What was the ruling of the Utah Supreme Court in a cases involving a bad faith tort action
against State Farm for refusing to settle claims out of court for the insurance policy limit?
A) The U.S. Supreme Court held that a state court has complete discretion to determine the
amount of compensatory and punitive damages that can be awarded in a civil action.
B) The U.S. Supreme Court ruled that the insurance policy limit of $50,000 contained in the
insurance contract was the maximum amount of damages that could be awarded by the
jury.
C) The U. S. Supreme Court held that to a significant degree few awards exceeding a
single-digit ratio between punitive damages and compensatory damages will satisfy the
due process requirements of the U.S. Constitution.
D) The U.S. Supreme Court upheld the Utah Supreme Court decision reinstating the $145
million punitive damage jury award stating that the award of damages is at the discretion
of the jury.
C
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The method of accounting for investments in equity securities in which the investor records its share of periodic net income of the investee is the
a. cost method b. market method c. income method d. equity method
It is considered unethical to copy press pick-ups and include them in press kits or on a firm's Web site
Indicate whether the statement is true or false
Baker Inc, a local manufacturer of cooking tools, had the following information available for 2013: Budgeted sales for 2013 250,000 units Units in beginning inventory (1/1/2013 ) 5,000 units Units produced during 2013 265,000 units Units in ending inventory (12/31/2013 ) 2,000 units How many units should Baker's 2013 flexible sales budget be based upon?
A) 268,000 units B) 265,000 units C) 245,000 units D) 262,000 units
Diane Leblanc is shopping at Metro in the middle of February and sees a sign saying that raspberries are only $1.29 a package. She is very pleasantly surprised
She takes two packages to the cash, where the cashier informs her that the sign was a mistake and that the price is actually $4.79. Which of the following is correct? A) Diane has offered to pay $1.29 for the raspberries but Metro (through the cashier) has not accepted her offer. There is no contract. B) The display of the raspberries with a sign indicating their price is an invitation to treat. It is only the first stage in the bargaining process leading to a contract. C) Although logically Metro has made an offer to sell the raspberries for $1.29, because of the likelihood of errors like this being made, the law makes an exception for retailers and says that it has not. D) Both B and C E) All of the above