As a part of downsizing, Richmond and Sons fired an employee before his employment contract lapsed. Is the employee obliged to mitigate damages? Explain
What will be an ideal response?
If a contract has been breached, the law places a duty on the innocent nonbreaching party to make reasonable efforts to mitigate the resulting damages. The extent of mitigation of damages required depends on the type of contract involved.
If an employer breaches an employment contract, the employee owes a duty to mitigate damages by trying to find substitute employment. The employee is only required to accept comparable employment. The courts consider such factors as compensation, rank, status, job description, and geographical location in determining the comparability of jobs.
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The term "golden parachute" refers to
A. financial inducements offered by a threatened firm to stop a hostile suitor from acquiring it. B. managers of a firm involved in a hostile takeover approaching a third party about making the acquisition. C. pay given to executives fired because of a takeover. D. a clause requiring that huge dividend payments be made upon takeover.
Answer the following statements true (T) or false (F)
1. How much a nonprofit spends on fund-raising is a method of financial performance measurement. 2. Benchmarking is a way nonprofits compare themselves to similar organizations. 3. The logic model is a method used to measure a nonprofit’s financial management capabilities. 4. The acronym SROI stands for “standard run on inventory.” 5. Performance measurement is one way a nonprofit can ensure it is achieving its mission.
Which of the following is true about vertically integrated companies?
a. They are able to eliminate all constraints b. The products produced by the company are always unique c. They are not dependent on suppliers for timely delivery d. They have steps in the value chain operating at peak efficiency
Many audiences today expect _________ as visual aids. A. electronic presentations B. objects or models C. 35 mm slides
Fill in the blank(s) with correct word