Jill and Karl contract for the sale of Jill's horse for $1,000. Unknown to either party, the horse has died. Karl is
A. entitled to another horse of equivalent value.
B. not required to pay due to the mutual mistake.
C. not required to pay due to the unilateral mistake.
D. required to pay because she assumed the risk the horse might die.
Answer: B
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Chris is CEO of Higdon’s Bait and Tackle shop in New Roads, Louisiana. CB is the Vice President of Live Bait at Higdon’s Bait and Tackle. They are at odds over the best live bait to stock in the store. Chris is adamant that they should carry live worms. CB thinks live worms are outdated as fishing bait and he wants to carry live crickets. Jen has been hired as an outside consultant to help them reach a compromise. In order to facilitate negotiations, Jen’s first step should be to ask each of them to
a. Provide supporting evidence to support their positions b. Outline the goals and objectives they would each like to achieve c. Prepare position papers of no longer than three pages d. Shape their expectations to a realistic nature
The use of humor in advertising will fit best in cultures of the following configuration of dimensions.
a. individualism and large power distance b. small power distance and weak uncertainty avoidance c. individualism and masculinity d. collectivism and weak uncertainty avoidance
Unlike express warranties, implied warranties:
a. are not automatically imposed on sellers unless they specifically disclaim them b. are imposed by the seller c. cannot be automatically imposed on sellers d. are imposed by the buyer e. none of the other choices are correct
A list of statements follows:
a.Standards are applications of__________and __________ to differing types of transactions. b.__________are specific implementation procedures. c.The intent of the__________ is to establish objectives and fundamental concepts that are the basis for development of financial accounting and reporting guidance. d.__________are the methods and practices that U.S. companies are required to use in preparing and reporting accounting information in financial statement used by external stakeholders. e. Statement of Financial Accounting Concepts No. 8 describes the relations between __________and decision-useful information. f.__________ is the ultimate objective of accounting information. g. The fundamental characteristics of decision-useful information are__________ and __________. h.Information is relevant if it has __________, __________,and __________. i.Accounting information is a faithful representation of the underlying situation if it has __________,_________, and__________. j. Enhancing characteristics include__________, __________, __________, and __________.Required:Fill in the words necessary to complete the statements. What will be an ideal response?