Good Housekeeping magazine places its "Seal of Approval" on all the products advertised in it. If any of the products are later found to be defective, Good Housekeeping promises to refund the money paid for the products. This kind ofcareful screening
A. is used by most print media, including the tabloids.
B. is required by the Federal Trade Commission.
C. is a way for a medium to monitor its advertisements.
D. is redundant given the watchfulness of federal regulatory agencies.
E. was required by legislation passed during the Great Depression.
Answer: C
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A contingent liability is a potential obligation that depends on a future event arising from a past transaction or event.
Answer the following statement true (T) or false (F)
Martha visits a departmental store and learns that a box of exotic candles would cost her ten percent more than what she had paid for it six months ago. In this scenario, Martha has to pay more as a result of _____
a. inflation b. recession c. stagnation d. stagflation
The jury of executive opinion approach is beneficial because of?
a. The dominating views of one of the executives b. The collective knowledge of the executives c. The reliance on field sales personnel d. The use of external auditors
The Grand Performance Hall is in the process of remodeling and is scheduled to open for business after being closed for 50 years. As part of the remodeling, it is installing a new sound system. The sound system is to be installed by Sound Systems, Inc on or before April 10 . Opening night of the hall is May 1 . The contract states that "time is of the essence" because of the opening-night
deadline. Sound Systems has some financial difficulties and doesn't deliver the system until April 20 . Grand Hall refuses to accept it, and Sound Systems sues. What will be the result? a. Grand Hall wins; the contract date was strictly enforceable. b. Sound Systems wins; the contract was substantially performed. c. Grand Hall wins; there was commercial frustration. d. Sound Systems wins; there was a true impossibility.