Courts distributors needed two hundred compact refrigerators on a rush basis. it contacted eastinghouse corporation, a manufacturer of refrigerators. eastinghouse said it would take some time to quote a price on an order of that size. courts replied, "send the refrigerators immediately and bill us later." the refrigerators were delivered three days later, and the invoice arrived ten days after that. the invoice price was $140,000.
courts believes that the wholesale market price of the refrigerators is only $120,000.

do the parties have a contract? if so, what is the price? explain.

What cylinder head operation is the technician performing in this figure?

mark, a civil engineer, entered into a contract with david. as per the contract, mark agreed to design and build a house for david for a specified fee. mark provided david with an estimation of the total cost and the contract was mutually agreed upon. however, during construction, when mark increased the price due to a miscalculation on his part, david refused to pay the amount. this scenario is an example of a mistake.

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?