Jasmine agrees to purchase 1500 tons of recycled glass from Louie, the price to be determined at the time of delivery. Is such an agreement enforceable? Compare the common law with Article 2 of the UCC
Yes, the agreement is enforceable under Article 2 . Recycled glass is a good; therefore, Article 2 governs the agreement. Article 2, Section 2-305, provides that parties may conclude a contract even though they have not settled the price. This is a major change from common law which requires all important terms to be definite and certain.
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Which of the following is TRUE of a partnership?
A) All partnership firms are public firms. B) Partnership firms have a limited life. C) The owners of the partnership have limited liabilities for the partnership's debts. D) The maximum loss an owner of a partnership can incur is the invested amount.
A company purchased land with a building for a lump-sum cost of $2,570,000 ($500,000 paid in cash and the balance on a long-term note). It was estimated that the land and building had market values of $600,000 and $2,400,000, respectively. Determine the cost to be apportioned to the land and to the building and prepare the journal entry to record the acquisition.
What will be an ideal response?
Which of the following is the most effective passage in an email message to managers concerning new procedures for locking up the building when leaving at night?
a. When you leave the plant at night, here are a few things to remember: • Close and lock all secondary plant doors. • Key your personal code into the security pad to the right of the door. • Open the main plant door and go outside. • Close the door. • Use your key to lock the door. • Press enter on your personal plant remote to arm the security system. b. When you leave the plant at night, follow these procedures: 1 . Close and lock all secondary plant doors. 2 . Key your personal code into the security pad to the right of the door. 3 . Open the main plant door and go outside. 4 . Close the door. 5 . Use your key to lock the door. 6 . Press enter on your personal plant remote to arm the security system. c. When you leave the plant at night, follow these procedures—close and lock all secondary plant doors, key your personal code into the security pad to the right of the door, open the main plant door and go outside, close the door, use your key to lock the door, and press enter on your personal plant remote to arm the security system. d. All are equally effective.
Select two diversified, multi-activity enterprises, one for-profit and one not-for-profit. Apply the parenting matrix to each portfolio. What issues arise and what should be done about them?
What will be an ideal response?