In certain circumstances, bargains are so oppressive that the courts relieve innocent parties of part or all of their duties
Indicate whether the statement is true or false
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The near privity approach was adopted by courts in contrast to the strict privity rule of the:
A. Balancing approach. B. Ultramares approach. C. Reasonably Foreseeable Users approach. D. Restatement approach.
During hearings that took place from 1957-1959, a congressional investigating committee found that certain union officials had done all of the following except:
A. Engaged in bribery. B. Taken personal loans from union funds. C. Used violence to achieve their ends. D. Negotiate excessive wages.
Seattle Company issued a $45,000 face value discount note payable to First Federal Bank on September 1, Year 1. The note had a 8% discount rate and a one-year term.What is the effect of the accrual of interest expense on the elements of the financial statements?
A. Liabilities will increase and retained earnings will decrease. B. Assets and liabilities will decrease. C. Liabilities will increase and assets will decrease. D. Assets will increase and retained earnings will increase.
Which of the following IS NOT a dimension of flexibility?
a. functional b. numerical c. structural d. temporal