The economic system is a society's method of managing the manufacture and consumption of both goods and services.
Describe goods.Products, commodities, articles, and items are a few kinds of goods that customers purchase from companies. They are genuine things that are available to touch, feel, and see, with qualities like color, dimension, form, and weight. Customers might utilize a product just once or multiple times.
What types of items are there?While goods are tangible products supplied to customers, services are duties completed for the recipients' convenience. Among the products are clothing, homes goods, and automobiles.
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7. if a 5-year annuity due has a present value of $1,000, and if the interest rate is 10 percent, what is the amount of each annuity payment?
Each annuity payment for a 5-year annuity due with a present value of $1,000 and an interest rate of 10 percent would be $170.25.
If you have a 5-year annuity due with a present value of $1,000 and an interest rate of 10 percent, the amount of each annuity payment can be easily calculated.
To begin, the formula used to calculate annuity due payments is:
Payment = PV x rate / [1 - (1 + rate) ^ -n]
Where PV = present value, rate = interest rate, and n = number of payments.
Applying this formula to the example given, the amount of each annuity payment is:
Payment = 1000 x 0.1 / [1 - (1 + 0.1) ^ -5]
Payment = 1000 x 0.1 / [1 - 0.6105]
Payment = $170.25
Therefore, If you have a 5-year annuity due with a present value of $1,000 and an interest rate of 10 percent, the amount of each annuity payment can be easily calculated.
To begin, the formula used to calculate annuity due payments is:
Payment = PV x rate / [1 - (1 + rate) ^ -n]
Where PV = present value, rate = interest rate, and n = number of payments.
Applying this formula to the example given, the amount of each annuity payment is:
Payment = 1000 x 0.1 / [1 - (1 + 0.1) ^ -5]
Payment = 1000 x 0.1 / [1 - 0.6105]
Payment = $170.25
Therefore, each annuity payment for a 5-year annuity due with a present value of $1,000 and an interest rate of 10 percent would be $170.25.
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which of the following is an example of anchoring bias? group of answer choices the human resource manager carefully weighs the information about a new hire before making a decision. the human resource manager is looking for a replacement for an excellent former employee, so she compares all potential hires to that employee. the human resource manager hires someone because she is a recent graduate from a university that other successful hires have come from. the human resource manager's gut instinct tells him a potential hire is not right, so he looks for evidence to confirm his suspicion.
D) Anchoring bias arises when a human resources manager's gut instinct tells them that even a potential employee is now not right, so he searches for facts to support his thoughts.
How does anchoring bias work?Anchoring bias, also known as the anchoring effect, refers to people's tendency to utilise the first item of data they receive on an issue as an anchor. When making decisions, we have a cognitive bias that drives us to rely primarily on early information. The anchor serves as the foundation for any future choices, expectations, or judgements. The first item of data has the most significance due to the anchoring effect. People typically focus on this initial knowledge rather than learning more about this topic.
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several decades ago many consumers thought that all coffee tasted the same. what theory suggests that consumers might be able to perceive differences between the tastes of starbucks coffee and other coffee offerings?
It typically involves friends who are regarded as trustworthy, word of mouth is the most effective and authentic source of information for consumers.
What situations might influence a customer's decision-making at the time of purchase?Situational influences are temporary circumstances that have an effect on how buyers act, whether they end up buying your product, other products, or nothing at all. Physical factors, social factors, time factors, the buyer's motivation for purchasing, and the buyer's mood are all included.
What is meant by "behaviors" that come about as a result of repeated experience and reasoning?learning. refers to the behaviors that are the result of reasoning and repeated experience. motivation. the energizing force that causes people to act in a way that meets a need.
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How much interest would a person pay to borrow $700 for 9 months at 10 percent?
The principal is Rs 10,000, the interest rate is 10%, and the loan term is six years. The simple interest can be calculated as follows: A = 10,000 (1+0.1*6) = Rs. 16,000. Interest is 16000 divided by 10,000, or Rs. 6,000.
What is interest rate?The amount of interest due each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate.
The total interest on a loaned or borrowed sum is determined by the principal amount, the interest rate, the frequency of compounding, and the period of time the loan, deposit, or borrowing took place.
The interest rate over a year is known as the annual interest rate. Other interest rates are applicable over shorter time frames, such a day or a month, but they are typically annualized.
An index of the preference for a dollar of present over a dollar of future has been used to describe the interest rate.
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williamsburg markets has an operating cash flow of $4,267 and depreciation of $1,611. current assets change by -$1,356 while current liabilities change by -$2,662, and change in fixed assets investment is $1229 during the year. what is free cash flow for the year?
Free cash flow for the year is -$148. Free cash flow is the amount of cash generated by a business after taking into account all cash-related expenses, such as capital expenditures, depreciation, and changes in working capital. In this case, free cash flow can be calculated as follows:
Operating cash flow: 4,267
Depreciation: -1,611
Change in current assets: -1,356
Change in current liabilities: -2,662
Change in investments in fixed assets: +1,229
Free Cash Flow: 4,267 – 1,611 – 1,356 – 2,662 + 1,229 = –$148
Therefore, free cash flow for the year is -$148.
It is calculated taking into account all cash related expenses such as capital expenditure, depreciation and changes in working capital. By subtracting these expenses from operating cash flow, we can get an accurate picture of how much cash a company has available after all cash-related expenses are paid.
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why was the world bank set up? group of answer choices to maintain order in the international monetary system to formulate a coordinated policy response to financial crises to police the world trading system to preserve peace through international cooperation to promote economic development
To promote economic development the world bank was set up. Individual nations all across the world can receive financial and technical support from the World Bank.
To aid in the growth of national economies, the World Bank offers grants, low-interest loans, and zero-interest credits to eligible governments. Global healthcare, governmental administration, infrastructure, and private-sector development are all aided by debt borrowings and cash infusions.
Through technical help, research and analysis, and policy advice, the World Bank also exchanges information with various organizations. For the public and private sectors, it provides guidance and instruction.
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who typically pays a residential rental locator? a) lender b) apartment owner and tenant, who split the fee c) apartment owner d) tenant
Apartment owner and tenant, who split the fee typically pays a residential rental locator. The correct option is B.
The residential rental or rental house is referred to a property which is occupied by the someone other than the owner, for which the tenant pays a periodic mutually agreed rent to the owner.
The residential properties are home or apartments. These might be single family houses, townhouses etc.
Most of the people who invest in residential property but don't live in themselves will rent it out to others. Apartment owner and tenant, who split the fee typically pays a residential rental locator.
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Based on this information china leans toward a ______ economic system.
a. socialist
b. market
c. capitalist
d. communist
China and other formerly communist nations have embraced capitalism.
What's a brief explanation of capitalism?Many people think of capitalism as a market structure in which private individuals own and hold property according to their own interests, and where supply and demand freely determine market prices in a way which can best serve the needs of society.
Is capitalism beneficial or not?Without a doubt, capitalism is one of the major powers of innovation, riches, and prosperity. Businesses are driven to be as efficient as possible by competition and capital accumulation, allowing investors to profit from that expansion and enable clients to pay less.
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revise the data in your spreadsheet based on the following assumptions, and then answer the questions that follow: expenses: advertising expense $ 13,600 assets: cash $ 25,600 insurance expense 19,600 accounts receivable 23,600 salaries expense 48,600 supplies 14,600 rent expense 9,600 land 54,000 liabilities: salaries payable 11,600 revenues: service revenue 93,600 notes payable 34,400 interest revenue 8,600 dividends: dividends 8,600 equity: common stock 43,600 retained earnings 26,000 required: 1. what is the net income/(loss)? multiple choice 1 $26,000 $10,800 $13,600 $20,900 assume the company has an increase in its salaries expense of 20% and a decrease in service revenue of 15%. both of which will be settled after the year end. adjust and recalculate the balances in the income statement and balance sheet. all sales are on account. 2. what is the revised balance of the service revenue account? multiple choice 2 $6,040 $79,560 $14,040 $32,040 3. what is the revised net income/(loss)? multiple choice 3 $11,560 $(12,960) $17,560 $4,560 4. what is the revised balance in the retained earnings account? multiple choice 4 $5,100 $10,100 $4,440 $18,100
Net income/(loss) is $26,000
Revised balance of the service revenue account is $79,560
Revised net income/(loss) is $(12,960)
Revised balance in the retained earnings account is $4,440
What is the revised net income/(loss)? To arrive at these answers, we first need to adjust the expenses and revenues based on the changes provided:Salaries expense increases by 20%, so the new expense is $58,320 (48,600 x 1.2)Service revenue decreases by 15%, so the new revenue is $79,560 (93,600 x 0.85)Next, we need to recalculate the income statement and balance sheet:Income Statement:Revenue: $79,560Expenses: $131,320 (13,600 + 19,600 + 48,320 + 14,600 + 9,600)Net income/(loss) = Revenue - Expenses = $79,560 - $131,320 = $(51,760)Balance Sheet:Assets: $123,600 (25,600 + 23,600 + 54,000)Liabilities: $46,000 (11,600 + 34,400)Equity: $77,600 (43,600 + 26,000 - 51,760)
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because achieving dynamic consistency requires anticipation and vigilance, firms should mitigate external threats by:
Because achieving dynamic consistency requires anticipation and vigilance, firms should mitigate external threats by understanding the threat of substitution.
The external threats is the organization will come from the employee and employers or any other worker in the organization from the bad individual or organization from external whose motive is to exploit the vulnerabilities in your organization.
The dynamic consistency is the ideas which has the decisions are continue or consistent over the given internal of time period in which the decisions are aligned and build on initial decision in the company or any other organization.
The dynamic consistency is performed in the marketing, decision-making, and in the sales or operations processes.
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Information in digital form
a. is decreasing
b. is in an electronic format
c. cannot be read by a computer
d. none of the above
Answer: B is in electronic format
Explanation: Electronic format means that it can be read on a digital device.
The production possibilities frontiers in the figure to the right show how many bananas and coconuts you (Y) and your neighbor (N) can consume without trade. Suppose you are initially consuming 15 bananas and 2 coconuts and your neighbor is initially consuming 10 bananas and 4 coconuts.
Now, suppose you and your neighbor specialize by each only producing the good for which you have a comparative advantage.
You give your neighbor half of your production for half of what he produces. (Enter all responses as integers. )
If you trade with your neighbor, then you will have ? additional coconut(s) after the trade
24 coconuts will be left after trade with the neighbor, in the production possibility frontier 15 bananas are there.
What is the Production possibility frontier?A curve on a graph called the production possibility frontier (PPF) depicts the potential quantities of two products that can be produced from the same finite resource. Additionally known as the production possibility curve.In economics, PPF also plays a crucial role. It can, for instance, demonstrate that a nation's economy has achieved maximum efficiency.When resources are diverted from one product to produce another, an opportunity cost is incurred. A curve on a graph depicts the maximum amount that can be produced.Given the resources at hand, the production possibility frontier (PPF) is elevated above the curve, illuminating impossible scenarios.The PPF demonstrates that one commodity's production can only increase if the other commodity's production decreases.Managers can use the Product Mix Formula (PPF) to determine the best product mix for the business.A transformation curve/boundary/frontier, production possibility curve, production possibility boundary, or production possibility frontier is a curve that shows different amounts in different combinations.learn more about Production possibility frontier
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Identify the five foundations and describe each of them then evaluate how they will help you manage your money right now.
Make a $500 emergency fund this will allow you to have money in the event of an emergency.
Get and stay out of debt this will allow you to not be bound in debt. You will not have interest or credit card payments. It will also allow you to avoid interest now and in the future.
Pay cash for your car
this will allow you to avoid interest and or payments over a long period of time.
Pay cash for college
This will allow you to avoid student that you will not have to make payments.
Build wealth and give.
Having a large amount of money in savings and having everything paid for will allow you to help others that are in need.
The five elements that make up a solid financial foundation:
Budgeting.Emergency fundsSavings.Investments.a plan for 401(k)sWhat is meant by Solid Financial Foundation:You can stop living paycheck to paycheck, get out of debt, and start building wealth if you have a solid financial foundation. It gives you the ability to leave a bad relationship, roommate, or job.
Possessing a positive cash flow and a positive net worth are two indicators of a solid financial foundation. A positive net worth indicates that you own more assets than you owe. You can work toward a positive outcome by taking even small steps toward better money management. This indicates that you have the "pillars" in place to support your long-term financial well-being. 1: a business connection. Many financial strategies can benefit from having a bank relationship. When choosing a bank, there are many options available to you.
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when we record a journal entry in the general journal?
Journal entries are entered in the general ledger as business events happen during the accounting period to show how the event impacted the accounting equation.
What does it mean to write in a journal?Debits and credits are used in journal entries to track changes to the accounting formula in the overall journal. Debited accounts must be listed before reimbursed accounts according to standard journal entry format.
A generic journal is what?The system for keeping accounting records includes the general diary. A transaction is an event that needs to be recorded and can be recorded in either the general journal or a specialist journal. There are four speciality journals, so named because they are used to record particular kinds of routine transactions.
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an operation has a buffet with 12 different items on it. how many serving utensils are needed to serve the items on the buffet?
To serve the buffet's products, eight serving utensils are required.
What is meant by operation?The term "operation" in mathematics refers to the process of calculating a value utilising operands and a math operator. For the specified operands or integers, the math operator's symbol has predetermined rules that must be followed.
Addition, subtraction, multiplication, and division are commonly regarded as the four basic mathematical operations.
The principles and foundations of mathematics are basic operations. They resemble learning the traffic laws in driver's education. Addition, subtraction, multiplication, and division are the four fundamental rules that we all understand. We're going to mix them now in novel ways to perform novel tasks.
The number of serving utensils are needed to serve the items on the buffet exists 8.
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Kurt decides to spend 2 hours working rather than hanging out with his friends. he earns $10 per hour for work. his opportunity cost of working is?
a. nothing as he has given nothing up to work the extra hours.
b. the utility or enjoyment he would have gotten from hanging out with his friends.
c. $20 minus the value of the time spent with friends.
d. the $20 he earned working the extra two hours.
The utility or happiness he would have had from hanging outside with his buddies is his opportunity cost for working.
What is the short definition of opportunity cost?The gain lost while choosing one alternative over others is referred to in economics as the "opportunity cost." It is, in other words, the value of such path not taken. Opportunity costs are easy to miss, yet knowing lost options is crucial for making future decisions with insight.
Is opportunity cost favorable or unfavorable?A positive or negative opportunity cost is possible. If it's negative, you can lose more money than you make. When it's affirmative, you're trading off a potential loss for a potential gain, making the decision beneficial.
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select all that apply why is it important to analyze the local technological and physical forces in the business environment before doing global business in a given market? (check all that apply)
Weather can have an impact on transportation systems and communication systems.
How does weather affect transportation?Pavement friction can be caused by even the smallest amount of rain, and visibility can be affected by heavier rain. Rain can also make it harder to brake and make wheel spinning or hydroplaning more likely. Detours, hazardous driving conditions, and flooding of roadways are all possible outcomes of heavy rain.
How is transportation affected by the environment?Weather extremes that occur more frequently may cause ripple effects throughout transportation networks and disrupt infrastructure. In addition, in order for transportation systems to reduce their emissions of greenhouse gases, new climate policies may necessitate significant modifications.
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All of the following are part of the FASB conceptual framework: (Select all that apply).
A,Multiple select question.
B,Elements
C, Objectives
D, Recognition and measurement
E, Assumptions
All (Multiple select question. Elements, Objectives, Recognition and measurement and Assumptions) are parts of the FASB conceptual Framework.
What is FASB conceptual Framework ?The Conceptual Framework is a collection of interconnected goals and tenets, sometimes known as "Concept Statements." The basics are the underlying ideas that support the achievement of the objectives, which are aims and purposes of financial reporting that are identified by the objectives.
The project's goal is to provide a solid framework for principles-based, internally consistent, and globally convergent accounting standards in the future.
Assets, liabilities, equity (net assets), revenues, costs, gains, losses, owner investments, owner distributions, and comprehensive income are the 10 components of financial statements.
All (Multiple select question. Elements, Objectives, Recognition and measurement and Assumptions) are parts of the FASB conceptual Framework.
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max weber's work, based on a rational set of guidelines for structuring organizations in the most efficient manner, is based on which organizational norm?
It is based on bureaucracy organizational norm.
According to max weber what is bureaucratic organization?According to Max Weber's thesis, bureaucracy is the cornerstone of any organization's methodical creation and is intended to guarantee efficiency and economic effectiveness. It is the perfect model for management and its administration to clarify the hierarchy of power inside an organisation. He establishes the fundamentals of bureaucracy with these findings, emphasising the division of labour, hierarchy, regulations, and impersonal interactions. Regulations are typically a good indicator of a bureaucratic organisation. A bureaucratic organisation is one that uses rigorous hierarchies, procedures, and rules. In a bureaucratic organisation, one can also observe an enforced chain of command and standardised operational processes.
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Technological improvements are more likely to occur if
a. the economy is centrally planned.
b. entrepreneurs are compensated for taking risks with higher profits.
c. economic decisions are made by politicians rather than entrepreneurs.
d. companies face little competition in their markets.
B. Technological advancements reward risk-taking by entrepreneurs with bigger earnings.
What Exactly Does Being an Entrepreneur Mean?An entrepreneur is a person who decides to start their own company based on a concept they have or a product they have developed, taking on the majority of the risks and enjoying the majority of the advantages.
What makes anything an entrepreneur?The French verb entreprendre, which means "to do something" or "to undertake," was first used in the fourteenth century. A person who launches a commercial enterprise was referred to as an entrepreneur by the sixteenth century.
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if a company chooses a focused-differentiation competitive strategy in the porter's model, what is the main basis of their competitive strategy?
Better products or services within a certain industry segment serve as the primary foundation of a company's competitive strategy if it opts for a focused-differentiation competitive strategy in the Porter's model.
"What is business strategy?"
In order to get a competitive edge in the market, a company employs a set of guidelines and procedures known as a competitive strategy. It entails identifying and putting into practice ideas that increase a company's level of competition. By using a range of competitive strategies, businesses can raise the value of their products and services for consumers, investors, and employees. They also employ these strategies to create stable cash streams.
Competitive strategy is important since it affects a company's overall strategies. Without a competitive strategy, a business may find it difficult to gain a clear advantage over competitors.
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Better products or services within a particular industry segment serve as the primary foundation of a company's competitive strategy if it opts for a focused differentiation competitive strategy in Porter's model.
"What is business strategy?"
In order to gain a competitive edge in the market, a company employs a set of guidelines and procedures known as a competitive strategy. It entails identifying and putting into practice strategies that increase a company's level of competition. By using a variety of competitive strategies, businesses can raise the value of their products and services for consumers, investors, and employees. They also employ these strategies to create stable revenue streams.
Competitive strategy is important because it affects a company's overall strategies. Without a competitive strategy, a business may find it difficult to gain a clear advantage over competitors.
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a grant from the federal government with strings attached that specify where and how the money can be spent is a characteristic of
Grants-in-aid are financial contributions made by the federal government to the states for a specific objective.
How can I double my income?The strategy that applies to the majority of investors is probably the traditional one of doubling you money by building a diverse portfolio of securities and bonds. It is possible to invest safely over a number of years in order to double your money, but for people who lack patience, there is a greater chance of losing the majority or all their money.
What are different sorts of money?Any thing that is frequently used and approved in business dealings involving the exchange of goods or services by one one to another is referred to as money. Market mechanism, fiat money, and cash reserve are the three types of money that economists distinguish between.
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rease cholesterol levels and decrease cholesterol precursors. the investigator proposes to obtain cholesterol, mix it with soy oil, and administer it to subjects. the study then involves follow-up evaluations and assessments. which option would be the best choice regarding an ind?
To find out if an IND is required, get in touch with the FDA directly.
The Food and Drug Administration is in charge of defending the public's health by guaranteeing the security, efficacy, and safety of pharmaceuticals for humans and animals, biological products, and medical equipment, as well as the security of our country's food supply, cosmetics, and radiation-emitting goods. When CDER reviews data on a medicine's effects and finds that the benefits outweigh the known and potential hazards for the intended population, the drug is given FDA approval. If the FDA gives its approval, it implies the organization has decided the product's advantages exceed its drawbacks for the intended usage.
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Consider the following situation. Patients with Smith-Lemli-Opitz have an inborn error of cholesterol biosynthesis, which results in severe to mild cholesterol deficiency, and accumulation of cholesterol precursors. An investigator proposes to determine if pure crystalline cholesterol in an oil suspension will increase cholesterol levels and decrease cholesterol precursors. The investigator proposes to obtain cholesterol, mix it with soy oil, and administer it to subjects. The study then involves follow-up evaluations and assessments. Which option would be the best choice regarding an IND?
how long after your taxes are accepted to get refund 2022?
When you digitally file and elect direct deposit, the IRS says that it will often issue your refund within 21 days of receipt.
What is direct deposit?Direct deposit, as it related to work, is the computerized transfer of net salary from a banking institution owned by an employer to an user's individual bank account. This transaction happens across a network is known as the Automated Clearing House (ACH).
Is it better to be get direct deposit but rather check?Getting a physical check or cash is usually slower and less secure than making a direct deposit. Direct deposits are processed by certain enterprises or payroll processing firms so that the money are available.
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aikman company paid dividends of $2,520, $0, $1,530 and $1,100 over the first four years of the company's existence, respectively. if retained earnings has an ending balance of $9,900 at the end of year four, what was the average annual amount of net income (loss) over the first four years for aikman? (round your answer to the nearest dollar amount.)
To find the average annual net income (loss) for Aikman over the first four years of its existence, we need to calculate the total net income (or loss) over those four years and divide that by four.
Net income is calculated by taking total revenue and subtracting all expenses, including dividends paid. Since Aikman paid dividends of $2,520, $0, $1,530 and $1,100 over the first four years, we can add those amounts to find the total dividends paid over that period: $2,520 + $0 + $1,530 + $1,100 = $5,150.
We know that retained earnings has an ending balance of $9,900 at the end of year four. Retained earnings is the portion of net income that is not paid out as dividends and is instead kept by the company for future use. So, we can use this information to calculate the total net income over the first four years by adding the retained earnings at the end of year four to the total dividends paid over the first four years: $9,900 + $5,150 = $15,050
To find the average annual net income, we divide the total net income by the number of years: $15,050/4 = $3,712.5 (approximately $3713)
In conclusion, the average annual net income (loss) over the first four years for Aikman is $3713.
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in class, we discussed how the holtschneider performance center raised funds to pay for the fancy, beautiful music building that sits at the corner of halsted and fullerton. how did depaul raise the capital for this pricey project?
DePaul raised the capital for the Holtzschneider Performance Center through a combination of private donations, bond issuances, and a loan from the university's endowment.
The Holtzschneider Performance Center was a pricey project for DePaul University, with a final cost of around $60 million. To raise the capital for the construction, the university employed a multi-faceted approach. Firstly, the university reached out to private donors, who made significant contributions to the project.
Additionally, the university issued bonds to raise funds. These bonds were sold to investors, who would be repaid over time with interest. Finally, the university also took out a loan from its endowment, which is a pool of money set aside for the long-term financial stability of the university. This combination of private donations, bond issuances, and a loan from the endowment allowed DePaul to raise the necessary capital to construct the Holtzschneider Performance Center.
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if an owner of an exotic pet is no longer able to care for the animal, the veterinary team should assist the owner by:
If an owner of an exotic pet is no longer able to care for the animal, the veterinary team should assist the owner by helping them find another home, a zoo, or a sanctuary for the pet.
Animals ought to be moved in a quiet and certain way, staying away from overstated or unexpected developments, like waving of the hands and arms. Utilizing delicate tones and a peaceful voice while conversing with creatures might assist with making them aware of a harmless methodology.
A strategy can be fittingly used to guarantee to pass in oblivious creatures. Creatures become a lot more straightforward to deal with on the off chance that they are prepared and acquainted with taking care.
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Which of these is NOT a flow that moves up and down the supply chain?A. ProceduralB. MonetaryC. InformationD. Physical
Monetary is not a flow that moves up and down the supply chain.
Some example of monetary items are cash, marketable securities, invoices to be paid, accounts receivable, accounts payable, invoices for sales taxes, and notes due
What is Monetary ?Monetary is a term used to refer to money or currency. It is the medium of exchange used in transactions and is an essential part of the economy. Monetary policy is the process by which a government, central bank, or monetary authority manages the supply of money and credit to achieve certain economic goals.
The primary objectives of monetary policy are price stability, full employment, and economic growth. Monetary policy can be implemented through a variety of tools such as open market operations, reserve requirements, discount rates, and interest rates. It can also be used to influence exchange rates and control inflation.
Monetary flows refer to the movement of money, such as payments for goods or services, which does not move up and down the supply chain.
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which of the following is the correct order to make a workflow? a- cleanse and standardize data b- create a forecast for near-term demand demand c-blend data from multiple sources
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quiz which rule states that a contract negotiated by an agent must be in writing if the contract would normally fall under the statute of frauds if negotiated by the principal?
The rule that requires that a contract should be written is Equal dignity rule.
The equal-dignities rule states that an agent must operate in accordance with the power granted by the principal. Only by adhering to the documented authorisation can the agent execute these actions. Due to the seriousness of cases of fraud, this law requires that contracts be in writing; otherwise, they risk being rejected.A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
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