Assets would be increased with a ________ entry and liabilities would be increased with a ________ entry.
What will be an ideal response?
debit; creditÂ
(Answers need to appear in the order shown above)
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Which of the following is true of misrepresentation in contracts?
A. Misrepresentation cannot result from an honest mistake or negligence. B. A victim has to show detriment from misrepresentation to cancel a contract. C. A mere untrue assertion is sufficient for proving misrepresentation. D. Statements of opinion serve as a basis for rescission.
The greater the distance and formality between a reader and writer, the more need there is to _____________________ the ideas of the document
a. obfuscate b. highlight c. introduce d. ignore
IBD Corporation has Current Assets of $200,000, Long Term Assets of $300,000, Current Liabilities of $100,000, Long Term Liabilities of $200,000, Paid in Capital of $150,000, and Retained Earnings of $50,000. Calculate IBD's debt to assets ratio?
A) .40 B) .60 C) .20 D) .90
What type of contract is a possible remedy for an injured plaintiff in a case with no valid contract, when the plaintiff can show benefit to the defendant, reasonable expectation of payment, and unjust enrichment?
a. an express contract b. an implied contract c. a quasi-contract d. a unilateral contract