When does a buyer have the right to cancel a sales or lease contract?
What will be an ideal response?
If a seller or lessor fails to deliver conforming goods or repudiates the contract, the buyer or lessee may cancel the sales or lease contract. The buyer or lessee can also cancel a sales or lease contract if the buyer or lessee rightfully rejects the goods or justifiably revokes acceptance of the goods. The contract may be canceled with respect to the affected goods, or if there is a material breach, the whole contract may be canceled. A buyer or lessee who rightfully cancels a contract is discharged from any further obligations on the contract and retains his or her rights to other remedies against the seller or lessor.
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Which of the following is an example of a fixed cost?
A. The wages of part-time workers who are paid $8 per hour. B. Paper used in the manufacture of textbooks. C. Gasoline consumed by salespersons' cars. D. Surgical supplies used in a hospital's operating room. E. Property taxes paid by a firm to a large city.
Use the following information from the current year financial statements of a company to calculate the ratios below:(a) Current ratio.(b) Accounts receivable turnover. (Assume the prior year's accounts receivable balance was $100,000.)(c) Days' sales uncollected.(d) Inventory turnover. (Assume the prior year's inventory was $50,200.)(e) Times interest earned ratio.(f) Return on common stockholders' equity. (Assume the prior year's common stock balance was $480,000 and the retained earnings balance was $128,000.)(g) Earnings per share (assuming the corporation only has common stock outstanding).(h) Price earnings ratio. (Assume the company's stock is selling for $26 per share.)(i) Divided yield ratio. (Assume that the company paid $1.25 per share in cash dividends.)Income statement
data:?Sales (all on credit) $1,075,000Cost of goods sold 575,000Gross profit on sales $ 500,000Operating expenses305,000Operating income$ 195,000Interest expense 20,400Income before taxes$ 174,600Income taxes 74,000Net income$ 100,600??Balance sheet data:?Cash$ 38,400Accounts receivable120,000Inventory56,700Prepaid Expenses 24,000Total current assets$ 239,100Total plant assets708,900Total assets$ 948,000Accounts payable$ 91,200Interest payable4,800Long-term liabilities 204,000Total liabilities$ 300,000Common stock, $10 par480,000Retained earnings168,000Total liabilities and equity$ 948,000 What will be an ideal response?
Which of the following duties would not be delegable?
a. John has a contractual duty to pay Isaac $50. b. Karl has a contractual duty to deliver 50 bushels of corn to Michael by October 1. c. Jeffrey has a duty to mow Georgia's lawn at least once a week. d. Arthur has a duty to teach an accounting class at a community college during the fall semester.
On average, how many people are either waiting in line or currently being served?
What will be an ideal response?