What are the reasons the duty of confidentiality is such a hallowed principle?
What will be an ideal response?
The basis of a professional relationship, such as lawyer and client, is built on the trust that the client has in the professional. That trust would be irreparably hindered if the client had no confidence that
what was said to the lawyer would not be protected. The duty of confidentiality also allows
the lawyer to better meet the needs of the client, because the lawyer’s advice needs to be
based on all the facts available from the client.
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Jack has just received a complaint from one of his long-time customers about a problem with the ignition system on some automatic tillers that were delivered last month. Should Jack assume the product is fine and the user is at fault?
What will be an ideal response?
Uniq Works purchased raw materials amounting to $126,000 on account and $16,000 for cash. The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction?
U.S. GAAP explicitly defines _____ of an asset as "the price that would be received to sell an asset [or paid to transfer a liability] in an orderly transaction between market participants at the measurement date.". Thus, U.S. GAAP defines it as an exit value, namely, the amount the firm would receive if it sold an asset in an orderly, arm's-length transaction at the measurement date
a. Current Replacement Cost b. Net Realizable Value c. Fair Value d. Present Value of Future Net Cash Flows e. Acquisition cost
If Pacific Power and Light increased its rates by 10% and experienced a 2% reduction in the demand for power, the demand would be
A. elastic. B. minimal. C. minor elasticity. D. variable. E. inelastic.