In January, All Seasons, Inc ordered $4000 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?
Kaboom's actions amount to an anticipatory breach. It has clearly indicated it does not intend to perform the contract. All Seasons does not need to wait until June 1 before buying the supplies from another source. Kaboom is responsible for the breach just as if it had breached on June 1.
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Herndon Corp purchased merchandise on account from Likert Corp on November 18, 2014 . On November 21, 2014, Herndon returned damaged merchandise to Likert and was granted an adjustment on its account. Herndon uses the periodic inventory system. What effect does the merchandise return have on Herndon's accounting equation?
a. Assets and stockholders' equity decrease. b. Assets and liabilities decrease. c. Liabilities decrease and stockholders' equity increases. d. Liabilities and stockholders' equity decrease.
Which of the following statements is true about shareholders?
A) They are not entitled to a distribution of the dividend income. B) They have direct equity interest in the firms to which they fund resources. C) They have no rights to transfer their shares to other investors. D) They emphasize corporate responsibility over financial profitability.
Give a specific example of a turn-around document
Non-statistical sampling Describe non-statistical sampling for test of account balances and how it is used by the auditor