Case Study Wareham SC Systems current revenue recognition policy states that they recognize revenue when they have shipped their product to the customer. SC Systems also adjusts for warranty by estimating how much money will be spent on fulfilling those warranties. They subtract this estimation of warranties from the total revenues for shipped products. For other types of specific contracts‚ such as service contracts‚ they use the percentage-of-completion accounting method which will be paid
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What is the definition of a contract? An agreement between two or more parties for the doing or not doing of something specified. Describe the various types of contracts. 1) Bilateral and Unilateral 2) Express and Implied 3) Executory and Executed What elements does a contract need to be enforceable? 1) Agreement 2) Legality 3) Consideration 4) Capacity What elements would constitute a discharge of a contract? 1) Material breach 2) Minor breach 3) Anticipatory breach
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2011‚ p. 23). Had Non-Linear Pro utilized Enterprise Risk Management‚ the company would have been able to reduce their liability exposure. Quick Takes Video is in the position of having a legitimate claim against Non-Linear Pro for breach of warranty. The salesman informed Hal that his employees would be able to operate the software in one to two days. After two weeks of attempting to utilize Non-Linear Pro’s product‚ Hal’s employees have come to the conclusion that the product cannot perform
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ACCT1A Sample Exam 3 Name: __________________________ Date: _____________ 1. The maturity date of a note receivable: A) Is the day of the credit sale. B) Is the day the note was signed. C) Is the day the note is due to be paid. D) Is the date of the first payment. E) Is the last day of the month. 2. The amount of bad debt expense can be estimated by: A) The percent of sales method. B) The percent of accounts receivable method. C) The aging of accounts receivable method. D) Only b and c. E)
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the contract‚ but I the agent will be because of implied warranty of authoirty. Implied warrant of authoirty occurs if an agent contracts for a legally existing legal and competenet principle while lacking the authoirty to do so (pg. 943). In this case I neither have actual an/or apparent authority. Both my express and implied authoirty were taken away by Bon Vivant‚ when they set the limit of 10‚000‚000 and because an agents implied warranty cannot condradtict the principls express statmement‚ I have
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CONSUMER LAW SALE OF GOODS ACT Sale of Goods Act applies to all contracts for the sale of goods whether it be a commercial contract between two companies or two individuals for the supply of goods or the sale of everyday items. A contract of sale of goods is defined as a contract whereby the seller transfers or agrees to transfer the property in the goods to the buyer for a money consideration called the price. In every contract for the sale of goods there must be the ordinary elements of a
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LAW/421 Final Examination Study Guide This study guide will prepare you for the Final Examination you will complete in Week Five. It contains practice questions‚ which are related to each week’s objectives. In addition‚ refer to each week’s readings and your student guide as study references for the Final Examination. Week One: Introduction to Law Objective: Define the functions of law in society. 1. Precedent evolves from a. state and federal constitutions b. state and federal
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10/17/13 CARFAX Vehicle History Report on WDDGF81X48F188009 This CA RFA X Vehicle History Report prov ided free of charge by : 1A Auto Way 441 Lee Burbank Hwy Revere‚ MA 02151 781-485-8888 Vehicle Information: No accident / damage reported to CARFAX 2008 MERCEDES-BENZ C300 4 MATIC VIN: WDDGF81X48F188009 SEDAN 4 DR 3.0L V6 SFI DOHC 24V ALL WHEEL DRIVE Standard Equipm ent | Safety Options 3 Previous owners 11 Service records available CARFAX Report Provided By: 1A Auto Way 441 Lee Burbank Hw
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Lauren Mordacq Professor Harden MKT 440 2 March 2014 Case Summary Pamela Spencer‚ the manager of HouseMart in Port Madison‚ New York was confronted by one of the store’s regular customers‚ Mrs. Kerns concerning the state of her installed cedar fencing after a severe wind and rain storm had hit the area. Mrs. Kerns had contacted HouseMart’s installation manager earlier that morning complaining of her fence leaning at a 45-degree angle and after the installation manager’s inspection‚ he found
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