List and describe the required elements of a legal contract.
What will be an ideal response?
Who are the parties; what each party agrees to do; when the transaction is to take place; the timing of payment; here the activity is to take place; warranties; how the contract can be terminated; and what state laws apply
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After struggling with the accounting training, Peter is unsure whether he can complete the end-of-year financial reporting with no errors in the time allotted. In this case, Peter is low on the ______ element of expectancy theory.
A. valence B. outcomes C. expectancy D. instrumentality E. performance
In Ransom v. FIA Card Services, Ransom filed for Chapter 13 bankruptcy protection and listed among his living expenses the standard amount allowed in the Bankruptcy Code for car ownership costs. Ransom owned his car outright and had no car payment. FIA challenged the car deduction. The court held that Ransom could
A. take the deduction because denying it would send a message to debtors to take out car loans rather than pay them off. B. take the deduction because he met the means test. C. take the deduction because the statutory language was ambiguous. D. not take the deduction because it was limited to debtors who were required to make loan or lease payments on a car.
In a graph of cost-volume-profit analysis, the
a. total revenue line typically begins at a required minimum level. b. slope of the total cost line is dependent on the variable cost per unit. c. total cost line normally begins at zero. d. sales level at which total cost and total revenue lines intersect is also equal to fixed costs.
George met with an accident while skiing. He brings a negligence suit against Joe, who rented the skis to George. Which of the following statements is true of this scenario?
A) If Joe is 40 percent responsible, George would be able to recover 40 percent of the damages in a state that has adopted modified comparative negligence. B) If Joe is 40 percent responsible, George would be able to recover 40 percent of the damages in a state that has adopted pure comparative negligence. C) George can recover damages even if Joe proves contributory negligence. D) George can recover damages if misuse of the product is proved.