Distinguish between a contract and a gift. Give an example of each
?The factor that distinguishes a contract from a gift is that a gift lacks consideration. Consideration can be an act or a promise. Normally, it is either doing or promising to do something you are not legally required to do or refraining from doing something you are legally entitled to do. A contract usually consists of mutual promises, but a gift is a one-way transaction. An example of a contract is: Jane promises to pay Whit $1,500 to repair her roof by October 1 and Whit agrees. Each promise is consideration for the other promise. An example of a gift is: Myra hands Kim four tickets to a soccer tournament, saying, "We hope you and your family can use these to go to see Debra play on Saturday." Kim says, "Thanks, we'd love to go." This is an inter vivos gift whereby Myra intends to transfer ownership immediately. She delivered the tickets to Kim, who accepted them.
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McDonald's Corporation is the largest food service organization in the world. The proper handling of cash and food is important to the profitability of McDonald's. Based on your personal knowledge of McDonald's and the internal control concepts and
procedures described in the textbook, answer the following questions. REQUIRED: Describe procedures that you believe McDonald's may use to control cash receipts.
It is almost impossible for clients to understand some products without a well-planned presentation
Indicate whether the statement is true or false
Cage Company had income of $384 million and average invested assets of $2090 million. Its return on assets (ROA) is:
A. 18.4%. B. 1.8%. C. 5.4%. D. 3.7%. E. 37%.
In 2008, the average e-mail user in an organization received about 50 messages a day.
Answer the following statement true (T) or false (F)