Under the Restatement and the Code, when can supplemental evidence be used with a written contract?
Although an integrated written agreement may not be contradicted by evidence of a prior agreement or of a contemporaneous agreement, a written contract may be explained or supplemented by: (1) course of dealing between the parties; (2) usage of trade; (3) course of performance; or (4) evidence of consistent additional terms unless the writing was intended by the parties to be a complete and exclusive statement of their agreement. The Restatement and the Code permit supplemental consistent evidence to be introduced into a court proceeding if it does not contradict a term of the original agreement and would probably not have been included in the original contract.
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The formula to calculate the present value index for an annuity of $1 is ________
a. Total present value of net cash flow / Amount to be invested b. Estimated average annual income / Average investment c. Equal annual net cash flows / Amount to be invested d. Average investment / Estimated average annual income
Mervin, the vice president of a curtain manufacturing company, emphasizes that the production of curtains should meet the actual current demand. He believes in minimizing the inventories of finished products and work in process at each stage of the supply chain. In this scenario, Mervin follows the _____.
A. push system B. mass production system C. job production system D. just-in-time production system
Your firm's sales are estimated to increase by 10% in the next year. However, soon after the beginning of the year it becomes apparent that the growth in sales is more likely to be 20%
If your cost of good sold consists of only variable expenses, and the relationship between revenues and costs remain the same, which of the following situations would you expect to be TRUE? A) The percentage change in gross profit should be greater than the percentage change in sales. B) The percentage change in gross profit should be less than the percentage change in sales. C) The percentage change in gross profit should be zero because gross profit is not a function of sales if all CGS are variable. D) The percentage change in gross profit should be the same as the percentage change in sales.
Under ERISA, which of these is not required of a qualified plan?
A) Plans must cover all full-time employees with at least one year of service. B) Plans should not provide disproportionately high benefits to the highly compensated employees. C) Defined benefit plans must be funded in advance according to ERISA requirements. D) All employees must receive the same percentage of wages as benefits.