A(n) ________ clause bars an insurer from challenging its liability on a policy on the basis of an insured's misrepresentations if the policy has been in force for a specified period of time.
A. reinstatement clause
B. coinsurance clause
C. incontestability clause
D. pro rata clause
Answer: C
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When a buyer breaches a contract, the seller has the right to cancel the contract.
Answer the following statement true (T) or false (F)
Athens Company's salaried employees earn two weeks of vacation per year. The company estimated and must expense $9800 of accrued vacation benefits for the year. Which of the following is the necessary year-end adjusting entry to record accrued vacation benefits?
A. Debit Vacation Benefits Expense $19,700; credit Vacation Benefits Payable $19,700. B. Debit Vacation Benefits Payable $19,700; credit Vacation Benefits Expense $19,700. C. Debit Vacation Benefits Payable $9800; credit Vacation Benefits Expense $9800. D. Debit Vacation Benefits Expense $9800; credit Vacation Benefits Payable $9800. E. Debit Vacation Benefits Expense $20,360; credit Vacation Benefits Payable $20,360.
Mary contracted to buy 100 table lamps. Under the terms of the agreement, Mary is to pay for the lamps upon delivery. This is an example of
a. a condition precedent. b. a concurrent condition. c. a condition subsequent. d. a service condition.
The General Manager (Scenario)Michael is the manager of a production facility. On a routine day, Michael meets with the employees who produce the organization's product. At another time, Michael meets with the production manager, Betty, and the human resource manager, Joyce, to discuss complaints filed by one of the employees in the production department. Michael also spends time on the Internet looking for new technologies that can be used in the production processes of his plant.When Michael manages the employees who produce the product, he is utilizing his ________.
A. conceptual skills B. empirical skills C. technical skills D. human skills