Archer, Lewis, and Kaplan were partners in a clothing store. Archer and Lewis did not like the present location of the store and wanted to move it to another street. Kaplan objected. While Kaplan was out of town, Archer and Lewis signed a lease for a store at another location. Is the lease binding on the partnership?
Yes. Archer and Lewis have the authority to bind the partnership on partnership business. In addition, this type of decision does not require a unanimous vote.
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When the balance of a petty cash fund is increased, the entry would contain a credit to Petty Cash
Indicate whether the statement is true or false
Handy Hardware Store agrees to hire Ilsa for one year at a salary of $500 per week. When Handy cancels the contract, Ilsa spends $100 to obtain a similar job that pays $450 per week for a year. Ilsa is entitled to recover
A. the amount of the wages that Handy promised only. B. the difference between the wages at the two jobs only. C. the difference between the wages at the two jobs plus $100. D. $100 only.
The ________ for a mixed strategy game assumes that the game is played many times
Fill in the blank with correct word.
Pop Culture Clothiers, Inc., sells t-shirts to Trendwell Stores, Inc., under an existing contract. When textile costs increase, Trendwell agrees to a price increase, but later wants to cancel the contract. Trendwell may
A. cancel the contract immediately. B. cancel the contract only after accepting a final shipment. C. cancel the contract only on reasonable notice. D. not cancel the contract.