Which of the following statements is accurate regarding a condition?
a. A condition is created only when the phrase "provided that" or a similar phrase introduces it.
b. A condition is an event that must occur before a party becomes obligated under a contract.
c. A condition must be expressly stated in order to be enforced.
d. A condition will not be enforced by the courts unless formal language is used, regardless of the intent of the parties to create a condition.
b
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Fairchild Company acquired a building valued at $210,000 for property tax purposes in exchange for 6,000 shares of its $10 par common stock. The stock is widely traded and selling for $31 per share. At what amount should the building be recorded by Fairchild Company?
a. $210,000 b. $60,000 c. $186,000 d. $150,000
A Methodist church sought to hire a pastor for its new church. When a member of the Catholic faith applied for the job, the church rejected the application. The church’s defense was that being Methodist was _______.
A. disparate treatment B. disparate impact C. affirmative action D. a bona fide occupational qualification E. None of the above
A retailer reduces the price of stereos from $300 to $250 for a special "Back-to-School" sale. Its off-retail markdown percentage equals 17 percent
Indicate whether the statement is true or false
What aspect of data collection and analysis would normally NOT be included in a proposal?
a. Copy of proposed interview guide b. Estimate of time required for collecting data c. Identification of statistical tests to be used d. Summary of interviewee's responses