Which of the following statements best describes specific performance??
A) It refers to the payment of compensatory damages by a party as a remedy for breach of contract
B) It refers to the carrying out of the specific terms of a contract.
C) It refers to carrying out of terms that were not specified in a contract in order to compensate for damages.
D) It refers to the payment of liquidated damages by a party as a remedy for breach of contract.
B
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Which of the following would most likely be considered a short-term goal?
a. Modernization and expansion of the plant b. A product line change c. A unit sales forecast d. A marketing plan to gain a higher percentage of control of the market in five years
Firms' offers of a service guarantee
A. can be effective in creating repeat customers. B. are becoming less common. C. are the same as offering a warranty. D. can cover a term of at least five years. E. can be inexpensive if employees are apathetic.
Louie subdivides his oceanfront property with a boat ramp and sells several parcels that do not reach the ocean, promising all purchasers use of the boat ramp. Bernie buys one of the parcels. His right to enter Louie's property to reach the boat ramp is
A. an easement by implication. B. a profit appurtenant. C. an easement by reservation. D. a profit in gross.
In the RST partnership, Ron's capital is $80,000, Stella's is $75,000, and Tiffany's is $50,000. They share income in a 3:2:1 ratio, respectively. Tiffany is retiring from the partnership. Each of the following questions is independent of the others.Refer to the above information. Tiffany is paid $60,000, and no goodwill is recorded. In the journal entry to record Tiffany's withdrawal:
A. Tiffany, Capital will be credited for $60,000. B. Ron, Capital will be debited for $5,000. C. Cash will be debited for $60,000. D. Stella, Capital will be debited for $4,000.