Owen and Pablo enter into a contract for a sale of fifty Western saddles. Owen does not deliver. Pablo can normally recover as damages the difference between
A. any loss avoided and any profit gained.
B. the actual price and the hoped-for price.
C. the contract price and the market price.
D. the current prices in the parties' locations.
Answer: C
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Which of the following states that a company must perform strictly proper accounting only for items that are significant to the business's financial statements?
A) conservatism B) materiality concept C) disclosure principle D) consistency principle
After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $32,000. The entry to close the income summary account will be:
A. Credit Retained earnings $32,000; debit Dividends $32,000. B. Debit Income Summary $32,000; credit Retained earnings $32,000. C. Debit Income Summary $32,000; credit Dividends $32,000. D. Debit Dividends $32,000; credit Income Summary $32,000. E. Debit Retained earnings $32,000; credit Income Summary $32,000.
Answer the following statements true (T) or false (F)
1) The current portion of notes payable is the principal amount that will be paid within two years of the balance sheet date, and the remaining portion is long term. 2) The current portion of notes payable is reported on the balance sheet under current liabilities. 3) The issuance of a note is recorded, on the books of the borrower, by crediting Cash and debiting Notes Receivable. 4) When preparing an amortization schedule, the interest expense increases each year because the principal decreases with each installment payment. 5) On March 1, 2018, Vintage Services issued an 8% long-term notes payable for $22,000. It is payable over a 16-year term in $1,375 principal installments on March 1 of each year, beginning March 1, 2019. Each yearly installment will include both principal repayment of $1,375 and interest payment for the preceding one-year period. The journal entry to pay the first installment will include a debit to Interest Expense for $1,760.
The property owner is freed from retail facility management and the retailer controls maintenance in a net lease
Indicate whether the statement is true or false