Walter enters a dentist office and points to a damaged tooth. The dentist, Matt, treats the tooth. If Walter refused to pay and Matt sued,
a. Walter would win as there was no contract.
b. Walter would win because of the UCC.
c. Matt would win; this is an implied contract.
d. Matt would win in quantum meruit.
c
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The IRS files criminal charges against Rich for evasion of federal taxes. Rich's accountant, Sonya, is summoned to appear in court to testify against Rich. The state where the incident occurred recognizes an accountant-client privilege. Does Sonya have to testify in federal court against her client?
a. Yes. b. Yes, but only if she is granted immunity by her state. c. No, the federal court must recognize her state's accountant-client privilege. d. No, the federal accountant-client privilege will protect her from testifying.
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $66,200 and $1900, respectively. During Year 2, Kincaid reported $166,000 of credit sales, wrote off $1400 of receivables as uncollectible, and collected cash from receivables amounting to $185,700. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.Which of the following describes the effects of Kincaid's entry to recognize the write-off of the uncollectible accounts?
A. Does not affect assets or stockholders' equity. B. Increase assets and stockholders' equity. C. Increase assets and decrease stockholders' equity. D. Decrease assets and stockholders' equity.
Which of the following will be debited to the Manufacturing Overhead account of a watch manufacturer?
A) office telephone costs B) salaries paid to accountants C) factory electricity costs D) cost of printing brochures