MagNet is a U.S. company based in Utah. It is negotiating to sell $4 million worth of computer goods to a French company, L'la. L'la is insisting that the contract be governed by the CISG. What are some of the primary differences between the UCC and the CISG?
Under the UCC, a contract for the sale of goods valued at over $500 must be evidenced in writing; under the CISG, an oral agreement is enforceable despite the dollar amount involved. The UCC states an offer is irrevocable if it is in writing and states the offer will be held open for a fixed period of time (this is called a UCC firm offer); the CISG makes some types of offers irrevocable even if executed orally. The UCC does not follow the mirror image rule relative to the acceptance of offers; the CISG recognizes the mirror image rule. The UCC generally only permits money damages for a successful plaintiff; the CISG allows for specific performance under a variety of situations.
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Answer the following statement true (T) or false (F)
With two autonomous division managers, the price of goods transferred between the divisions needs to be approved by
a. corporate management. b. both divisional managers. c. both divisional managers and corporate management. d. corporate management and the manager of the buying division.
_______ aim at inventing new science or capturing new know-how so that required knowledge will be available for application in specific development projects
a. Alliances and partnership projects b. Research and advanced development projects c. Breakthrough projects d. Platform projects
All of the following regarding accounting for Treasury Stock are true except:
A. Treasury Stock does not have voting rights. B. Treasury Stock receives cash dividends but not stock dividends. C. Treasury Stock is presented on the balance sheet as a contra equity account. D. Corporations do not record gains or losses on transactions involving their own stock. E. Purchasing Treasury Stock reduces the corporation's assets and equity by equal amounts.