In Crest Ridge Construction v. Newcourt, where an order for construction materials that Crest Ridge needed was rejected for failure to meet credit terms, and Crest Ridge had to find a higher-cost replacement and sued Newcourt for damages, the appeals court held that:
a. Newcourt was liable for breach of contract because there was sufficient evidence that the two companies had formed a contract under the definition found in the UCC
b. Newcourt was not liable for breach of contract because there was not sufficient evidence that the two companies had formed a contract under the definition found in the UCC
c. Crest Ridge was liable for breach of contract because it failed to inform Newcourt that it would not be able to pay before delivery
d. Crest Ridge did not have a case because there was never any indication that they had formed a contract with Newcourt
e. Newcourt was not liable for damages, even though there was sufficient evidence that the two companies had formed a contract under the definition found in the UCC
a
You might also like to view...
Explain how trust is akin in “interpersonal glue.”
What will be an ideal response?
On September 12, Ryan Company sold merchandise in the amount of $7000 to Johnson Company, with credit terms of 3/10, n/30. The cost of the items sold is $4600. Johnson uses the periodic inventory system and the net method of accounting for purchases. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Johnson makes on September 18 is:
A.
| Accounts payable | 7000? | |
| Purchases discounts | 210? | |
| Cash | 6790? |
B.
| Cash | 6790? | |
| Purchases discounts | 210? | |
| Accounts payable | 7000? |
C.
| Accounts payable | 4600? | |
| Merchandise inventory | 138? | |
| Cash | 4462? |
D.
| Purchases | 6790? | |
| Cash | 6790? |
E.
| Accounts payable | 6790? | |
| Cash | 6790? |
Which of the following provides managers with a “snapshot” of the firm’s financial condition at a specific point in time?
a. Control chart b. Controlling function c. Balance sheet d. Income statement
_______ means doing new things.
a. Product innovation b. Service invention c. Improvisation d. None of the above