 (B) £6,200 (C) £7,000 (D) Another figure
Explanation:
the correct answer is
B)£6,200
Dawson Toys, Ltd., produces a toy called the Maze. The company has recently created a standard cost system to help control costs and has established the following standards for the Maze toy:
Direct materials: 7 microns per toy at $0.33 per micron
Direct labor: 1.4 hours per toy at $6.70 per hour
During July, the company produced 5,000 Maze toys. The toy's production data for the month are as follows:
Direct materials: 70,000 microns were purchased at a cost of $0.29 per micron. 26,250 of these microns were still in inventory at the end of the month.
Direct labor: 7,500 direct labor-hours were worked at a cost of $54,750.
Required:
a. Compute the following variance for july
b. The materials price and quantity variances
c. The labor rate and efficiency variances
Answer:
Results are below.
Explanation:
To calculate the direct material price and quantity variance, we need to use the following formulas:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (0.33 - 0.29)*70,000
Direct material price variance= $2,800 favorable
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (5,000*7 - 43,750)*0.33
Direct material quantity variance= $2,887.5 unfavorable
To calculate the direct labor rate and efficiency variance, we need to use the following formulas:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (6.7 - 7.3)*7,500
Direct labor rate variance= $4,500 unfavorable
Actual rate= 54,750 / 7,500= $7.3
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (5,000*1.4 - 7,500)*6.7
Direct labor time (efficiency) variance= $3,350 unfavorable
Monetary stimulus is only helpful to an economy: __________
a. experiencing significant negative externalities.
b. that's in recession.
c. with few public goods.
JacksonIndustries produces two products. The products' estimated costs are as follows:
Product A Product B
Direct Materials $20,000 $15,000
Direct Labor $30,000 $10,000
The company's overhead costs of $200,000 are allocated based on labor cost. Assume 4,000 units of product A and 5,000 units of Product B are produced. What is the total amount of production costs that would be assigned to Product A? (Do not round intermediate calculations.)
a. $200,000
b. $75,000
c. $50,000
d .$150,000
e. $114,285.71
Answer:
Total production cost= $200,000
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 200,000 / (30,000 + 10,000)
Predetermined manufacturing overhead rate= $5 per direct labor cost
Now, we can allocate overhead to Product A:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 5*30,000
Allocated MOH= $150,000
Finally, the total production cost for Product A:
Total production cost= 150,000 + 20,000 + 30,000
Total production cost= $200,000
Happy Trails, a bicycle rental company, is considering purchasing three additional bicycles. Each bicycle would cost them $249.66. At the end of the first year the increase to their revenues would be $140 per bicycle. At the end of the second year the increase to their revenues again would be $140 per bicycle. Thereafter, there are no increases to their revenues. At which of the following interest rates is the sum of the present values of the additional revenues closest to the price of a bicycle?
a. 5 percent.
b. 6 percent.
c. 7 percent.
d. 8 percent.
Answer:
D
Explanation:
We are to determine the IRR of the purchase
The internal rate of return is a capital budgeting method that is used to determine the profitability of a project.
Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested
Cash flow in Y0 = -249.66
Cash flow in Y1 = 140
Cash flow in Y2 = 140
IRR = 8
To determine IRR using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the IRR button and then press the compute button
Over the last ten years productivity grew faster in Oceania than in Freedonia and the population and total hours worked remained the same in both countries. It follows that:
a. real GDP per person must be higher in Oceania than in Freedonia.
b. real GDP per person grew faster in Oceania than in Freedonia.
c. the standard of living must be higher in Oceania than in Freedonia.
d. All of the above are correct.
Answer:
it's d. All are correctamundo
Bricktan Inc. makes three products, basic, classic, and deluxe. The maximum Bricktan can sell is 715,000 units of basic, 420,000 units of classic, and 120,000 units of deluxe. Bricktan has limited production capacity of 90,000 hours. It can produce 10 units of basic, 8 units of classic, and 4 units of deluxe per hour. Contribution margin per unit is $15 for the basic, $25 for the classic, and $55 for the deluxe. What is the most profitable sales mix for Bricktan Inc.? 1
A. 50,000 basic, 120,000 classic and 240,000 deluxe.
B. 75,000 basic, 420,000 classic and 120,000 deluxe.
C. 600,000 basic, 0 classic and 120,000 deluxe.
D. 71,500 basic, 420,000 classic and 240,000 deluxe.
E. 300,000 basic, 240,000 classic and 120,000 deluxe.
Answer:
B. 75,000 basic, 420,000 classic and 120,000 deluxe.
Explanation:
Products Available : Basic, Classic , Deluxe
Contribution margin per unit: $15 , $25, $55
Production units per hour : 10, 8 , 4
Contribution margin per production hour : $150 , $200 , $220
Maximum number of units to be sold: 715,000, 420,000, 120,000
Hours required to produce these units: 71,500, 52,500, 30,000
Units produced maximum sales : 75,000, 420,000, 120,000
Ultimo Co. operates three production departments as profit centers. The following information is available for its most recent year. Which department has the greatest departmental contribution to overhead (in dollars) and what is the amount contributed
Answer: Department 3 had the greatest contribution to overhead of $362,000
Explanation:
Contribution to overhead = Sales - Cost of Goods sold - Direct expense
Department 1:
= 1,140,000 - 714,000 - 114,000
= $312,000
Department 2:
= 540,000 - 164,000 - 54,000
= $322,000
Department 3:
= 840,000 - 314,000 - 164,000
= $362,000
In his work Divine Comedy, the 14-century Italian poet Dante described a trip into space. As he traveled away from Earth, he visited the following celestial bodies in order: the moon, Mercury, Venus, the sun, Jupiter, and Saturn. What view of solar system structure did Dante hold? How do you know? Compare this view with a modern understanding of the solar system’s structure.
According to Italian poet Dante;
Dante believed in a geocentric conception of the planetary system, wherein the Earth seems to be at the centre while the moon, sun, and other planets revolve around it.
Explanation:
Researchers understand Dante had a geocentric perspective of the solar system since he would have visited Venus earlier Mercury in a sun-centered worldview.According to Dante's interpretation of the solar system, the crescent, sun, and planet all revolve around Earth. According to current thinking, only the moon revolves Earth; the Earth and then all the planets remain in orbit of sun.Learn more:
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Assume the government has a balanced budget and that the economy is experiencing a period of growth higher than predicted. The tax revenue collected by the government is likely to ________, which would lead to a ________.
The tax revenue that is collected by the government is likely to increase which would then lead to a budget surplus.
A budget reveals the expenditure and the revenue of the government for a particular fiscal year.
Since there is a balanced budget such that the revenue and the expenses for the given year is thesame, then due to the higher growth, there'll be an increase in the tax revenue.
The increase in tax revenue will then lead to a situation whereby the revenue is more than the expenditure, therefore this will lead to a budget surplus.
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Assume that inflation averages 3.50% over the next 20 years. If Carlos invests $25,000 in an exchange-traded fund within a tax-deferred account and that investment grows to $45,000 at the end of 20 years, will he have maintained his purchasing power
Answer: Yes, because the ETF is worth more than his original investment
Explanation:
From the information given in the question, the average inflation for next 20 years = 3.50%
Amount invested by John = $25,000
Then, the amount in 20 years after the adjustment of inflation will be:
= Amount invested (1+inflation rate)^n
= 25000(1+0.035)^20
= 25000(1.035)^20
= 25000 × 1.9898
= $49745
In this case, the answer is Yes due to the fact that the ETF is worth more than his original investment.
You are closing the accounts you used to bill the project costs, but you still have some lingering expenses. Which best practice should you follow?
Answer:
Close all accounts except for the one related to the follow-up activities until the remanding expenses are complete.
Explanation: You never what to close out an account when the project has not been completed. If you still have remanding expenses the project is not complete.
Colorado Cleaning has a 5-year maximum acceptable payback period. The firm is considering the purchase of a new washing machine and must choose between two alternative ones. The first machine requires an initial investment of $25,000 and generates annual after-tax cash inflows of $6,500 for each of the next 8 years. The second machine requires an initial investment of $75,000 and provides an annual cash inflow after taxes of $9,500 for 15 years.
Required:
a. Determine the payback period for each machine.
b. Comment on the acceptability of the machines, assuming that they are independent projects.
c. Which machine should the firm accept? Why?
d. Do the machines in this problem illustrate any of the weaknesses of using payback? Discuss.
Answer:
a) Payback period = period up to which cumulative cash flow is negative +
(negative cumulative cash flow /cash flow succeeding
the above period)
Project A - Up to year 4 ,cash flow recovered = 3000 * 4 = 12,000
Payback period =14,000/3,000 = 4.67 years
Project B= Cash flow recovered up to year 5 = 4000 * 5 = 20000
Payback period = 21,000/4,000 =5.25 years
b) On the basis of the Payback period, Project A should be selected, as it has a lower payback period and is also within the maximum acceptable payback period. back period.(4.67 < 5)
Project B should not be selected as its payback recovery is not within the maximum acceptable payback period (5.25 >5 )
c) Machine A should be selected as it has a lower payback period. than machine B.
d)The payback period ignores the life present value of cash flow and also the life of the machine each project has.
so the decision on the basis of the payback period may not be accurate.
Vincent corporation has 100,00 shares of 100 par common stock outstanding. on june30 ,Vincent corporation declared a 5% stock dividend to be issued on July 30 to stockholders of record july15. the market price of the stock was $132 a share on June 30. journalize the entries required on June 30 and july30
The common stock that is seen here would be $500000
What is the common stock outstanding?This is the term that would simply be used to refer to all of the shares that the shareholders of a company as well as the people that are the insiders in the company would own.
How to solve for the journal entriesThe retained earnings is given as
$132 * 0.05
= $6.6
= 6.6 x 100000
= 660000
The debit is $660000
The credit is 100000 x 5 = 500000
paid in capital in excess of par = 660000 - 500000
= $160000
The stock dividend distributable = $500000
common stock is given as $500000
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MC Qu. 59 A company's flexible budget for... A company's flexible budget for 16,000 units of production showed sales, $96,000; variable costs, $56,000; and fixed costs, $20,000. The sales expected if the company produces and sells 20,000 units is (Do not round intermediate calculations):
Answer: $120,000
Explanation:
First find the selling price of the units.
= Sales / Number of units produced
= 96,000 / 16,000
= $6 per unit
If 20,000 units are sold, the sales would be:
= Number of units sold * selling price
= 20,000 * 6
= $120,000
Gotiable sells straw hats for $24 each. The April inventory purchases are summarized below. Gotiable sold 142 hats at a hat festival on April 28. Units Cost each Dollars Beg. Inv. 84 3 252 April 2 75 4 300 April 14 66 7 462 April 23 52 8 416
Assume that Gotiable uses the average cost method for inventory costing.
1. What is the average cost of one hat? (Round to the nearest penny (2 decimal points)).
2. What will be the dollar value of the inventory on the April 30th balance Sheet? (Round to the nearest dollar)
3. What will Gotiable report as Gross margin for the hats for the month of April? (Round to the nearest dollar)
Answer and Explanation:
The computation is shown below:
1.
Particulars Units Unit Cost Dollars
Beg. Inv. 84 $3 $252
Apr-02 75 $4 $300
Apr-14 66 $7 $462
Apr-23 52 $8 $416
Total 277 $1,430
Average cost of one hat is
= Total cost of purchases ÷ Units purchased
= $1,430 ÷ 277 units
= $5.16
2.
Ending Inventory in Units = Units purchased - Units sold
= 277 units - 142 units
= 135 units
Now
Value of Ending Inventory = Units in Ending Inventory × Average cost per unit
= 135 units × $5.16
= $696.60
= $697
3
Gross Margin = Units sold × (Selling Price - Cost of goods sold)
= 142 units × ($24 - $5.16)
= $2,675.28
= $2,675
1. The process of establishing the image or identity of a brand or product so that customers perceive it in a certain way is the definition of which of the following terms?
A. Marketing Strategy,
B. Social Media,
C. Marketing Position,
D. Target market
2. Anton's Coffee positions itself to provide the highest quality and most unique coffee drinks in the area. This is an example of which of the following?
A. Marketing Strategy
B. Social Media
C. Target Market
D. Marketing Postion
Answer:
Answer of your question is Marketing PositionExplanation:
Market positioning refers to the process of establishing the image or identity of a brand or product so that consumers perceive it in a certain way. For example, a car maker may position itself as a luxury status symbol.(a) A lamp has two bulbs of a type with an average lifetime of 1800 hours. Assuming that we can model the probability of failure of these bulbs by an exponential density function with mean μ = 1800, find the probability that both of the lamp's bulbs fail within 2000 hours.
(b) Another lamp has just one bulb of the same type as in part (a). If one bulb burns out and is replaced by a bulb of the same type, find the probability that the two bulbs fail within a total of 1000 hours.
Answer:
a) 0.45
b) 0.11
Explanation:
A) P( both bulbs fail within 2000 hours ) = 0.45
Given data:
Average lifetime of bulbs = 1800 hours
mean μ = 1800
b) P( both bulbs fail within 1000 hours ) =
Attached below is a detailed solution of the given question
______ occur whenever a third party receives or bears costs arising from an economic transaction in which the individual (or group) is not a direct participant.
a. Pecuniary benefits and costs
b. Externalities
c. Intangibles
d. Monopoly costs and benefits
The choose b. Externalities
Externalities occur whenever a third party receives or bears costs arising from an economic transaction in which the individual (or group) is not a direct participant.
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4. Problems and Applications Q4 Many observers believe that the levels of pollution in our society are too high. True or False: If society wishes to reduce overall pollution by a certain amount, it is efficient to have firms with lower costs reduce greater amounts of pollution than those with higher costs.
Answer: True
Explanation:
Firms with lower costs would also incur a lower cost when they try to reduce pollution so they should reduce more pollution because of this reduced cost that they will incur.
Firms with higher costs would then reduce less pollution because this would ensure that they do not spend too much on pollution reduction and incur even more costs.
The ultimate goal of contract damages is: Multiple Choice Put the nonbreaching party where it was before the contract was formed. Return any costs incurred by the nonbreaching party. Put the nonbreaching party where it was prior to breach. Put the nonbreaching party in the best position possible. Give the nonbreaching party the benefit of its bargain.
Answer:
Give the nonbreaching party the benefit of its bargain.
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implies contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, etc.
Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.
In contract law, damages can be defined as an amount of money that is paid to a claimant (innocent party) as a compensation for a breach of contractual agreement and it's based on the amount of interest he or she has vested in the contract. Thus, it covers the incurred by the nonbreaching party (claimant or innocent party) due to a breach of contract by the other party.
Hence, the ultimate goal of contract damages is to give the nonbreaching party the benefit of its bargain.
