Which of the following is untrue regarding the contracts of intoxicated persons?
a. If an intoxicated person is unable to understand the nature and consequences of his act, then the contract is voidable.
b. The effect of intoxication is generally the same as that given to contracts that are voidable because of incompetency.
c. Slight intoxication will destroy one's contractual capacity.
d. To make a contract voidable, a person need not be so drunk that he is totally without reason or understanding.
c
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Modern Designs is a new business. During its first year of operations, credit sales were $43,000 and collections of credit sales were $34,000. One account, $625, was written off. Management uses the percent-of-sales method to account for bad debts expense and estimates 3% of credit sales to be uncollectible. Bad debts expense for the first year of operations is ________.
A) $665 B) $1290 C) $625 D) $2310
Which of the following is not an enhancing qualitative characteristic?
A) Verifiability B) Timeliness C) Understandability D) Neutrality
Sheryl Ford, a senior salesperson at a large firm, was asked by her sales manager to handle a key customer at a distant place from her home. Sheryl was surprised because that area belonged to another salesperson. According to the text, what is the most likely reason for Sheryl's assignment?
A. Sheryl's area lacks key accounts, and the manager wants to distribute the accounts equally among the salespeople. B. The sales manager wants Sheryl to utilize her time better. C. The salesperson in the customer's area is inexperienced. D. The sales manager is punishing Sheryl for breaking a sales policy. E. The sales manager is trying to lower sales and travel expenses.
________ jurisdiction is the power of a court to hear a matter that involves a dispute between two or more parties
A. Contentious B. Adjudicative C. Optional clause D. Advisory