Joan Lane took her white satin wedding dress, trimmed with beads and sequins, to a dry cleaner
When Joan questioned why she had to sign a receipt, the clerk told her that this form exempted the cleaner from liability for damage to the beads and sequins. In fact, the clause read: "The company is not responsible for any damage, however caused." When Joan picked up the dress, the beads and sequins were fine, but there was a large stain on the satin. Joan sues. Can the cleaner rely on this exemption clause?
A) Yes. Even interpreting it strictly against the cleaner, "any damage" includes damage to the satin.
B) No. The clerk made a misrepresentation as to the effect of the clause.
C) No. There has been a fundamental breach of this contract by the cleaner.
D) Yes. The clerk specifically brought the clause to Joan's attention before she signed.
E) Both B and C
E
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This question contains two parts; be sure to answer both. First, list the four devices for stimulating constructive conflict. Next, suppose that you own a small hardware store in the downtown area. You have watched your business get drained away by huge retailers like The Home Depot and Lowe's. You decide you want to "explode" your business model and make some drastic changes. Explain how you would use two of these devices within your organization to brainstorm a way to remain in business and return to profitability.
What will be an ideal response?
Which of the following scales might have an example that ranges from "Not Important" to "Extremely Important"?
A) Likert scale B) one-way labeled scale C) importance scale D) unimportance scale E) semantic differential scale
DeGaulle Enterprises, a subsidiary of Clinton Company based in New York, reported the following information at the end of its first year of operations (all in French francs): assets--4,790,000; expenses--6,500,000; liabilities--2,950,000; capital stock--1,200,000, revenues--7,140,000 . Relevant exchange rates are as follows: On date subsidiary stock was purchased ................ $0.220 Average
rate for the year ............................. 0.218 At year end ........................................... 0.216 As a result of the translation process, what amount is recorded on the financial statements as the translation adjustment? a. $1,287 debit adjustment b. $1,287 credit adjustment c. $6,080 debit adjustment d. $6,080 credit adjustment
Which of the following is not a true statement regarding ARB 38?
a. It was the first lease accounting standard. b. It recommended capitalization for leases that were in substance installment purchases. c. It was most applicable to leases that were de facto conditional sales agreements. d. Non-cancellability was introduced as a precondition for capitalization.