In a subject to sale, the buyer is not personally liable to the seller's lender
Indicate whether the statement is true or false
True
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As a vendor, Melissa works well with a buyer she's known for years at Dream Toys. This year, Melissa's line of toys had a few products that sold poorly, and it is now time to show the Dream Toys' buyer the next holiday season's product line. Melissa knows the Dream Toys' buyer will be a hard negotiator. What should Melissa be prepared to do?
A. Provide markdown money. B. Suggest pulling out of Dream Toys for a season to strategize and reinvent. C. Provide the Dream Toys buyer with a vacation package. D. Advise that Dream Toys can sell the products at lower prices, but maintain the original prices at other retailers. E. Suggest selling the toys for another season giving consumers time to acclimate to the products.
List two objectives in setting transfer prices.
What will be an ideal response?
Circuit City Stores, Inc v. Commissioner of Revenue
a. the issue was where were the goods identified. b. the Court determined that the goods were not subject to Massachusetts sales tax because title did not pass until they were picked up in new Hampshire. c. The case involved insurable interest in good sold in one state but picked up in another. d. the court determined that until a specific serial number was recorded and the goods were identified title could not pass.
Which of the following is an effective tool for preventing individual ethical lapses?
a. Ethics training b. Screening c. Internal controls d. All of the above