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Study Resources (Business Management)

    1.  Intercontinental Metals Corp. (IMC) contracted with the accounting firm of Cherry, Bekaert & Holland to perform an audit. Cherry issued its opinion about IMC, giving all copies of its report directly to the company.  IMC later permitted Dun & Bradstreet to examine the statements, and Raritan River Steel Co..
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    4.  Landlord owned a clothing store and agreed in writing to lease the store’s basement to another retailer. The written lease, which both parties signed, (1) described the premises exactly, (2) identified the parties, and (3) stated the monthly rent clearly. But an appeals court held that the lease did.
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  5. You Be the Judge: WRITING PROBLEM  Brewster manufactured plastic bottles. Dial made personal care products at many plants around the country, including one in Salem, Virginia. The companies agreed that Dial would purchase from Brewster all of the plastic bottles it needed for its Salem factory. Dial estimated its.
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    3.The AM/PM Franchise association was a group of 150 owners of ARCO Mini-Market franchises in Pennsylvania and New York. Each owner had an agreement to operate a gas station and mini-market, obtaining all gasoline, food, and other products, from ARCO. The Association sued, claiming that ARCO had experimented with its.
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  Multiple Choice Questions 1.Which of the following statements is true? (a)Vagueness occurs when the parties do not want the contract to be clear. (b)Ambiguity occurs when the parties do not want the contract to be clear. (c)Vagueness in a contract is often appropriate as a way to clinch a deal. (d)Ambiguity is an appropriate tactic,.
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  QMultiple Choice Questions   1.  CPA QUESTION Yost contracted with Egan for Yost to buy certain real property. If the contract is otherwise silent, Yost’s rights under the contract are: (a)    Assignable only with Egan’s consent (b)    Nonassignable because they are personal to Yost (c)    Nonassignable as a matter of law (d)    Generally assignable   2.  CPA QUESTION.
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    Case Questions   1.List three types of contracts that should definitely be in writing, and one that probably does not need to be.   3.List three provisions in a contract that would be material, and three that would not be.   4.Slimline and Distributor signed a contract which provided that Distributor would use reasonable efforts to.
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      1.ETHICS Commercial Union Insurance Co. (CU) insured Redux, Ltd. The contract made CU liable for fire damage, but stated that the insurer would not pay for harm caused by criminal acts of any Redux employees. Fire destroyed Redux’s property. CU claimed that the “criminal acts” clause was a condition precedent,.
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  Multiple Choice Questions 1.CPA QUESTION  A CPA’s duty of due care to a client most likely will be breached when a CPA: (a)Gives a client an oral instead of a written report (b)Gives a client incorrect advice based on an honest error judgment (c)Fails to give tax advice that saves the client money (d)Fails to.
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  Multiple Choice Questions When Brooke went to work at an advertising agency, his employment contract stated that he was, “at will and could be terminated at any time.” After 28 months with the company, he was fired without explanation. Which of the following statements is true? (a)    The company must give him.
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  Multiple Choice Questions 1.CPA QUESTION  Two individuals signed a contract that was intended to be their entire agreement.The parol evidence rule will prevent the admission of evidence offered to: (a)    Explain the meaning of an ambiguity in the written contract (b)    Establish that fraud had been committed in the formation of the contract (c)   .
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    5.You Be the Judge: WRITING PROBLEM Dupont Feed bought and sold agricultural products. Dupont borrowed $300,000 from Wells Fargo Bank and gave Wells Fargo a security interest in all inventory, including after-acquired inventory. Wells Fargo perfected its interest by filing on June 17, 1982. Later, Dupont borrowed $150,000 from.
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      Multiple Choice Questions At Business University, semester enrollment begins at midnight on April 1. Jasper asked his roommate Alonso as a favor to register him for an important required course. Alonso agreed to do so but then overslept. As a result, Jasper could not enroll in the required course he needed.
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  Multiple Choice Questions 1.  For a contract governed by the UCC sales article, which one of the following statements is correct? (a)Merchants and non-merchants are treated alike. (b)The contract may involve the sale of any type of personal property. (c)The obligations of the parties to the contract must be performed in good faith. (d)The contract.
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    1.One of Doris’s job responsibilities at Winkie, Inc .was preparing company checks for the  president, Willie, to sign. Using Winkie’s check-signing machine, Doris forged $150,000 of checks on her employer’s account. Willie did not (1) look at the sequence of check numbers, (2) examine the monthly account statements, or (3).
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      1.Mastercraft Boat manufactured boats and often used instrument panels and electrical systems assembled and/or manufactured by Ace Industries. Typically, Ace would order electrical instruments and other parts and assemble them to specifications that Mastercraft provided. Mastercraft decided to work with a different assembler, M & G Electronics, so it terminated.
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  4.   Triec, Inc. is a small electrical contracting company in Springfield, Ohio, owned by its executives, Yeazell, Jones, and Heaton. Employees contracted the International Brotherood of Electrical Workers, which began an organizing drive, and six of the 11 employees in the bargaining unit signed authorization cards. The company declined to.
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    4.  Roy Newburn borrowed money and bought a $49,000 truck from Treadwell Ford. A few months later the truck developed transmission problems. Newburn learned that the truck had 170,000 more miles on it than the odometer indicated. The company admitted the mileage error and promised to install a new transmission.
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  Multiple Choice Questions   1.CPA QUESTION  Under the UCC Article 9, which of the following actions will best perfect a security interest in a negotiable instrument against any other party? (a)    Filing a security agreement (b)    Taking possession of the instrument (c)    Perfecting by attachment (d)    Obtaining a duly executed financing statement   2.CPA QUESTION  Jim’s birth certificate.
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      3. You Be the Judge: WRITING PROBLEM United Technologies advertised a used Beechcraft Baron airplane for sale in an aviation journal. Attorney Thompson Comerford was interested and spoke with a United agent who described the plane as “excellently maintained” and said it had been operated “under §135 flight regulations,”.
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    1.  The Massachusetts Bay Transit Authority (MBTA) awarded the Perini Corp. a large contract to rehabilitate a section of railroad tracks. The work involved undercutting the existing track, removing the ballast and foundation, rebuilding the track, and disposing of the old material. Perini solicited an offer from Atlantic Track &.
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  Multiple Choice Questions   1.CPA QUESTION  A check has the following indorsements on the back: Paul Frank without recourse George Hopkins payment guaranteed Ann Quarry Collection guaranteed Rachel Ott Which of the following conditions occurring subsequent to the indorsements would discharge all of the indorsers? (a)    Lack of notice of dishonor (b)    Late presentment (c)    Insolvency of maker (d)    Certification of check   2.CPA QUESTION  Which.
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    When Walton Weiner interviewed for a job with McGraw-Hill, Inc. he was assured that the company would not terminate an employee without “just cause.” Weiner also signed a contract specifying that his employment would be subject to the provisions of McGraw-Hill’s handbook. The handbook said, “[The] company will resort to.
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  Multiple Choice Questions 1.CPA QUESTION  Master Mfg., Inc. contracted with Accur Computer Repair Corp. to maintain Master’s computer system.  Master’s manufacturing process depends on its computer system operating properly at all times.  A liquidated damages clause in the contract provided that Accur would pay $1,000 to Master for each day that.
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  Multiple Choice Questions Gregg Young, the CEO of BJY Inc., insisted on calling Mamdouh El-Hakem “Manny” or “Hank” even when El-Hakem asked him not to. El-Hakem was of Arab heritage. Young argued that a “Western” name would increase El-Hakem’s chances for success and would be more acceptable to BJY’s clientele. Does.
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    1.Eugene Ables ran an excavation company. He borrowed $500,000 from the Highland Park State Bank. Ables signed a note promising to repay the money and an agreement giving Highland a security interest in all of his equipment, including after-acquired equipment. Several years later, Ables agreed with Patricia Myers to purchase.
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    1.   Franklin Miller operated Miller Seed Co. in Pea Ridge, Arkansas. He bought, processed, and sold fescue seed, which is used for growing pasture and fodder grass. Farmers brought seed to Miller who would normally clean, bag, and store it. In some cases the farmers authorized Miller to sell the.
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  Multiple Choice Questions 1.A sole proprietorship: (a)    Must file a tax return (b)    Requires no formal steps for its creation (c)    Must register with the secretary of state (d)    May sell stock (e)    Provides limited liability to the owner   2.CPA QUESTION  Assuming all other requirements are met, a corporation may elect to be treated as an.
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    1.ETHICS Wayne and Arlene Selden invested in Competition Aircraft, a fraudulent company that pretended to sell airplanes. After the company went bankrupt, the Seldens sought to recover from accountant William Burnett. He had recommended the investment to several of his clients, who communicated his recommendation to the Seldens. The Seldens.
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    1.Alan Dershowitz, a law professor famous for his prominent clients, joined with other lawyers to open a kosher delicatessen, Maven’s Court. Dershowitz met with greater success at the bar than in the kitchen—the deli failed after barely a year in business. One supplier sued for overdue bills. What form of.
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    The Lillie Rubin boutique in Phoenix would hire only women to work in sales because fittings and alterations took place in the dressing room or immediately outside. The customers were buying expensive clothes and demanded a male-free dressing area. Has the Lillie Rubin store violated Title VII? What would its.
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  Multiple Choice Questions 1.CPA QUESTION On Monday, Wolfe paid Aston Co., a furniture retailer, $500 for a table. On Thursday, Aston notified Wolfe that the table was ready to be picked up. On Saturday, while Aston was still in possession of the table, it was destroyed in a fire. Who bears.
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  Multiple Choice Questions 1.CPA QUESTION  Cara Fabricating Co. and Taso Corp. agreed orally that Taso would custom manufacture a compressor for Cara at a price of $120,000. After Taso completed the work at a cost of $90,000, Cara notified Taso that the compressor was no longer needed. Taso is holding the.
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  Multiple Choice Questions 1. CPA QUESTION  Which of the following is not necessary to create a partnership? (a)    Execution of a written partnership agreement (b)    Agreement to share ownership of the partnership (c)    Intention of conducting a business for profit (d)    Intention of creating a relationship recognized as a partnership   2.If a partner dissociates, he is.
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    1.An elementary school custodian hit a child who wrote graffiti on the wall. Is the school district liable for this intentional tort by its employee?   What if the custodian hit one of the schoolchildren for calling him a name? Is the school district liable?   A soldier was drinking at a training.
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  Multiple Choice Questions   1Which of the following statements are true? (a)    A draft is always a check. (b)    A check is always a draft. (c)    A note must involve at least three people (d)    All of the above.   2Which of the following standards are required for negotiability: (a)    The instrument must be signed by the payee. (b)    The.
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  Multiple Choice Questions   1.CPA QUESTION: Nagel and Fields entered into a contract in which Nagel was obligated to deliver certain goods by September 10. On September 3, Nagel told Fields that he had no intention of delivering the goods. Prior to September 10, Fields may successfully sue Nagel under the doctrine.
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    6.You Be the Judge: WRITING PROBLEM Construction Helicopters paid Heli-Dyne Systems $315,000 for three helicopters that were in Argentina. Two were ready to fly, and one was disassembled for routine maintenance. The contract said nothing about risk of loss (the parties could have saved a lot of money by.
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      Disney World and Abercrombie & Fitch both fired female employees who insisted upon wearing a Muslim headscarf because such apparel violated the companies’ appearance policies. Can these employers make reasonable accommodation for this religious practice? Abercrombie also fired a salesperson who converted to a Christian religion that forbade her from.
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    4.Loehmann’s clothing stores, a nationwide chain with headquarters in New York, was the anchor tenant in the Lincoln View Plaza Shopping Center in Phoenix, Arizona, with a 20-year lease from the landlord, Foundation Development, beginning in 1978. Loehmann’s was obligated to pay rent the first of every month and to.
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