Refer back to #40. Suppose that Melanie failed to make her payments to Zack, Fifth First has to foreclose on the home because Zack says he is not responsible for the payments any longer. Which of the following statements is correct?
A)?Zack is correct, the sale to Melanie ended his obligations to Fifth First Bank.
B)?Zack is incorrect, he remains liable to Fifth First Bank.
C)?Zack is not liable and Fifth First cannot foreclose because it had no relationship with Melanie.
D)?Zack is correct, Melanie assumed the loan and the result was Fifth First released Zack.
B
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Because communication often depends on ______, we tend to use different vocabulary depending on the situation or the person we are talking to.
A. high context B. social context C. slang context D. low context
Umber Company's bank reconciliation for September is presented below. Prepare the necessary adjusting journal entries based on the reconciliation report.UMBER COMPANYBank ReconciliationSeptember 30Bank statement balance$1,350Book balance of cash?$995Add:?Add:??Deposit in transit1,250Proceeds of note?875Bank error275????$2,875??1,870Deduct:?Deduct:??Outstanding checks1,145NSF check plus processing fee?125??Bank service charge?15Reconciled balance$1,730Reconciled balance?$1,730
What will be an ideal response?
Which of the following could be used as a way to get around the parol evidence rule? The court could find that
A) the contract was partly written and partly oral B) there was a collateral contract C) the contract was made under duress D) both A and B E) there is no way to get around the parol evidence rule
Assume that the expectations theory holds and that liquidity and maturity risk premiums are zero. The annual rate of interest on a two-year Treasury bond is 10.5 percent and the rate on a one-year Treasury bond is 12 percent. What is the expected one-year interest rate during the second year?
A. 9.0% B. 9.5% C. 10.0% D. 10.5% E. 11.0%