Dr. David Doright is a professor at Towers State University. One day he has an argument with the president of the University over which team should win the next Super Bowl. The next day, Dr. Doright is fired for incompetence. He sues, claiming the firing is arbitrary and that he was denied an opportunity to respond to the charges. In this case:
a. Dr. Doright has no right to a hearing because this is not a criminal case.
b. Dr. Doright appears to have been denied the equal protection of the law.
c. the firing by a state university is state action involving a property right that would entitle Dr. Doright to a hearing and an opportunity to respond to the allegations against him.
d. the U.S. Constitution does not apply.
c
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Gross profit margin is an important ratio of merchandising firms because:
a. their investments in real property are high. b. cost of goods sold is usually the largest expense. c. selling expenses, like advertising, are usually quite high. d. it measures their ability to collect receivables. e. it measures their ability to use total assets.
Which of the following is an objective of internal control?
A) to encourage employees to follow company policies B) to ensure timely payment of accounts payable C) to ensure timely collection of accounts receivable D) to guarantee that a business makes a profit
Pipes & Culverts Company orders six irrigation pumps from Quality Plumbing, Inc The pumps are stored in Restorers Warehouse. Under the terms of the order, Quality must give Pipes & Culverts a warehouse receipt for the goods, which the buyer will then pick up. Title to the goods passes to Pipes & Culverts when A) Quality stores the drives
B) Pipes & Culverts orders the drives. C) Pipes & Culverts picks up the drives. D) Quality gives Pipes & Culverts a warehouse receipt for the drives.
If a company's two joint products can be sold at the split-off point, there is no reason for allocating the joint costs to the products.
Answer the following statement true (T) or false (F)