Jamael Is a Chef Who Has Opened a New Restaurant

question 52

Essay

Jamael is a chef who has opened a new restaurant.He agrees with Bob,a baker,that Bob will deliver 10 dozen hamburger and hotdog buns each morning at 6:00 a.m.as long as Jamael doesn't call to cancel the next morning's delivery by 6:00 p.m.the previous evening.This delivery routine continues for about ten days when Jamael realizes at 10:00 p.m.one evening that he has a surplus of buns.At 6:00 a.m.the next morning,he refuses to accept the morning delivery.Discuss,with reference to common law,whether a contract exists.

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Definitions:

Liabilities

Future sacrifices of economic benefits that the entity is presently obliged to make to other entities as a result of past transactions or events.

Income Statement

A financial document that reports a company's financial performance over a specific period, detailing revenues, expenses, and net income or loss.

Common Stock

Common stock represents units of ownership in a corporation, granting holders voting rights and a share in the company's profits, often through dividends.

Ending Balance

The amount in an account at the end of an accounting period after all debits and credits have been accounted for.