Which is not an example of a warranty?
A. Puffery.
B. Express.
C. Fitness for a particular purpose.
D. Merchantability.
Answer: A
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A Chapter 11 debtor may use bankruptcy as an excuse for not performing contractual obligations.
Answer the following statement true (T) or false (F)
The Colorful Paint Company got a mortgage from the bank to purchase a factory in which it could make paint. As part of its manufacturing process, Colorful Paint dumped the excess paint into a pit behind the building. This practice contaminated the property. If the bank foreclosed on the factory, would the bank be liable for cleanup costs of the contaminated land?
A. Yes, because it owns the property. B. No, because it was an innocent landowner. C. No, because it did not contaminate the property. D. No, because it was a secured creditor.
Cloverton Corporation had net income of $35,750, net sales of $750,000, and average total assets of $650,000. Its return on total assets is:
A. 1.9% B. 4.8% C. 5.5% D. 18.2% E. 115.4%
A graphical representation in which the sample space is represented by a rectangle and events are represented as circles is called a
A. Pie chart. B. Venn diagram. C. Pareto chart. D. Box plot.