Bob Gates, aged 16, looks 19. He is also mentally incompetent, but it is not obvious that he is. Bob buys a top of the line computer from a salesperson, who has no idea that he is under age and incompetent. Bob paid $3,800 cash for the computer
On what grounds can Bob cancel the contract?
A) Mental incompetency alone
B) Because he is a minor
C) Because he paid cash for the computer
D) Both A and B
E) A, B and C
B
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A conforming mortgage is one for which the US Treasury will provide credit backing.
a. true b. false
The Truck Toys Company manufactures traditional wooden toy trucks. It has determined its variable cost/unit to be $1.50/truck
Fixed costs, however, are quite high because old equipment is used in the manufacturing process and costly packaging is needed to market the toy trucks. The fixed costs are estimated at $11,000/month. The company sells their toy trucks at a price of $7.75/each. How many toy trucks must be sold annually to break even? A) 1,760 toy trucks B) 5500 toy trucks C) 20,000 toy trucks D) 1,879 toy trucks E) None of the above