Ask Question
BusinessBusiness
2 April, 04:46

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

+5
Answers (1)
  1. 2 April, 04:58
    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?
Find 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 the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The following information is from the Income Statement of the Cheyenne Laundry Service: Revenues Service Revenues $5720 Expenses Salaries and wages expense $ 2160 Advertising expense 440 Rent expense 260 Supplies expense 180 Insurance expense 90
Answers (1)
E10-7 Preparing Journal Entries to Record Issuance of Bonds and Payment of Interest [LO 10-3] On January 1, Applied Technologies Corporation (ATC) issued $500,000 in bonds that mature in 10 years. The bonds have a stated interest rate of 10 percent.
Answers (1)
The circular flow model examines interactions between which sectors of the economy? Check all that apply. private government business tech households
Answers (2)
The following table shows the average nominal interest rates on six-month treasury bills between 1971 and 1975, which determined the nominal interest rate that the u. s. government paid when it issued debt in those years.
Answers (1)
The Miller Company earned $103,000 of revenue on account during Year 1. There was no beginning balance in the accounts receivable and allowance accounts. During Year 1, Miller collected $72,000 of cash from its receivables accounts.
Answers (1)
New Questions in Business
Montana Company was authorized to issue 200,000 shares of common stock. The company had issued 50,000 shares of stock when it purchased 10,000 shares of treasury stock.
Answers (1)
The following items caused the only differences between pretax financial income and taxable income. 1.
Answers (1)
Which of the following characteristics would lead the auditor to assess control risk at a higher level? a. It is difficult for the auditor to determine or gain access to the organization or individuals who own and/or control the entity. b.
Answers (1)
The reason for the Fed being set up as an independent agency of government is to:
Answers (1)
Headings in reports that describe the content of the section and may even give a conclusion about the section are called:
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?