Uniform Commercial Code (UCC)‚ the plaintiff claim that there was a breach of an express warranty by the defendant. The acquired good did not perform. A jury in the state of Kansas found in favor of the plaintiff. The defendant appeals the decision. Facts: Transamerica Oil Corporation is looking to recover damages done by Baker International Corporation and its subsidiary‚ Lynes Inc for the breach of an express warranty. Transamerica is in the business of drilling and completing oil and gas wells. They
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E13-1 (Balance Sheet Classification of Various Liabilities) How would each of the following items be reported on the balance sheet? a) Current Liability b) Current Liability c) Current or long-term liability (dependent on term of warranty) d) Current liability e) Current liability f) Current liability g) Current or noncurrent (dependent on time involved) h) Current liability i) Current liability j) Current liability k) Deduction from face value of note l) Disclose in footnote m) Current
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accepting the terms and completing the order‚ Richard noticed a hyperlink reading‚ “PLEASE CLICK TO SEE OUR IMPORTANT WARRANTY POLICY.” Due to his technological naivety and old fashioned business savvy‚ Richard relied on the hyperlink’s language and the website’s advertising to conclude the product was suitable for personal and small business application and included an “important warranty policy.”
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TRANSAMERICA OIL CORPORATION v. LYNES‚ INC and Baker Internat’l Corporation Procedural history The plaintiff purchaser (Transamerica Oil Corporation) brought action to recover damages resulting from defendant sellers’ (Lynes‚ Inc) breach of an express warranty under Kansas Uniform Commercial Code. The U.S. District Court for the District of Kansas awarded damages to the purchaser. The sellers appealed. Facts Harold Brown‚ president of Transameria‚ saw defendants’ advertisement for “production injection
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Shack on July 4‚ 1979‚ a retail automotive parts store. In 1987 the name Auto Shack was changed to AutoZone. In 1991 AutoZone’s Stock‚ AZO‚ made its debut on the New York Stock exchange and became the first auto parts retailer to store customer warranties in a computer database. AutoZone is a Fortune 500 company that currently has stores in 48 states‚ Puerto Rico‚ and Mexico and has more than 65‚000 employees. AutoZone’s pledge is‚ "AutoZoners always put customers first! We know our parts and products
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packer and decided to purchase several of them only to determine that they did not function as advertised. Plaintiff decided to file suit‚ under the Kansas Uniform Commercial Code (UCC)‚ the plaintiff’s claim that there was a breach of an express warranty by the defendant. The production injection packers did not perform as advertised. A jury in the state of Kansas found in favor of the plaintiff. The defendant appeals the decision. II. Facts Transamerica’s president‚ Harold Brown‚ saw a Lynes
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Product Features and Benefits Lululemon offers a comprehensive line of performance apparel and accessories for women‚ men and female youth. Their apparel assortment includes items such as fitness pants‚ shorts‚ tops and jackets that are designed for healthy lifestyle activities such as yoga‚ running and general fitness. Although Lululemon benefits from the growing number of people that participate in yoga‚ they believe the percentage of their products sold for other activities will continue
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1. 625000 = 5% of earnings before taxes 2. performance materiality = 75% * 625000 = 468750 Misstatements (SUDS) 1. warranty expense‚ repair and maintenance expense‚ litigation expense and A/R 2. non-sampling procedures: warranty expense‚ repair and maintenance expense‚ litigation expense 3. sampled A/R Warranty expense Underestimate by 130000 (verbal commitment of extending warranty period to 2 years) Repair Understated by 200000; incorrectly capitalized 240000 of costs related to modification to
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If you drive a pickup truck‚ there are a number of reasons you should considering going with a hard tonneau cover rather than a soft model. For starters‚ hard tonneau covers are the more durable of the two and will protect your luggage from bumps and knocks that would tear through a traditional tarp. Furthermore‚ hard tonneau covers are generally intended to be added to your pickup truck as a permanent feature‚ meaning they are designed for heavy-duty use and won’t give way after a couple hundred
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MARINE INSURANCE ACT 1963 THE MARINE INSURANCE ACT‚ 1963 ACT NO. 11 OF 1963 [18th April‚ 1963.] An Act to codify the law relating to marine insurance. BE it enacted by Parliament in the Fourteenth Year of the Republic of India as follows:-Short title and commencement. 1. Short title and commencement. (1) This Act may be called the Marine Insurance Act‚ 1963. (2) It shall come into force on such date 1* as the Central Government may‚ by notification in the Official Gazette‚ appoint. Definitions.
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