Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Alex has decided to try and sell his car by parking it outside his house with a notice on the windscreen stating: "For sale. Pristine example-one owner SGD60,000.00 or near offer. Please call number 38 or telephone 567552525, only."

On Monday at 9am, Joshua sees the car, but as he is late for work he is unable to stop. He telephones Alex from work and makes an offer of SGD55,000.00 which Alex says he will consider.

Michael calls Alex's house on Monday at 11.00am but Mary, Alex's daughter, is the only person there. He therefore leaves a note reading: "Monday 11.05am. Please keep car for me-here is a cheque for SGD60,000.00 Michael." Mary leaves the note on Alex's desk in his study.

On Monday afternoon, Alex decides to accept Joshua's offer and posts a letter at 2.30pm to Joshua's business address saying: "I agree to sell on your terms. Because of the lower price cay you pay in cash?"

At 4.30pm on Monday, Alex reads Michael's acceptance and immediately telephones Joshua's business address, leaving a message on the recorded answering machine: "Ignore the letter you will receive-deal off. Alex."

Joshua is away on business and only listens to the tape on Wednesday evening. At 2.15pm on Monday, Lizzy sees the notice and hurriedly posts a letter of acceptance and cheque for SGD60,000 in time for the 3.00pm postal collection. Unfortunately, as Lizzy misaddress her letter, it only arrives on Friday.

Questions:

Advise each party as to their legal position.

Which of the above cases are related to the Tenders Law

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91603131

Have any Question?


Related Questions in Accounting Basics

Question - larkspur inc reported the following in its 2017

Question - Larkspur, Inc. reported the following in its 2017 and 2016 income statements.   2017 2016 Net sales $183,000 $146,400 Cost of goods sold 109,750 87,750 Operating expenses 39,000 19,500 Income tax expenses 22,0 ...

Question - presented here are the original overhead budget

Question - Presented here are the original overhead budget and the actual costs incurred during April for Piccolo, Inc. Piccolo's managers relate overhead to direct labor hours for planning, control, and product costing ...

Questions -1 star coach llc is in the business of

Questions - 1. Star Coach, L.L.C., is in the business of converting sport utility vehicles and pickup trucks into custom vehicles. Star Coach performs the labor involved in in- stalling parts supplied by other companies ...

Question - consider dereks budget information materials to

Question - Consider Derek's budget information: materials to be used totals $64,500; direct labor totals $200,400; factory overhead totals $398,600; work in process inventory January 1, $188,400; and work in progress inv ...

Question - sanchez company completes these transactions and

Question - Sanchez Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $45,300 of merchandise from Lee Industries, invoice da ...

Question - on january 1 2017 palka inc acquired 70 percent

Question - On January 1, 2017, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1,479,800 in cash. The price paid was proportionate to Sellinger's total fair value, although at the acq ...

Question - sanchez consulting companymark sanchez

Question - Sanchez Consulting Company Mark Sanchez established Sanchez Consulting Company on September 1, 2018, as a backup plan since he is now a free agent and has been suspended for the first four games of the season. ...

Question - you would like to purchase a car with a list

Question - You would like to purchase a car with a list price of $30,000, and the dealer offers financing over a five-year period at 8%. If you decide to trade in your current car to help reduce the amount of financing r ...

Question - the following are reported amounts from ellis

Question - The following are reported amounts from Ellis Company's multiple-step income statement: Cost of merchandise sold $199,840 Merchandise inventory 139,890 Sales 307,750 Sales discounts 5,850 Sales returns 11,690 ...

Question - kramer corp reported the following sale and

Question - Kramer Corp. reported the following sale and purchase transactions related to a specific product in January 2017: Date Transaction Quantity Unit Cost Unit Sales Price Jan 01 Beginning inventory 5 $90 Jan 03 Sa ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As