ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
expand_more
expand_more
format_list_bulleted
Question
thumb_up100%
A Polish company(A), which had its place of business in Krakow Poland sold a set of 80 steel girders to a Finnish construction company (B) with its place of business in Turku, Finland.
According to the contract between the parties, all the steel girders were to be delivered painted. The seller however delivered a considerable part of the girders (25 pcs.) unpainted, which left the buyer, company B highly unsatisfied. Company B sought to enforce the contract at a Finnish court of law.
Discuss the following questions that arose before the court:
1.Could the CISG regulate the contract between the parties? And if so, based upon what? (Which article)?
2.Were the delivered goods in conformity with the contract?
The seller claims that the buyer had a duty to give notice in connection with a possible lack of conformity of the goods, but had not done so.
3. Would the buyer still have the right to a remedy? Even if it had not given notice of the lack of conformity? If, so based upon which article(s)?
4. What could the remedy be in this case?
5. Could the buyer even have a right to compensation, even if the buyer in the case had not submitted any evidence of the actual loss?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 3 steps
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
Could the buyer even have a right to compensation, even if the buyer in the case had not submitted any evidence of the actual loss?
Solution
by Bartleby Expert
Follow-up Question
What could the remedy be in this case?
Could the buyer even have a right to compensation, even if the buyer in the case had not submitted any evidence of the actual loss?
Solution
by Bartleby Expert
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
Could the buyer even have a right to compensation, even if the buyer in the case had not submitted any evidence of the actual loss?
Solution
by Bartleby Expert
Follow-up Question
What could the remedy be in this case?
Could the buyer even have a right to compensation, even if the buyer in the case had not submitted any evidence of the actual loss?
Solution
by Bartleby Expert
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- TTV Corporation's managers estimate that a 50% increase in price would cause an 80% reduction in the quantity of product sold. Total fixed costs for the product are $5,000 and total variable costs are $4,000, based on production of 400 units. The following values may be useful: In (0.2) In (0.5) = -0.693 In (0.8) = -0.223 In (1.5) = 0.405 In (4,000) = 8.294 In (5,000) = 8.517 = -1.609 %3D TTV's profit maximizing price is: $2.44 O $3.37 $7.57 $13.36arrow_forwardMirtha owns an online jewelry store that specializes in earrings. In March, she sells 50 pairs of earrings priced at $15. The cost of materials to create the 50 pairs of earrings was $100. The website she uses to sell her wares costs her $10 a month, and she is also charged 4% on each sale by the company that processes debit/credit card purchases. Which of the following best represents Mirth’s total cost? Group of answer choices A)The $750 Mirtha earned from earring sales minus the materials ($100), online website charge ($10), and payment processing charge (4%) B)The sum of the materials ($100), website charge ($10), and 4% payment processing charge (4%) C)The cost of all the materials used to create the earrings, $100 D)The costs of materials minus the costs it takes to run her business through the online store, in this case the $10 website charges and the 4% payment processing chargearrow_forward"Rancor Inc. had a per-unit conversion cost of $3.50 during April and incurred direct materials cost of $100,00, direct labor costs of $75,000, and overhead costs of $45,000 during the month. How many units did they manufacture during the month?"arrow_forward
- In the fall, Jay Thompson decided to live in a university dormitory. He signed a dorm contract under which he was obligated to pay the room rent for the full college year. One clause stated that if he moved out during the year, he could sell his dorm contract to another student who would move into the dormitory as his replacement. The dorm cost was $6300 for the two semesters, which Jay had already paid. A month after he moved into the dorm, he decided he would prefer to live in an apartment. That week, after some searching for a replacement to fulfill his dorm contract, Jay had two offers. One student offered to move in immediately and to pay Jay $500 per month for the seven remaining months of the school year. A second student offered to move in the second semester and pay $2800 to Jay. Jay estimates his food cost per month is $350 if he lives in the dorm and $300 if he lives in an apartment with three other students. His share of the apartment rent and utilities will be $450 per…arrow_forwardOlney Recycling recycles newsprint, cardboard, and so forth, into recycled packaging materials. For the coming year, Olney estimates total manufacturing overhead to be $370,000. The company's managers are not sure if direct labor hours (estimated to be 10,000) or machine hours (estimated to be 14,800 hours) is the best allocation base to use for allocating manufacturing overhead. Olney bids for jobs using a 31% markup over total manufacturing cost. Requirement 1. Compute the total job cost and bid price if Olney Recycling decided to use direct labor hours as the manufacturing overhead allocation base for the year. First calculate the predetermined overhead rate based on direct labor hours. Identify the formula and then compute the rate. Estimated yearly overhead costs Estimated yearly direct labor hours = Predetermined overhead rate 370,000 10,000 $ 37 per hour $ Next we will calculate the total job cost. Direct materials Direct labor Manufacturing overhead Total job cost Job Sheet…arrow_forwardPearson Company manufactures a variety of electronic printed circuit boards (PCBS) that go into cellular phones. The company has just received an offer from an outside supplier to provide the electrical soldering for Pearson's Motorola product line (Z-7 PCB, slimline). The quoted price is $4.80 per unit. Pearson is interested in this offer, since its own soldering operation of the PCB is at its peak capacity. Outsourcing option. The company estimates that if the supplier's offer were accepted, the direct labor and variable overhead costs of the Z-7 slimline would be reduced by 15% and the direct material cost would be reduced by 20%. In-house production option. Under the present operations, Pearson manufactures all of its own PCBS from start to finish. The Z-7 slimlines are sold through Motorola at $20 per unit. Fixed overhead charges to the Z-7 slimline total $20,000 each year. The further breakdown of producing one unit is as follows: Direct materials $ 7.50 Direct labor 5.00…arrow_forward
- How did they get 49343?arrow_forwardA company sells one of the items in its product line for $8.90 each. The variable costs per unit is $3.90, and the associated fixed costs per week are $2,200. If the total revenue is $9,434 per week, then determine each of the following quantities: (1) The weekly level of output (n), that is the number of items produced and sold, is units. (2) The total variable costs (TVC) per week is $ (3) The net income (NI) per week is $ (4) The break-even volume (nBE) per week is even volume is not an integer, round up to the next integer.) units. (Hint: If the break- (5) The break-even revenue (TRBE) per week, rounded to the nearest cent, is $arrow_forwardThe equipment for applying specialty coatings that provide a high angle of skid for the paperboard and corrugated box industries has a delivered cost of $390,000. If the overall cost factor for the complete system is 3.96, the total plant cost is approximately: (a) $955,500 (b) $1,054,400 (c) $1,154,400 (d) $1,544,400arrow_forward
- I need the answer as soon as possiblearrow_forwardA strawberry growing company is deciding its production and sale plan for the national and international markets.The sale price for each ton of strawberry depends on the quantity offered in the market. If x1 tons is offered for the domestic market, the sale price will be (30 - x1) CU / ton, while if x2 tons is offered for the international market, the sale price will be (40 - x2) CU / ton.The cost for each ton of strawberry for the domestic market is 10 MU, while for the international market it is 15 MU.The company has the capacity to produce up to 10 tons of strawberries for sale and according to SAG restrictions, it must dedicate at least 10% of production to the international market.For technical production reasons, the company must additionally satisfy the following restriction: x12 + x22 ≤64.d) There is the option of buying new machinery to increase the production capacity of the company. In what range should the new machine increase production capacity to suit the company? How…arrow_forwardA strawberry growing company is deciding its production and sale plan for the national and international markets.The sale price for each ton of strawberry depends on the quantity offered in the market. If x1 tons is offered for the domestic market, the sale price will be (30 - x1) CU / ton, while if x2 tons is offered for the international market, the sale price will be (40 - x2) CU / ton.The cost for each ton of strawberry for the domestic market is 10 MUs, while for the international market it is 15 MUs.The company has the capacity to produce up to 10 tons of strawberries for sale and, according to SAG restrictions, it must dedicate at least 10% of its production to the international market.For technical production reasons, the company must additionally satisfy the following restriction: x12 + x22 ≤64.a) Raise the NLP model that allows maximizing the net profit for the companyb) State the KKT conditions for the problem and indicate whether they are necessary and / or sufficient.c)…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education