Precise Engineering Corporation has a contract with Quik Mart Stores to provide customized software for Quik's inventory control system. Retail Outlets, Inc, Quik's competitor, induces Sam, a Precise subcontractor who is writing code for the Quik
software, to delay delivery of the code for one week. As a result, Precise's delivery of the software is delayed, and Quik sustains $500,000 in lost profits. On what ground could Quik recover damages from Retail Outlets?
Quik could file an action against Retail Outlets based on wrongful interference with a contractual relationship. The elements that Quik must prove are that (1) a valid, enforceable contract existed between two parties; (2) a third party knew that this contract existed; and (3) the third party intentionally caused the breach of the contract for the purpose of advancing that party's own interest. For a successful tort action, Quik must also show that the third party's act caused damages. Facts that satisfy all of these elements are set out in the problem. There was a valid, enforceable contract between Precise and Quik. Retail Outlets knew of this contract. Retail Outlets intentionally interfered with this contract, causing its breach, for the purpose of advancing its own interest (undercutting the profit of its competitor). Quik suffered lost profits as a result of Retail Outlets' act.
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Everwood Co. had net income of $1,000,000 for the year ending December 31, 2018, its first year of operations. During this time period, Everwood also had a permanent tax difference of $120,000 and its adjusted pre-tax book income is $1,220,000. Analysts have approximated Everwood's taxable income at $735,000 for the year ending December 31, 2018. Which of the following most likely caused the difference between Everwood's book and tax income?
A. A net operating loss carryback. B. Premiums paid on life insurance on key executives where the company is the beneficiary. C. Purchases of long-lived capital assets. D. Accrued warranty expenses not yet deductible on the tax return.
Which of the following statements is true?
A) Application of LIFO for financial reporting purposes must follow the tax laws applicable to LIFO. B) A company must use FIFO for both tax reporting and financial statement reporting. C) A company may use FIFO to valuate inventory and LIFO for financial statement reporting purposes. D) LIFO must be used for financial reporting if it is used for tax purposes.
_________ is the process of creating a reasonable pool of qualified candidates for a job opening.
A. Recruiting B. Selecting C. Identifying D. Promoting E. Appraisal
A(n) ______ is the amount a bank requires a borrower to maintain in its checking account as a requirement for getting a loan.
A. general line of credit B. guaranteed credit agreement C. indenture D. compensating balance E. factoring balance