Larry purchased a Leisure Lawnmower because the company salesperson intentionally misled him by assuring him that the mower was self-propelled, had a mulching feature, and had a five-year unlimited manufacturer's warranty. When Fred finds out that his new Leisure Lawnmower is not self-propelled, does not mulch, and has a 90-day warranty, he may successfully sue for
a. reformation of the contract only.
b. restitution only.
c. restitution and possibly punitive damages.
d. compensatory damages only.
c
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Mandisa Sounds, Inc, a specialty retailer of customized audio systems for automobiles, installed a perpetual inventory system in the second quarter of 2011. The new system allowed the firm to adjust its merchandise inventories to sales patterns more
effectively and to prepare monthly financial statements. Although the system led to an improvement in sales and income, the gross margin on the monthly income statements was falling below both management's expectations and the industry average. At the end of 2014, a physical inventory revealed that actual merchandise inventory was considerably lower than the perpetual inventory records indicated. The merchandise inventories of some stores were off more than others, but all had deficiencies. What probably caused these losses and what steps could be taken to prevent them in the future?
Once sales reach the break-even point, each additional unit sold will:
A. increase fixed cost by a proportionate amount. B. increase the company's operating leverage. C. increase profit by an amount equal to the per unit contribution margin. D. reduce the margin of safety.
How is MTBF related to FR(N)?
A) MTBF is measured in hours, while FR(N) is measured in years. B) MTBF is normally distributed, with FR(%) as its mean and FR(N) as its standard deviation. C) MTBF is the reciprocal of FR(N). D) Both MTBF and FR(N) increase when breakdown maintenance is replaced by preventive maintenance. E) MTBF and FR(N) are unrelated concepts.
A minor may disaffirm a contract only if the subject matter is illegal.
Answer the following statement true (T) or false (F)