At Glamour Mattress Store, Robbie signs a contract to buy a suite of bedroom furniture. The contract sets a schedule of $500 monthly payments, subject to a late fee of 150 percent. Glamour's salesperson hurries Robbie through the deal, giving her no opportunity to read the contract. This is most likely
A) an adhesion contract
B) procedural unconscionability.
C) ?substantive unconscionability.
D) an enforceable contract.
B
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In a manufacturing company, which one of the following audit procedures would give the least assurance about the valuation of inventory at the audit date?
A. Reviewing direct labor rates. B. Testing the computation of standard overhead rates. C. Examining paid vendors' invoices. D. Obtaining confirmation of inventories pledged under loan agreements.
Which of the following is not used to calculate the break-even point?
a. Simultaneous equations approach. b. Income statement approach. c. Graphing approach. d. Formula approach.
________ refers to a court's jurisdiction over the parties to a lawsuit
A) In rem jurisdiction B) Quasi in rem jurisdiction C) In personam jurisdiction D) Sua sponte jurisdiction
Jack and Jill were living together. Jack wanted to start a small retail store, but did not have good credit. Jill, whose credit was excellent, signed loan agreements with Jack so he could borrow the money to start the business. Jack used business cards
that stated he was the "owner" of the business. He and Jill filed separate tax returns. Jack stated he was self-employed and claimed the business was a sole proprietorship. The money that was earned from the store was placed into a joint checking account owned and used by Jack and Jill. When there were significant decisions to be made about the business, such as deciding to franchise the business, the decision was made jointly by Jack and Jill. Five years after the business was started, Jill left Jack. She claimed she was entitled to one-half the business's profits since she and Jack were partners. Jack disagreed and claimed they never had a partnership. Discuss Jill's claim.