A person selling stolen property would be breaching the warranty of good title
Indicate whether the statement is true or false
TRUE
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Sarah has filed a discrimination charge against her employers. Prior to litigating the discrimination charge, the Equal Employment Opportunity Commission (EEOC) would do all of the following EXCEPT:
A. propose a conciliation agreement to the respondents. B. evaluate the charge and decide whether or not to proceed with it. C. file a Supreme Court appeal as soon as possible. D. determine whether the gathered evidence will support a lawsuit.
The December 31, 2016, ending inventory failed to include $25,000 of inventory that was received on December 27, 2016. The purchase on account was, however, properly recorded on the date of delivery. What effect will this error have on the December 31, 2016, assets, liabilities, and net income for the year then ended? Assets Liabilities Net Income I. overstated overstated no effect II
understated understated no effect III. understated no effect understated IV. understated understated understated ? A) I B) II C) III D) IV
Grabbe Enterprises uses the allowance method to account for uncollectible receivables. When an uncollectible account is written off, ________
A) the Bad Debt Expense account is debited B) no entry is required because bad debt expense is estimated at the end of the accounting period C) the write off has no effect on net income D) the Allowance for Bad Debts account is credited
Which one of the following is not a personal defense?
A) Infancy, to the extent that it is a defense to a simple contract B) Breach of contract C) Non-delivery of an instrument D) Failure of consideration