Define these terms: usage of trade; course of dealing; and course of performance
Usage of trade is any practice that members of an industry expect to be part of their dealings. Course of dealing refers to previous commercial transactions between the same two parties. Course of performance refers to the history of dealings between the parties in the same contract and thus assumes that it is the kind of contract demanding an on-going relationship. These terms present three circumstances where the tender may not be perfect in a strict sense. In other words, the buyer may not be able to reject minor flaws if the tender is perfect according to industry standards, or prior contracts between the same parties, or based on a history of dealings between the parties in the same contract.
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The capacity requirements planning (CRP) process uses information from the master production schedule and the time-phased order requirements schedule to develop detailed machine- and labor-use schedules based on available capacity
Indicate whether the statement is true or false
You are a potential creditor and are concerned that a particular company you are ready to give a loan to might have too much debt. Which financial statement would provide you information needed in order to evaluate your concern?
A) Balance sheet B) Income statement C) Statement of retained earnings D) Statement of cash flows
Why do accountants normally calculate cost per unit as an average?
A. Some manufacturing-related costs cannot be accurately traced to specific units of product. B. Determining the exact cost of a product is virtually impossible. C. Even when producing multiple units of the same product, normal variations occur in the amount of materials and labor used. D. All of these are justifications for computing average unit costs.
What is the first step of the decision-making model discussed in the textbook?
a. Weigh decision criteria b. Problem emergence c. Define the problem d. Generate alternatives