Luis, a highly talented painter, signs a contract to paint Mina's home, which is very unique and difficult to paint. After one day, Luis decides the job is not worth it and leaves. Mina asks the court to force Luis to paint the house as agreed. Mina is requesting:
a. injunctive relief
b. restitution of the contract c. remission of the contract
d. specific performance of the contract
e. compensatory damages from Luis for failure to fulfill the contract
d
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The biggest reform of contract law has resulted from the adoption of the Multilateral Contracts Code (MCC).
Answer the following statement true (T) or false (F)
Which of the following would the auditor use to determine the existence of investments?
a. Footing the schedule of recorded investments. b. Confirming or examining recorded investments. c. A schedule of investments sold during the year. d. Recomputing interest and/or gains and losses.
A company using the group depreciation method for its delivery trucks retired one of the trucks after the average service life of the group was reached. Cash proceeds were received from a salvage company. The net carrying amount of these group asset accounts would be decreased by the
a. original cost of the truck. b. original cost of the truck less the cash proceeds. c. cash proceeds received. d. cash proceeds received and original cost of the truck.
Which of the following is NOT a bailment?
A) sending a box of books via Air Canada to Vancouver from Ottawa B) leaving your lap top computer in your hotel room when you are at dinner C) buying a ticket to a Blue Jays game D) taking your computer into to Best Buy to be repaired E) borrowing your neighbour's lawnmower to cut your grass