Distinguish between minor breach and material breach.
What will be an ideal response?
A minor breach occurs when a party renders substantial performance of his or her contractual duties. In other words, it occurs when a party to a contract renders performance that deviates slightly from complete performance. The nonbreaching party may try to convince the breaching party to elevate his or her performance to complete performance. If the breaching party does not correct the breach, the nonbreaching party can sue to recover damages. A material breach of a contract occurs when a party renders inferior performance of his or her contractual obligations that impairs or destroys the essence of the contract. Where there has been a material breach of contract, the non-breaching party may rescind the contract and seek restitution of any compensation paid under the contract to the breaching party. The non-breaching party is discharged from any further performance under the contract. Alternatively, the non-breaching party may treat the contract as being in effect and sue the breaching party to recover damages.
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Mellon Corporation The data presented below is for Mellon Corporation for the year ended December 31, 2016: Sales (100% on credit) $1,500,000 Sales returns 60,000 Accounts Receivable (December 31, 2016) 250,000 Allowance for Doubtful Accounts [Credit Balance] (Before adjustment at December 31, 2016 3,000 Estimated amount of uncollectible accounts based on an aging analysis 31,000 Refer to the
information for Mellon Corporation. If Mellon uses the aging of accounts receivable approach to estimate its bad debts, what will be the net realizable value of its accounts receivable after the adjustment for bad debt expense? a. $216,000 b. $219,000 c. $222,000 d. $250,000
______ can seek investment from social venture capitalists known as impact-investment funds.
a. Both nonprofit and for-profit organizations b. Only nonprofit organizations c. Only for-profit organizations d. Only social purpose ventures
All of the following regions can damage communication EXCEPT the:
a. Arena b. Blind spot c. Facade d. Unknown
It is acceptable to record cash received in advance of providing products or services to revenue accounts if an adjusting entry is made at the end of the period to bring the liability account balance to the correct unearned amount.
Answer the following statement true (T) or false (F)