What are implied promises?
What will be an ideal response?
Implied promises are oral promises and implied and explicit covenants of goods faith and fair dealing.
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Ruby Company sold inventory on credit. Its gross profit percentage is 23%. The effect of this transaction is that the:
A) current ratio was unchanged. B) earnings per share increased. C) working capital decreased. D) debt to equity ratio increased.
Joe's Record World has two stores and sales at each store follow a normal distribution. For store 1,?= $2,000 and?= $200 per day; for store 2,?= $1,900 and?= $300 per day. Which store is more likely to have a day’s sales in excess of $2200?
A. Store 1 B. Store 2 C. Store 1 and store 2 are equally likely D. More information is needed
The UN is a humanitarian organization and
A. is dedicated to peace-keeping as its primary activity. B. also helpful in providing conditions that support business. C. operates as a forum for trade negotiations among members. D. not especially interested in business-related issues.
An insurer is not obligated to defend the insured merely because the lawsuit against the insured
is for a risk covered by the policy. Indicate whether the statement is true or false