The parol evidence rule:
A. states that only the monetary terms of the agreement should be included in writing.
B. is a potential source of danger for parties who reduce their agreements to written form.
C. applies to oral contracts and not written ones.
D. only applies to contracts that are valid over one year.
Answer: B
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The Winfield Distributing Company has maintained an 80% service level policy for inventory of string trimmers. Mean demand during lead time is 170 trimmers, and the standard deviation during lead time is 60 trimmers
The annual cost of carrying one trimmer in inventory is $6. The area sales people have recently told Winfield's management that they could expect a $400 improvement in profit (based on current figures of cost per trimmer) if the service level were increased to 99%. Is it worthwhile for Winfield to make this change?
Which of the following types of loss exposures may be appropriately handled through the purchase of insurance?I. High-frequency, low-severity loss exposures II. Low-frequency, high-severity loss exposures
A) I only B) II only C) both I and II D) neither I nor II
If an offeree accepts an offer before it is effectively revoked:
A) a void contract is formed B) a voidable contract is formed. C) an unenforceable contract is formed. D) a valid contract is formed.
Which of the following is not an advantage of using dividends to purchase paid-up additions of life insurance?
A) There are no medical exams. B) There are no acquisition fees and expenses are minimal. C) Paid-up additions have their own cash value. D) They produce taxable income.