Chris, a minor, signs a contract to buy alcoholic beverages for Dine & Drink, his parents' restaurant. The contract is
A. valid but may be disaffirmed.
B. valid but may not be disaffirmed.
C. void as a matter of law.
D. void unless it is also signed by Ed, the manager of Dine & Drink.
Answer: C
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The correct 2016 net income for Magness Company, after error corrections, was $56,000. Two errors were found after net income was first reported. The January 1, 2016 inventory and the December 31, 2016, inventory were overstated by $5,000 and $10,000, respectively. What is the amount of the net income that must have been originally reported?
A) $41,000 B) $66,000 C) $71,000 D) $61,000
A sales contract evidenced by writing cannot be contradicted by a prior oral or written agreement
Indicate whether the statement is true or false
A firm's optimal capital budget consists of all independent projects with positive NPVs plus those mutually exclusive projects that have the highest positive NPVs.
Answer the following statement true (T) or false (F)
In January, All Seasons, Inc. ordered $4,000 of fireworks from Kaboom Ltd. with delivery to be on or before June 1. On April 15, Kaboom notifies All Seasons that it will not be able to perform the contract as agreed. How will the law characterize Kaboom's actions? Does All Seasons have to wait until June 1 before buying fireworks from another supplier?
What will be an ideal response?