James and Debra Reid purchased a home for $623,000 in January 2014. They put down $62,300 and financed the remainder with Fifth Third Bank. Fifth Third Bank recorded its mortgage on February 1, 2014. On March 31, 2014, the Reids purchased a swimming pool and the pool contractors, Cristoria Pools, financed the construction for $45.000. Cristoria recorded a second mortgage on the property on April
15, 2014. On December 15, 2014, the Reids sold their house to the Griffins for $720,000. The Griffins put $120,000 down and agreed to pay the Reids for the existing mortgage in wrap-around. The mortgage balance at the time of the sale was $619,000. The balance on the Cristoria mortgage was $42,000. On August 15, 2015, the Griffins defaulted on their payments. The Reids had already purchased another home and were unable to make the payments on the home. Fifth Third Bank foreclosed on the mortgage. ?What rights do the Reids have against the Griffins?
A)?Breach of contract
B)?The right to foreclose, subject to the priority interests of other lenders
C)?Creditors if the Griffins declare bankruptcy
D)?All of the above
D
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The accounting cycle requires three trial balances be done. In what order should they be prepared?
A) Post-closing, unadjusted, adjusted B) Unadjusted, post-closing, adjusted C) Unadjusted, adjusted, post-closing D) Post-closing, adjusted, unadjusted
A company's realized strategy evolves from one version to the next due to
A. pressures from shareholders to boost profit margins and pay higher dividends. B. the importance of keeping the company's business model fresh and up-to-date. C. the proactive efforts of company managers to improve the current strategy, a need to respond to changing customer requirements and expectations, and a need to react to fresh strategic maneuvers on the part of rival firms. D. changing management direction because of understanding several appealing strategy alternatives. E. ongoing turnover in the managerial and executive ranks (new managers often decide to shift to a different strategy).
Doyle contributed $10,000 when he became a general partner in the existing partnership of R & Z Heating. If Albert wins a judgment for $25,000 against R & Z on a claim that was incurred before Doyle became a partner, Doyle shares joint and several liability with his new partners for the whole obligation
a. True b. False Indicate whether the statement is true or false
Section __________ of the Sherman Act applies to agreements, conduct, or conspiracies to restrain trade, which can consist of price-fixing, typing, and monopolization
A) A B)B C)1 D)2