As a birthday gift, Ben's uncle promised Ben that he would pay Ben's business school tuition for the next semester. In reliance on that promise, Ben quit his part time job at a fast food restaurant. When the tuition bill became due, Ben's uncle told Ben that he was sorry but that he would not be able to pay the tuition because he just built a new swimming pool at his house, and funds were running
short. Ben asks you if there is any basis upon which he could win in litigation against his uncle. Which of the following would be the best advice?
a. That Ben should sue for breach of contract because an offer, acceptance, and consideration are all present.
b. That Ben should sue for breach of contract because an offer and acceptance are present, and his reliance would substitute for consideration.
c. That Ben should sue based on promissory estoppel.
d. That Ben should hurry and try to get his job back because there is no basis upon which he would have a viable case.
c
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A contingency was evaluated at year-end. Management felt it was probable that this would become an actual liability and the amount could be reasonably estimated. If this was not reported on the balance sheet or in the notes to the financial statements, what is the effect on the financial reporting of the company?
A) There would be no effect. B) The liabilities on the balance sheet would be understated. C) The information about the transaction would be inadequately disclosed in the notes. D) The net income of the company would be understated.
Arthur had been adjudicated insane. During his period of insanity, Arthur sold some
unimproved real estate to Katrina for $5,000, its fair value. Katrina did not know that Arthur was insane. In fact, he acted perfectly normal in every way. Arthur spends this $5,000. Arthur's guardian learns of this transaction and sues to void the contract and recover the land. What results? A) Since Arthur received the fair value for his land, the contract cannot be voided. B) The guardian can get the land back, but since Arthur has spent the $5,000, Arthur does not need to give anything back to Katrina. C) The guardian can get the land back, but Arthur must pay Katrina the $5,000. D) Since Arthur was acting normally, and since Katrina did not know of his insanity, the contract is valid.
Using LPT priority would result in what sequence for Jobs A, B, C, and D if their process times are 4, 6, 5, and 2 respectively?
A) ABCD B) DCBA C) DACB D) DABC E) BCAD
What measures how quickly a system performs a certain process or transaction in terms of efficiency IT metrics of both speed and throughput?
A. Reliability. B. Availability. C. Flexibility. D. Performance.