What does the term "substantial performance" mean? What factors are generally considered when determining whether one of the parties has substantially performed?
Substantial performance occurs when one party fulfills enough of its contract obligations to warrant payment. In other words, it is performance that is less than perfect, yet it complies with the essential purpose of the contract. In a contract for services, a party that substantially performs its obligations will receive the full contract price minus the value of the defects. The following factors are often considered: How much benefit has the promisee received? If it is a construction contract, can the owner use the thing for its intended purpose? Can the promisee be compensated with money damages for the defects? Did the promisor act in good faith?
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If the bondholder has the right to exchange a bond for shares of common stock, the bond is called a convertiblebond
a. True b. False Indicate whether the statement is true or false
Which of the following statements regarding the inclusion of liabilities on the statement of cash flows is true?
a. All current liabilities affect the operating activities section. b. Long-term liabilities generally affect the investing activities section. c. A decrease in a current liability from the beginning to the end of the year is accompanied by a decrease of cash. d. A decrease in a current liability from the beginning to the end of the year is accompanied by an inflow of cash.
Naked Juice, a subsidiary of PepsiCo, was placed in a negative light when it was revealed that their "Natural" claims on the labels of their Naked Juice products were not necessarily accurate. Synthetic ingredients were detected in the juice. Critics claimed this made the claims of "Natural" deceiving. Naked Juice agreed to remove the claim from its label. Naked Juice was most likely using the word "Natural" on its labels for ___________________ purposes.
A. informational B. legal C. promotional D. convenience E. identification
Older answering machines recorded voice mail messages onto audio tape.
Answer the following statement true (T) or false (F)