Sam is a high school English teacher who holds a garage sale at which he sells an old cordless
drill to a neighbor. When the neighbor uses the drill, he is injured because the drill is defective.
The neighbor can sue Sam for a breach of the implied warranty of merchantability.
Indicate whether the statement is true or false
FALSE
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Outstanding checks refer to checks that have been:
A. Issued by the bank. B. Written, recorded on the company books, sent to the payee, but not yet paid by the bank. C. Held as blank checks. D. Written, recorded, sent to payees, and received and paid by the bank. E. Written and not yet recorded in the company books.
Most firms prefer to prepare the statement of cash flows after they have prepared the income statement and the balance sheet. In the preparation of the T-account work sheet, an error
a. often results from the partial recording of a transaction in which debits do not equal credits. b. usually becomes evident only on completion of the work sheet. c. requires the preparer to retrace each of the entries to discover the source of the error. d. all of the above. e. none of the above
The central idea behind issues management is that public relations professionals must constantly be aware of the primary issues that impact their organizations
Indicate whether the statement is true or false
Enforcing contracts that cross international borders is
A. nearly impossible, so negotiation is important. B. simply a matter of applying the local law to the contract. C. complicated and governed in most nations by the CISG. D. secondary to who has possession of the goods, regardless of title.