The principle illustrated in the Christy v. Pilkinton case is:
a. a breach of contract is material if it is an intentional breach.
b. subjective impossibility does not discharge the contractual duty of the party.
c. objective impossibility generally discharges the contractual duty of the party.
d. commercial impracticability occurs when performance can only be accomplished under unforeseen and unjust hardship.
b
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As markets globalize, and as Japan opens its own market to more competition from overseas, more Japanese companies are likely to stick to the traditional organization patterns
Indicate whether the statement is true or false
In a short essay, discuss how the practices of one time charges and cookie jar accounting enable managers to manipulate financial statements or manage earnings.
What will be an ideal response?
Rolling Transport & Storage Corporation wants to insure its warehouse to obtain the maximum possible recovery for the lowest possible premium. To obtain the maximum recovery under a coinsurance clause, the percentage of the value of the property that should be insured is
A. 80 percent. B. 90 percent. C. 100 percent. D. 120 percent.
Which of the following statements is CORRECT?
A. Historically, the tax code has encouraged companies to pay dividends rather than retain earnings. B. If a company uses the residual dividend model to determine its dividend payments, dividend payout will tend to increase whenever its profitable investment opportunities increase relatively rapidly. C. The more a firm's management believes in the clientele effect, the more likely the firm is to adhere strictly to the residual dividend model. D. Large stock repurchases financed by debt tend to increase expected earnings per share, but they also tend to increase the firm's financial risk. E. A dollar paid out to repurchase stock has the same tax benefit as a dollar paid out in dividends. Thus, both companies and investors should be indifferent between distributing cash through dividends and stock repurchase programs.