Desmond has been a fan of Crispin’s paintings for years and is thrilled when the artist promises togive him painting lessons. The two agree that Crispin will provide Desmond with five weekly lessonsfor $1,000 each, payable once the lessons are complete. After Crispin teaches Desmond two lessons, he sadly dies of a heart attack. Crispin’s estate sues Desmond for the $5,000 payment for the artlessons. What result?

a. Crispin’s estate will be able to recover the full contract price of $5,000.

b. Crispin’s estate will be able to recover $2,000 under the doctrine of promissory estoppel.

c. Crispin’s estate will be able to recover $2,000 in restitution.

d. Crispin’s estate will get nothing because the contract is discharged by his death.

Balance sheet the assets of dallas & associates consist entirely of current assets and net plant and equipment. the firm has total assets of $2 5 million and net plant and equipment equals $2 million. it has notes payable of $150,000, long-term debt of $750,000, and total common equity of $1 5 million. the firm does have accounts payable and accruals on its balance sheet. the firm only finances with debt and common equity, so it has no preferred stock on its balance sheet. a. what is the company's total debt? b. what is the amount of total liabilities and equity that appears on the firm's balance sheet? c. what is the balance of current assets on the firm's balance sheet? d. what is the balance of current liabilities on the firm's balance sheet? e. what is the amount of accounts payable and accruals on its balance sheet? [hint: consider this as a single line item on the firm's balance sheet.] f. what is the firm's net working capital? g. what is the firm's net operating working capital? h. what is the explanation for the difference in your answers to parts f and g?

Which of the following is an effective strategy when interest rates are falling? a. use long-term loans to take advantage of current low rates. b. use short-term loans to take advantage of lower rates when you refinance a loan. c. deposit to a short-term savings instrumentals to take advantage of higher interest rates when they mature. d.select short-term savings instruments to lock in earnings at a current high rates.

Determine if the following statements are true or false. an increase in government spending can crowd out private investment. an improvement in the budget balance increases the demand for financial capital. an increase in private consumption may crowd out private investment. lower interest rates can lead to private investment being crowded out. a trade balance in sur+ increases the supply of financial capital. if private savings is equal to private investment, then there is neither a budget sur+ nor a budget deficit.