Equine World enters into a contract with FabuloSales to provide Equine World with a plan to repurpose its marketing strategy. If FabuloSales breaches the contract, Equine World has a duty to
A) reduce the damages that Equine World might otherwise suffer
B) reduce the loss that FabuloSales might otherwise suffer.
C) punish FabuloSales and deter others from similar acts.
D) take no action.
A
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Under which of the following warranties must the seller be a merchant?
a. Express warranties. b. Implied warranty of merchantability. c. Implied warranty of fitness for a particular purpose. d. Both b and c.
A refund of the purchase price, increased warranty, or partial credit on the next purchase would
be listed on the income statement as returns and allowances. Indicate whether the statement is true or false
The approach that recognizes the assets and activities of the company are interdependent and should be managed so as to maximize the company's performance is
A. capacity management. B. lean production. C. synchronous management. D. waste-less production.
Elaine loaned her brother, Mike, $175,000 to purchase a new home. Elaine does not charge Mike any interest on the loan. What are the tax consequences to Elaine and Mike?
A) Elaine is treated as having made a gift of the forgone interest on the $175,000 loan to Mike. B) Elaine only has to impute interest on $75,000 of the loan to Mike. C) If Mike has no net investment income, Elaine does not have to treat the forgone interest as a gift. D) Mike can deduct the interest that he is deemed to have paid Elaine.