A long-time client of a law firm calls and is upset. The client's mentally handicapped brother has just been tricked into buying an expensive laptop computer
The client, who is the guardian for his brother, wants to make the merchant void the sale and refund the money. The best argument for this might be:
A) the brother lacks capacity to enter into a contract.
B) the contract should be in writing.
C) the Parol Evidence Rule was violated.
D) the Statute of Frauds was violated.
A
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At the maturity of a note payable, a borrower will pay ________.
A) the principal plus interest B) the principal amount only C) the interest amount only D) the principal minus interest
To be negotiable, a check must be in writing. Under the UCC, a check
a. must be written on standard size paper of 6" × 2.5." b. must be written on an official bank form. c. need not be on any official form or even on paper. d. must be written on a pre-printed bank issued check.
[The following information applies to the questions displayed below.]On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $31,000 and $500, respectively. During Year 2, Kincaid reported $72,500 of credit sales, wrote off $550 of receivables as uncollectible, and collected cash from receivables amounting to $74,550. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.Which of the following describes the effects of Kincaid's entry to recognize the write-off of the uncollectible accounts?
A. Decrease assets and stockholders' equity. B. Does not affect assets or stockholders' equity. C. Increase assets and stockholders' equity. D. Increase assets and decrease stockholders' equity.
Discuss the differences in utilitarianism and virtue ethics in making a decision