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Sudson Washer and Dryer Service is in the business of leasing used washers and dryers to apartment landlords for a contracted lease term. The coin-operated machines are used by apartment tenants. Letisha, 25, a human resource clerk, owns a five-unit apartment complex. While she resides in one of the units, the others are occupied by tenants. Sudson contacts Letisha and offers to lease one washer and one dryer.

The washer and dryer in Letisha’s apartment complex are old and worn-out. Anxious to keep her tenants happy, Letisha meets with Sudson’s salesman who presents her with a one-page agreement for the use of one washer and dryer for five years. The five-year term is standard and the front page of the contract states the lease period. Letisha (as lessee) and the salesman for Sudson (as lessor) sign the front page of the contract and Letisha retains a copy of the signed agreement.

The salesman did not inform Letisha of, nor did she bother to read the back of the agreement which contained additional terms, one of which is an ”automatic renewal” clause that states: “If the lessee fails to provide a 90-day written notice to terminate the contract by certified mail to the lessor, the five-year lease term period shall automatically renew for three additional five-year terms and shall only be subject to termination by the lessor.”

Letisha uses the machines for the five-year period and just a few weeks prior to the end of the term, calls Sudson to provide them with a courtesy notice saying she is not going to renew her agreement. The operator replies that since she failed to provide the 90-day written, certified notice of termination, the lease will be renewed for three five-year terms or another 15 years.

Letisha says that she never saw that clause.  The operator replies that it was her obligation to read the back page of the agreement and Sudson will require her to make monthly payments for the next 15 years.  Letisha does not know what recourse she now has.

Research whether Letisha has a contract formation or enforcement defense based on the legal and ethical use of automatic renewal clauses in lease agreements, using your textbook, the Argosy University online library resources, and the Internet. Based on the facts of the case and research, write an analytical paper. In the paper, respond to the following questions:

• If Letisha does not pay and Sudson sues her for breach of contract, what legal arguments could be raised in Letisha’s defense against the enforcement of the automatic renewal clause? Explain.
• What legal arguments could be raised by Sudson in support of the enforcement of the automatic renewal clause against Letisha? Explain.
• What ethical issues are raised, if any, by Sudson’s practice of using the automatic renewal clause in their lease agreements? Explain.
• Does the Uniform Commercial Code Article 2A apply in this case? Explain.
• Are there any government or private entities available to Letisha for lodging complaints about businesses which treat consumers unfairly? Explain.
• If Sudson sues Letisha for breaching the contract’s automatic renewal clause, what do you think the outcome of the case will be? Explain.

Write a five-page paper in Word format. Apply APA standards for writing style to your work.

Use the following file naming convention: LastnameFirstInitial_M2_A2.doc.

Week 9 Homework Submission

• PROBLEMS

 

1. Pretty Lady Cosmetic Products has an average production process time of forty days. Finished goods are kept on hand for an average of fifteen days before they are sold. Accounts receivable are outstand-ing an average of thirty- five days, and the firm receives forty days of credit on its purchases from suppliers. a. Estimate the average length of the firm’s short- term operat-ing cycle. How often would the cycle turn over in a year? b. Assume net sales of $ 1,200,000 and cost of goods sold of $ 900,000. Determine the average investment in accounts receivable, inventories, and accounts payable. What would be the net financing need considering only these three accounts?

 

3. Obtain a current issue of the Federal Reserve Bulletin, or review a copy from the Fed’s Web site ( http:// www. federalreserve. gov) or the St. Louis Fed’s Web site ( http:// www. stlouisfed. org), and determine the changes in the prime rate that have occurred since the end of 2000. Comment on any trends in the data.

 

 4. Compute the effective cost of not taking the cash discount under the following trade credit terms:

 

a. 2/ 10 net 40

 

b. 2/ 10 net 50

 

c. 3/ 10 net 50

 

d. 2/ 20 net 40

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Week 10 Homework Submission

 

• PROBLEMS

  1. Suppose the Quick Towing Company purchases a new tow truck. The old truck had a book value of $ 1,000 and was sold for $ 1,420. If Quick Towing is in the 34 percent marginal tax bracket, what is the tax liability on the sale of the truck? What is the after- tax cash flow on the sale? 2. Hammond’s Fish Market just purchased a $ 30,000 fork lift truck. It has a five- year useful life. The firm’s tax rate is 25 percent.

  a. If the fork lift is straight- line depreciated, what is the firm’s tax savings from depreciation?

  b. What will be its book value at the end of year three?

  c. Suppose the fork- lift can be sold for $ 10,000 at the end of three years. What is its after- tax salvage value?

   

  7. The No- Shoplift Security Company is interested in bidding on a contract to provide a new security system for a large department store chain. The new security system would be phased into 10 stores per year for five years. No- Shoplift can purchase the hardware for $ 50,000 per installation. The labor and material cost per installation is approximately $ 15,000. In addition, No- Shoplift will need to purchase $ 100,000 in new equipment for the installation, which will be depreciated to zero using the straight- line method over five years. This equipment will be sold in five years for $ 25,000. Finally, an investment of $ 50,000 in net working capital will be needed. Assume that the relevant tax rate is 34 percent. If the No- Shoplift Security Company requires a 10 percent return on its investments, what price should it bid?

   

   

  18. Using the income statements from the Mount Lewis Copy Centers for 2010 and 2011 in Problem 17, find the percentage change in sales, EBIT, and net income. Use them to compute the degree of operating leverage, financial leverage, and combined leverage.

   

 

 

 

Create an 8- to 10-slide Microsoft^® PowerPoint^® presentation on spatial organization with speaker notes.

 

Describe the following:

• The concept of spatial organization
• How spatial organization affects visual perception
• How perception influences behavior

Format your presentation consistent with APA guidelines.

 

Part 2
The practicum project consists of two parts. In part two, each student will continue the analysis

of the business activities of the company they have chosen. The results of this research will be

written up in an essay (minimum five pages) addressing the following questions:

1. How does the company market its products? What are some of the most successful marketing

techniques used by the company?

2. What is the company’s market share in the global marketplace?

3. How does the company deal with market regulations, tariffs, and labor legislation in the

countries where it operates?

4. How does the company deal with labor issues: is its workforce diverse, what compensation

and benefits are offered to its workers, how does it deal with discrimination in the workplace?

5. What are the environmental policies of the company?

 

PROJECT PRESENTATION

Create a 5-6 slide PowerPoint presentation summarizing your Practicum Project work

 

and findings (part 1 and 2 together abput coca cola)