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Electro Corp sells a refrigerator and a freezer as a single package for $1,000.Other data are in the chart below.
Using the stand-alone method with physical units as the weight for revenue allocation,what amount will be allocated to the refrigerator?
Promissory Estoppel
A legal principle that prevents a party from withdrawing a promise made to another when the latter has relied on that promise to their detriment.
Detrimental Reliance
A legal principle where a party suffers a loss due to their reliance on a promise or agreement that is not fulfilled by the other party.
Unenforceable Contract
A contract that is not legally binding and cannot be enforced by law due to certain deficiencies or lack of key requirements.
Adequacy of Consideration
A legal principle that examines whether the value exchanged in a contract is fair and reasonable to all parties involved.
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