Recommendations should flow naturally from one's summary and conclusions and should not come as a surprise to the reader
Indicate whether the statement is true or false
T
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Freight-in is considered a cost of purchasing inventory
Indicate whether the statement is true or false
A "with average" policy contains a ________ that provides for payment only if the loss exceeds a specified minimum amount
A. Himalaya Clause B. franchise clause C. constructive loss clause D. loss payee clause
Wally owns 200 acres of land. Wally offers to sell the land to Robert for $1,500 per acre. Robert replies that he does not need 200 acres of land but would like to buy 40 acres at $1,500 per acre. Wally agrees to sell but does not identify which 40 acres. Later, Wally refuses to sell any land to Robert. What is the result?
a. Robert wins; this is an enforceable contract with complete and definite terms. b. Robert wins; the UCC will decide which 40 acres are to be sold. c. Wally wins; the original offer was not intended to be an offer but merely an invitation to negotiate. d. Wally wins; this agreement is too indefinite since it does not identify which 40 acres are to be sold.
Sarah is planning to incorporate a new landscaping company, "Evergreen and Growin'." She has held herself out as an agent for Evergreen and has contracted to buy a truck, tools, fertilizer, and seed and also has entered into a lease on behalf of Evergreen for an office. When she fails to get the loan from the bank, she cannot start the business, so she cancels all the contracts. What are the
consequences? a. Sarah can cancel all the contracts with no personal liability if she told them she was acting as an agent and expressly warranted that she would not be responsible. b. Sarah may be held personally liable on the contracts because she misrepresented to third parties that she had authority to make contracts on behalf of a non-existent corporation. c. Since the company never existed, she gave no implied warranty. d. Sarah will be held liable for the contracts only if she ever gets the loan.