Roc buys a farm from Steve, who claims that it would be a prime site for a housing subdivision. Roc later learns that the law does not permit the land to be used for housing. Roc may
A. not rescind the contract.
B. rescind the contract only if Roc did not know the law before the deal.
C. rescind the contract only if Steve knew about the law before the deal.
D. rescind the contract only if the law is not common knowledge.
Answer: A
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In regards to the accounts payable department, which statement is not true?
a. the purchase requisition shows that the transaction was authorized b. the purchase order proves that the purchase was required c. the receiving report provides evidence of the physical receipt of the goods d. the supplier's invoice indicates the financial value of the transaction
Mary, a 68-year-old widow, hired an electrician to make some wiring repairs to her home. The
electrician accidentally started a fire that destroyed her house. Mary was not injured, but watched her house burn along with all her possessions. It was emotionally devastating to watch as she lost a whole life's worth of memories. Can she recover for negligent infliction of emotional distress? A) Yes, because the electrician was the cause of her emotional distress through his outrageous conduct of starting the fire B) No, because her situation does not meet all the elements necessary to recover for negligent infliction of emotional distress C) No, because she assumed the risk by having someone do electrical work in her home D) Yes, because her distress was genuine
When preparing an unadjusted trial balance using a periodic inventory system, the amount shown for Merchandise Inventory is:
A. The beginning inventory amount. B. Equal to the gross profit. C. Equal to the cost of goods purchased. D. Equal to the cost of goods sold. E. The ending inventory amount.
When you find an outlier on the SSG graph, you should immediately eliminate the stock for that company as a potential purchase.
Answer the following statement true (T) or false (F)