Damages to be awarded to an injured party in case of a breach of contract may be determined by the parties in advance and stated in the contract. These damages are called
a. substantial damages.
b. inconsequential damages.
c. liquidated damages.
d. equitable damages.
C
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If a bank compounds savings accounts quarterly, the nominal rate will exceed the effective annual rate.
Answer the following statement true (T) or false (F)
Answer the following statements true (T) or false (F)
1. Depreciation is the allocation of a plant asset's cost to expense over its useful life. 2. An asset is considered to be obsolete when a newer asset can perform the job more efficiently 3. Depreciation means that the business sets aside cash to replace an asset when it is used up. 4. Residual value is also known as depreciable cost.
Michelle purchased her home for $150,000, and subsequently added a garage costing $25,000 and a new porch costing $5,000. Repairs to the home's plumbing cost $1,000. The adjusted basis in the home is
A) $150,000. B) $151,000. C) $180,000. D) $181,000.
Macro Marketing, Inc, and Nature Foods Corporation (NFC) discuss the terms of a contract. Macro faxes NFC a memo on Macro's letterhead that summarizes the items on which they agree. NFC begins to perform, but Macro refuses to pay. Between Macro and NFC, the memo is A) an oral contract
B) a pre-contract. C) a written contract. D) no contract.