Ask Question
BusinessBusiness
28 August, 01:57

For many years the law has required that certain kinds of contracts, such as those involving $500 or more, be in writing to be enforceable. Should the amount of $500 be increased to reflect the effects of inflation

+3
Answers (1)
  1. 28 August, 02:42
    0
    Yes

    Explanation:

    Since it has been for many years that the law has required that certain kinds of contracts, such as those involving $500 or more, be in writing to be enforceable, the amount of $500 should be increased to reflect the effects of inflation.

    Recall that Nominal GDP is the market value of goods and services produced in an economy, unadjusted for inflation, while Real GDP is nominal GDP, adjusted for inflation to reflect changes in real output.

    Finally such adjustments will also take into account the true value and time value of money
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “For many years the law has required that certain kinds of contracts, such as those involving $500 or more, be in writing to be enforceable. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Who owns the alcoholic beverages of a private club answer?
Answers (1)
The Foxboro Manufacturing Company provided you with the following information for the fiscal year ended December 31.
Answers (1)
You are evaluating the balance sheet for Campus Corporation. From the balance sheet you find the following balances: Cash and marketable securities = $800,000, Accounts receivable = $200,000, Inventory = $100,000, Accrued wages and taxes =
Answers (1)
Opera Corp. uses dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows: Year ended Inventory at Price December 31. End-of-year Prices Index 2013 $390,000 1.00 2014 $756,000 1.05 2015 $810,000 1.
Answers (1)
Accurate Tax Returns budgets two direct labor hours for every tax return that it prepares, at a standard cost of $ 32 an hour. During the most recent year, 540 returns were completed with the labor cost totaling $ 26 comma 000.
Answers (1)
New Questions in Business
Which of the following statements describe people who have a strong external locus of control? Check all that apply. They are likely to take charge in work settings. They are easy to manage, because they are likely to do what they are told.
Answers (1)
The county commission of canyon county adopted its general fund budget for the year ending june 30, comprising estimated revenues of $13,200,000 and appropriations of $12,900,000.
Answers (1)
JR Computers, a firm that manufactures and sells personal computers is an all-equity firm with 100,000 shares outstanding, $10 million in earnings after taxes and a market value of $ 150 million.
Answers (1)
Social compensation is especially likely when high-ability group members are suspected of loafing. a. True b. False
Answers (1)
Liquidity refers to a. the ease with which an asset is converted to the medium of exchange. b. the measurement of the intrinsic value of commodity money. c. the measurement of the durability of a good. d.
Answers (1)
Home » Business » For many years the law has required that certain kinds of contracts, such as those involving $500 or more, be in writing to be enforceable. Should the amount of $500 be increased to reflect the effects of inflation
Sign Up Forgot Password?