When Jeff's car breaks down, he asks Kwik Tow, Inc., to tow it from its location to Loyal Repair Shop. There is no discussion of a price, and Jeff and Kwik do not sign any documents. After the tow, Kwik sends Jeff a bill. With respect to Jeff's obligation to pay the bill, this is
A. an express contract.
B. an implied contract.
C. a quasi contract.
D. no contract.
Answer: B
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Fall Corp uses plant assets that are subject to rapid decreases in value due to obsolescence and physical deterioration. Which of the following depreciation methods is most appropriate to measure the decline in the usefulness of the company's assets?
a. Double-declining-balance b. Revenue expenditure method c. Straight-line d. Units-of-production
Jonas enters into an oral contract with Chelsea to lease his house to her for $100,000. Chelsea pays him $100,000 and moves in
A month later, Jonas learns that his state requires contracts for the lease of goods with payments of $1,000 or more to be in writing. Which of the following options does either party have now? A) Jonas can evict Chelsea as the contract does not comply with the Statute of Frauds and is hence void. B) The contract cannot be rescinded by either party as it has already been executed. C) Chelsea can rescind the contract on the grounds of noncompliance with the Statute of Frauds. D) Jonas can rescind the contract on the grounds of noncompliance with the Statute of Frauds.
The adjusting entry to record the estimated bad debts in the period credit sales occur includes a debit to an:
A. expense account and a credit to a contra-asset account. B. asset account and a credit to a liability account. C. expense account and a credit to an asset account. D. expense account and a credit to a revenue account.
A job opening has been announced. Which of these answer choices will be the best opening sentence for the cover message?
A) You seek a master Web engineer, and I need a job; we are perfect for each other! B) Dr. Matthew Skalski, IT director at Northwestern University, told me that you have an opening for a Web engineer with experience in networking, data management, and innovations. C) Please consider this letter my application for your opening in the IT Department. D) Do you need a Web engineer with over three years of experience?