Mike owns a house in a poor area of a large city. Mike is on disability and his total monthly income is $700 . A sales representative visits his home, selling a water purification system. Mike signs a contract that calls for monthly payments of $500 for the next 10 years. The water system is worth no more than $1000 . Mike thought he was signing a permission slip allowing the salesman to conduct
a free water test to determine the toxins in the water. How would a court most likely describe this contract?
a. The contract is fully enforceable as written.
b. The contract is unenforceable because it is unconscionable.
c. The contract is enforceable, but only up to the value of the water system.
d. The contract is unenforceable because it is exculpatory.
b
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Indicate whether the statement is true or false
Which of the following is not true of the concepts that are embodied in the COSO framework of internal controls?
a. Internal controls relate to the organization's objectives. b. The six components of internal control are logically and operationally intertwined. c. Internal controls apply across all activities of the organization. d. All of the above are true.
In order to indicate ________ in a forecast model, you should use the mean forecast error approach rather than the mean absolute deviation approach
Fill in the blank(s) with the appropriate word(s).
What is the legal significance of a material misrepresentation in an insurance application?
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