Ken, a research chemist, has been promised a fellowship with a stipend of $10,000 to do research on synthetic fuel oil. Under the terms of the fellowship, Ken is free to use the money as he sees fit. Ken decides to build his own laboratory, so he will
not have to rent one. He hires a carpenter who begins working on shelving and cabinets in the laboratory. Then Ken receives a telegram saying the fellowship has been canceled. No reason is given for the cancellation. If Ken sues, will he be able to collect the money from the foundation which promised the fellowship? Explain your answer using legal terminology.
Since no work product is required, there was no consideration for the fellowship. Therefore it may be revoked. However, Ken has relied on the promise of the fellowship, and under the doctrine of promissory estoppel, the courts may estop the grantors from rescinding the fellowship to avoid injustice.
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Which of the following is the least persuasive documentation in support of an auditor's opinion?
A. Schedules of details of physical inventory counts conducted by the entity. B. Notation of an independent appraiser's conclusions documented in the auditor's working papers. C. Notation of auditor's inferences drawn from ratios and trends. D. Lists of negative confirmation requests for which no response was received by the auditor.
If a company actively tracks the satisfaction of its suppliers, banks, and distributors, it is using what is called a ________
A) customer-performance scorecard B) stakeholder-performance scorecard C) marketing balanced scorecard D) vendor scorecard E) generic scorecard
On January 1, 2014, Bullitt Corporation sold a machine to Sting Corporation and simultaneously leased it back for ten years. The following information is available regarding the lease: Estimated remaining useful life at December 31, 2013 10 years Sales price 90,000 Carrying value at December 31, 2013 52,500 Annual rental under leaseback 14,600 Interest rate implicit in the lease 10%
What will be an ideal response?
Global leadership can be regarded as different in kind from domestic leadership because
A. their differences are of such great degrees with regard to their level of skills and application. B. the domestic context does not require travel or knowledge of geography. C. the domestic context is so limited. D. it requires much more knowledge of foreign languages and geography. E. the differences between them are inconsequential.