William obtains a loan from a bank at 4.5 percent interest. The state where he obtains the loan has a usury statute that limits interest rates to a 3.5 percent maximum. William's contract with the bank is
A) enforceable only if William does not attempt to disaffirm it
B) enforceable only if the bank does not attempt to disaffirm it.
C) enforceable only if both William and the bank knew of the statute when the contract was signed.
D) not enforceable.
D
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Refer to the following data: Net sales, first month $13,000 Normal gross profit as a percentage of sales 45% Inventory, start of period $8,000 Net purchases, first month $7,000 Using the gross profit method of inventory estimation, the cost of goods sold would be
a. $5,850. b. $7,150 c. $7,850 d. $15,000.
Who said, "I am incredibly nervous that we will implode in a wave of accounting scandals"?
a. Margaret Ceconi b. Cliff Baxter c. Jeffrey Skilling d. Sherron Watkins
Any time a sample is used in marketing research, there will be two major types of errors, measurement error and sampling error. Briefly describe these two sources of error. Then name and define one other possible source of error.
What will be an ideal response?
A note is generally defined as debt with an initial term to maturity of
A) zero to two years. B) one year or less. C) two to ten years. D) ten to thirty years.