On April 1, 2014, Able Co borrows $200,000 for four years from the Toy Company to obtain funds to buy a piece of commercial property. As collateral, Able Co. gives Toy Company a mortgage on the manufacturing plant that it owns and that are on its books at a cost of $50,000. Interest is charged on the unpaid balance of the loan principal at an interest rate of 4 percent per year compounded semiannually. Payments are due on April 1 and October 1 of each year. Able co agrees to make eight payments over the four years of the mortgage so that when the last payment is made on April 1, 2018, the loan and all interest will have been paid. The first seven payments are to be equal. The eighth payment is to be just large enough to discharge the balance of the loan. Able Co. closes its books annually on December 31 and uses the effective interest method.
Each equal payment from October 2014 to October 2018 is equal to (round to the nearest hundred):
a)$52,500
b) $22,300
c) $22,200
d)$27,300
e)None of the other alternatives are correct / Not enough data provided to calculate it
Chapter 3: The Law of Contracts Questions: 1. Tajpreet, a mature and responsible teenager, wants to book a suite at the Showcase Hotel for a party to celebrate her and her classmates graduation from junior high. How should the desk clerk respond to her request for a reservation? Why? 2. Manpreet reserved a room at the Moonlight Motel. At the last minute, her plans changed making it impossible for her to travel. She called her sister, Ravinder, and suggested that she make use of the room in her place. When Ravinder arrived at the motel, she was refused admittance to the room on the grounds that there was a waiting list and she was not on it. Was the motel within its rights to refuse her admittance? Why or why not? 3. Tajinder wrote a letter to Amanpreet in which he stated, "I'm planning to buy your car. I can meet your price. I'll call you next week." After receiving Tajinder's letter, Amanpreet sold his car stand to another party. Can Tajinder take legal action against Amanpreet? Why or why not? 4. A jazz singer was contracted to perform for two nights at a nightclub. Four days before he was to appear, the club burned to the ground. What effect did the fire have on the contract? Would your answer change if it were discovered two weeks later that the fire had been set by a disgruntled ex- employee at the urging of a disgruntled current employee?Opening Case Questions 1. What are the four elements of a contract? Which element seems to be missing in this case? Explain.The Essentials of Chapter 7 Contract Law 7-3 Contractual Characteristics 7-1 The History of Contract Law Mercantile Law, Ancient Rome, Valid, Void, Voidable, and Capitalism, and the Church . The Unenforceable Contracts . Unilateral Characteristics of the Law Merchant . and Bilateral Contracts . Express and The Restatement of the Law of Implied Contracts . Informal and Form Contracts Contracts . Executory and Executed Contracts 7-2 The Multidimensional Nature of Contract Law The Elements of a Contract . The Objectives of Contract Law . Multidimensional Principles of Contract Law THE OPENING CASE Round 1 Vulcans Never Lie, Although at Times They Exaggerate Janke Construction Company, a general contractor, was written quotation from Vulcan. That was when t in a bidding war with several other contractors trying to learned that the pipe that Vulcan was going to obtain a contract for the construction of the marine com- on the project was AWWA C302, which did not ponent of a larger project that would provide a cooling project specifications. The state refused to use system for The University of Wisconsin in Milwaukee. C302 because it was not steel and, therefore, w The bidding information packet specified that the pipe not withstand the internal pressure of the coolin for the marine subproject had to be approved by the tems operation. After several meetings, it becaQI use Case and DF D levelo, DFD levelf , and DFD level 2 For at least one process For NCT library System ? CS Scanned with CamScannerSystem analysis and design CS 240 Take Home Exam (6 Marks) Read the system carefully Pharmacy Information System The customer can buy a drug, take it back, or inquire about its price The pharmacist can add medicines to the system, delete them, and adjust their price. The manager can create reports and add pharmacists to the system The system can print an invoice for the customer for what he bought from the pharmacy if the customer wanted to do so. Questions: 1. Draw a Context Diagram for this system( 2 Marks) 2. Draw Level 0 DFD for this system (2 marks) 3. Draw Use Case for this system (2 marks)
