Cheryl, age 16, ordered a new dress to wear to the school prom. She has contracted to pay $500 when the dress arrives. Before the dress arrives, Cheryl decides that the dress is too expensive. If she now wishes to cancel the order, Cheryl:
A) must pay $500 for the dress because the dress was specially ordered for Cheryl.
B) must pay $500 for the dress because clothing is classified as a necessity.
C) may disaffirm this executory contract.
D) must accept the dress and pay the reasonable value of the dress.
C
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Insistence from the CEO that she must be present at all meetings between the audit committee and internal/external auditors would cause auditors to assess inherent risk at a higher level
a. True b. False Indicate whether the statement is true or false
Palmer Productions uses a standard cost system. On December 31, the account balances include the following:
Sales Revenues: $750,000
Cost of Goods Sold (standard costing): $400,500
Selling & Administrative expenses: $150,000
Prepare a multi-step, standard cost income statement.
Earnings management through strategic matching is best exemplified by
a. changing the useful life of a depreciable asset. b. timing transactions such that large one-time gains and losses occur in the same quarter. c. changing the interest rate used in accounting for leases without describing the change in the notes to the financial statements. d. capitalizing as assets expenditures that have no future economic benefit.
Explain what action learning involves and why it is considered to be “self-managed learning.”
What will be an ideal response?