A contract in which both parties exchange promises is a:
a. voidable contract.
b. bilateral contract.
c. unilateral contract.
d. quasi contract.
b
You might also like to view...
Raul was researching an issue and found two tax court decisions issued within six months of each other, one for a taxpayer residing in California and the other for a taxpayer residing in New York, whose rulings were inconsistent. Raul knows that the federal tax law does not differ by state and the issue was exactly the same in both cases. Raul is confused because he thought that a basic judicial doctrine was that a court is supposed to rule consistently. Name and describe this judicial doctrine that requires judicial consistency and discuss why the tax court may have intentionally ruled inconsistently in this example.
What will be an ideal response?
In the context of the strategies for reaching global markets, which of the following is a disadvantage of foreign outsourcing?
A. The returns on investment are diminished. B. The adherence to ethical standards by foreign producers is at risk. C. The cost of production becomes irrecoverable. D. The foreign company needs to pay high wages to the workers.
Laura Evans is risk manager of LMN Company. Laura decided to retain certain property loss exposures. Which of the following is a method that Laura can use to fund the retained property losses?
A) current net income B) private insurance C) noninsurance transfer D) high deductibles
The carrying value of a long-term note is computed as the present value of all remaining future payments, discounted using the market rate at the time of issuance.
Answer the following statement true (T) or false (F)