No. Show Generally, a determination of unconscionability requires a showing that the contract was both procedurally and substantively unconscionable when made, BUT there may be exceptional cases where a provision of the contract is so outrageous as to warrant holding it unenforceable on the ground of substantive unconscionability alone. Some courts have concluded that to be unenforceable, a contract must be both procedurally and substantively unconscionable, BUT most authorities have recognized that sometimes substantive unconscionability, without more, can render an agreement unenforceable. Indeed, the courts of Hawai'i have recognized that, under certain circumstances, an impermissibly one-sided agreement may be unconscionable even if there is no unfair surprise.
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finance Purse Corporation acquired 70 percent of Scarf Corporation's ownership on January 1, 20X8, for $140,000. At that date, Scarf reported capital stock outstanding of$120,000 and retained earnings of $80,000, and the fair value of the non-controlling interest was equal to 30 percent of the book value of Scarf. During 20X8, Scarf reported net income of$30,000 and comprehensive income of $36,000 and paid dividends of$25,000. \ **Required** Present all equity-method entries that Purse would have recorded in accounting for its investment in Scarf during 20X8. Verified answer Recommended textbook solutions
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Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions HDEV56th EditionSpencer A. Rathus 380 solutions What is procedural unconscionability?Procedural unconscionability refers to the unconscionability in how a contract was formed between parties. It could result from one party having a significant advantage over another, i.e., bargaining power and intelligence.
What is an example of an unconscionable contract?Types of Unconscionable Conduct
A business signing a contract with a minor. A business levying unfairly high financial penalties on another entity. A contract in which a business prohibits another signatory from seeking court intervention if disgruntled by the contract.
Which of the following is true regarding unconscionability under the code quizlet?Which of the following is true regarding unconscionability under the Code? The Code denies or limits enforcement of an unconscionable contract for the sale of goods.
What is an unconscionable contract quizlet?An unconscionable contract is one that is so one-sided that it is unfair to one party and therefore unenforceable under law. It is a type of contract that leaves one party with no real, meaningful choice, usually due to major differences in bargaining power between the parties.
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Which of the following is an example of procedural unconscionability quizlet?
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