Define a substituted contract and describe how it affects an agreement
A substituted contract results when the parties to a contract mutually agree to rescind their original contract and enter into a new one. The rescission is binding in that each party, giving up his rights under the original contract, has provided consideration to the other, as long as each party still has rights under the original contract. Where the rescission and new agreement are simultaneous, the effect is the same as a contractual modification.
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The amounts reported on the balance sheet for assets, liabilities, and shareholders' equity reflect current market conditions
Indicate whether the statement is true or false
An agent has a duty to notify his principal of all facts relevant to the purpose of the agency
a. True b. False Indicate whether the statement is true or false
Which of the following most likely would be the result of ineffective internal control policies and procedures in the revenue process?
A. Final authorization of credit memos by personnel in the Sales Department could permit an employee defalcation scheme. B. Fictitious transactions could be recorded, causing an understatement of revenues and an overstatement of receivables. C. Irregularities in recording transactions in the subsidiary accounts could result in a delay in goods shipped. D. Omission of shipping documents could go undetected, causing an understatement of inventory.
The MCAT is the admission exam that medical schools use as one of the criteria for accepting students
The exam is based on a scale of 0-45. The following data shows the MCAT scores for nine students. 32 36 29 31 30 35 34 26 30 What percentile is the student who scored a 35 on the MCAT exam? A) 66th B) 70th C) 78th D) 83rd