Mike, a minor, bought a car from used car lot for 6,000. two months before he turned 18, the age of majority in his state, mike decided he didn't want the car anymore and returned it to used car lot. mike had put 50,000 miles on the car. applying the law followed by the majority of states, select the statement that best describes mike's rights in these circumstances.
a. mike would be entitled to get back the full 6,000 purchase price. b. mike would get back only the market value of the car when he returned it. c. mike cannot return the car because the excess mileage constituted an act of ownership that ratified the contract. d. mike will be entitled to 6,000 minus the rental value of the car for the months he used it.

You are working on a bid to build two city parks a year for the next three years. this project requires the purchase of $249,000 of equipment that will be depreciated using straight-line depreciation to a zero book value over the three-year project life. ignore bonus depreciation. the equipment can be sold at the end of the project for $115,000. you will also need $18.000 in net working capital for the duration of the project. the fixed costs will be $37000 a year and the variable costs will be $148,000 per park. your required rate of return is 14 percent and your tax rate is 21 percent. what is the minimal amount you should bid per park? (round your answer to the nearest $100) (a) $214,300 (b) $214,100 (c) $212,500 (d) $208,200 (e) $208,400