An obligation that arises from an existing condition whose outcome is uncertain and whose resolution depends on a future event is called a ____________________
Fill in the blank(s) with correct word
contingent liability
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In some states, minors are liable for contracts involving bank accounts and student loans and cannot avoid these contracts even though they can avoid other types of contracts
a. True b. False Indicate whether the statement is true or false
Hank bought a farm that had an old barn. He noticed one day that the roof of the barn was swaying in the wind. Hank went to see his insurance agent and he insured the barn for $20,000
The agent didn't ask if the roof might collapse, and Hank didn't say anything about it. One week later there was a strong wind and the roof collapsed. Assuming the insurer can prove it, under what legal grounds could the insurer deny payment of the claim? A) estoppel B) concealment C) warranty D) misrepresentation
According to TQM philosophy, who is responsible for defining what constitutes quality for a product or service?
A. CEOs B. service personnel C. quality control engineers D. marketing managers E. customers
Data concerning Cavaluzzi Corporation's single product appear below: Per UnitPercent of SalesSelling price$110 100%Variable expenses 44 40%Contribution margin$66 60%Fixed expenses are $440,000 per month. The company is currently selling 8,000 units per month.Required: The marketing manager believes that an $8,000 increase in the monthly advertising budget would result in a 150 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change?
What will be an ideal response?