Which of the following is a partial defense against a holder in due course and a complete defense against a non-holder in due course?
A. Lack or failure of consideration
B. Illegality that makes a contract voidable
C. Alteration of the completed instrument
D. Fraud in the inducement of any underlying contract
Answer: C
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A capital expenditure results in a debit to
a. an asset account b. an expense account c. a liability account d. a capital account
List factors that may influence organizational buying process.
What will be an ideal response?
Which of the following transactions results in an increase in expenses?
a. Payment on accounts payable b. Usage of utilities c. Repayment of principal of bank loan d. Purchase of office equipment on credit
North Carolina enacts a statute that requires a label on a video game to warn parents when "the range of options available to a player include dismem¬bering or sexually assaulting the image of a human being.". In a challenge to the statute by gamemakers, the state asks a federal court to enforce the statute. The state fails to show that the statute is justified by a compelling government
interest or that it is narrowly tailored to serve that interest. The court is most likely to a. hold that the statute is unconstitutional and refuse to enforce it. b. expand the label's warning to include other forms of violence. c. impose market-share liability on makers of violent video games. d. replace the voluntary rating system currently in use.