The test under the one-year provision of the statute of frauds is based on the likelihood that the contract will be completed within one year
Indicate whether the statement is true or false
False
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In the American Electric Power Co v. Connecticut case discussed in the text, eight states, New York City, and land trusts sued electric power corporations for contributing to global warming in violation of federal common law and state nuisance law. How did the U.S. Supreme Court rule?
a. The court ruled that no cause of action existed under either federal or state law because the case involved a nonjusticiable political question. b. The court ruled that the plaintiffs could proceed to a jury trial under both federal common law and state nuisance law. c. The court ruled that a cause of action under federal common law was available but that the plaintiffs could not proceed under state nuisance law. d. The court ruled that a cause of action under federal common law was foreclosed but remanded the case for consideration of whether state nuisance law would provide a cause of action.
Parol evidence includes testimony of communications between the parties that is not contained in the contract itself.
Answer the following statement true (T) or false (F)
Market ratios only measure the risk
Indicate whether the statement is true or false
Holo Company reported the following financial numbers for one of its divisions for the year; average total assets of $5,800,000; sales of $5,375,000; cost of goods sold of $3,225,000; and operating expenses of $1,147,000. Assume a target income of 15% of average invested assets. Compute residual income for the division:
A. $100,300. B. $150,500. C. $133,000. D. $150,450. E. $196,750.