Adam contracts to sell Ben 100 widgets for $100, for use in Ben's factory. Adam does not know that Ben's factory is closed as it is waiting for the supply of widgets from Adam. Which of the following statements is true of the damages caused due to late delivery?
A. Adam will not be liable for consequential damages.
B. Adam will be liable for consequential damages.
C. Adam will be liable for nominal damages.
D. Adam will be liable for compensatory damages.
Answer: A
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Which statement is not true of the agency concept?
A. Under the common law tradition of the United States, all employees are treated as agents of employers. B. In actual fact, not all agents are employees. C. The primary responsibilities in the employer-agent relationship lie with the employer. D. The law has described the employee-employer connection as a master-servant relationship.
Which of the following is an example of an accrual?
A) The purchase of office supplies. B) Wages expense incurred but not yet paid. C) Rent revenue collected in advance. D) Payment of two years' insurance in advance.
Daniel is resigning from his position as a management consultant and would like a permanent record of his official resignation. Which of the following is the best communication channel for him to use to inform his supervisor of his resignation?
A) Letter B) E-mail message C) Voice mail message D) Text message
The income statement shows whether or not a business can generate enough cash to pay its liabilities
Indicate whether the statement is true or false