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ABC was informed that a.major client
may sue it due to a faulty product
model. The next stepfor ABC would
most likely be:
A. Control the risk by dissuading the client
B. Review its production controls
C. Assess the impact and likelihood of the law suit
D. Identify the risk of being sued
The contract between two parties must be formed in a manner that would make it capable to get legally enforceable. This gives the right to offeror party to ensure that offeree must perform the offered work in legal form. The value contract is said to those where parties have agreed to terms and conditions with free concent. Thus, any contract that lacks free concent could be terminated either by law or by parties themselves.
Step by step
Solved in 3 steps
- The following data was gathered during one of the recent audits of Cash Disbursement Section. One of the findings was on the outdated Delegation of Authority to policy. In preparing a report of the findings, identify the elements of an audit findings for each data (in order). 1. The delegation authority is updated biannually and not when changes in personnel or responsibilities of authorized individuals occur. 2. The delegation of authority policy list three individuals who are no longer with the company. Additionally, four individuals were identified who are new in their positions that should have disbursement authority, but are not listed in the policy. 3. Disbursements may be made that are not in accordance with management's or BOD's direction. 4. Authority over the disbursement of funds should only be delegated to individuals whose responsibility justify such authority. O Cause, Effect, Condition, Criteria O Condition, Effect, Cause, Criteria O Cause, Condition, Effect,…A few days before the end of the term of a two-year NDA (nondisclosure agreement) he signed witha startup company related to a possible patent, Frank interviewed with another startup and divulgedinformation covered by the agreement. The interview had been scheduled for a week later, in whichcase it wouldn’t have been an issue, but had been moved up when another job applicant dropped outand the company had an opening for an earlier interview. Frank reasoned that he had met the spiritof the NDA, and a few days early wouldn’t really matter. Besides, as it turned out, the company heinterviewed with wasn’t interested in that information, although they did hire him. What would youhave done if you were Frank?1a. What are the general principles of consumer protection? 1b. Discuss the nature of and parties in a consumer protection suit. Who can bring a suit and why? 1c. Who is held accountable under the consumer protection laws?
- Which of the following are not the rights of the auditors? a) The right to all information and explanations (from management) necessary for the proper conduct of the audit. b) The right to receive notice of all meetings of the directors and to attend those meetings. c) The right to speak at shareholders’ meetings on matters affecting the Management. d) The right to visit the branches of the client and right to access all accounting books and records. e) The right to examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity f) The right to review data about material assets, net worth, liabilities, capital stock, surplus, income and expenditures Only d) , e) and f) All a) , b) , c) , d) and e) Only b) and c) Only b2. Sahar was not satisfied with the reply she received from Diam after she submitted a claim to contest her high water bill for the month of April. As a result, she wrote back to Diam to explain why she deserves a more satisfactory response. In this scenario, Sahar wrote a: * A. persuasive request for action B. persuasive presentation of ideas C. persuasive claim and request for adjustment D. persuasive sales and marketing message E. persuasive performance reviewIs it possible to be used partly for public purpose and partly private purpose without violating the limitation that a tax must be for public purpose?A. No, the purpose shall either be private or public. It cannot be bothB. Yes, The purpose is not important as long as the tax of the property can be accounted forC. No, the purpose to be accomplished by taxation need not be exclusively public. To benefit private individuals will be tantamount to deprivation of property of those who paid the tax without due processD. Yes, The purpose to be accomplished by taxation need not be exclusively public. Although private individuals are directly benefited such as the victims of flood victims, the tax will be valid provided such benefit is only incidental
- Casey is on trial under criminal allegations that she engaged in fraudulent behavior at the company she manages. She is worried when the plaintiff alleges that it has "unambiguous proof" that Casey is guilty. Which of the following is most likely true? If the plaintiff provides proof only up to the level of "clear and convincing," Casey can still be acquitted. Casey need not worry about the plaintiff's evidence, since parties tend to boast about the level of proof they can establish anyway. If the plaintiff meets a "clear and convincing" burden of proof, Casey will be found guilty. The plaintiff will most likely prove Casey is guilty, since criminal charges only need to meet a prima facie burden of proof.Johnson and JohnsonThe company introduced various product safety, ingredient safety and product quality and safetymeasures to prevent the repetition of such an event. These measures are indicated in the sectionsthat follow:Product SafetyAs far as product safety is concerned, J&J ensures that every product that the company sells mustmeet their high standards of quality, safety and efficacy. Safety professionals at J&J companiesconduct through safety assessments as part of the detailed testing of quality, safety and effectivenessbefore any new product is introduced to the market. These professionals make assessments of eachraw material, to identify safe and effective ingredients, and the finished product, to ensure it worksthe way that it is intended to work. J&J also assesses their products after they have reached theirmarket in order to identify any safety issue that may occur.Ingredient safetyThe J&J companies buy and manufacture an array of raw materials, active…Johnson and JohnsonThe company introduced various product safety, ingredient safety and product quality and safetymeasures to prevent the repetition of such an event. These measures are indicated in the sectionsthat follow:Product SafetyAs far as product safety is concerned, J&J ensures that every product that the company sells mustmeet their high standards of quality, safety and efficacy. Safety professionals at J&J companiesconduct through safety assessments as part of the detailed testing of quality, safety and effectivenessbefore any new product is introduced to the market. These professionals make assessments of eachraw material, to identify safe and effective ingredients, and the finished product, to ensure it worksthe way that it is intended to work. J&J also assesses their products after they have reached theirmarket in order to identify any safety issue that may occur.Ingredient safetyThe J&J companies buy and manufacture an array of raw materials, active…
- Johnson and JohnsonThe company introduced various product safety, ingredient safety and product quality and safetymeasures to prevent the repetition of such an event. These measures are indicated in the sectionsthat follow:Product SafetyAs far as product safety is concerned, J&J ensures that every product that the company sells mustmeet their high standards of quality, safety and efficacy. Safety professionals at J&J companiesconduct through safety assessments as part of the detailed testing of quality, safety and effectivenessbefore any new product is introduced to the market. These professionals make assessments of eachraw material, to identify safe and effective ingredients, and the finished product, to ensure it worksthe way that it is intended to work. J&J also assesses their products after they have reached theirmarket in order to identify any safety issue that may occur.Ingredient safetyThe J&J companies buy and manufacture an array of raw materials, active…Johnson and JohnsonThe company introduced various product safety, ingredient safety and product quality and safetymeasures to prevent the repetition of such an event. These measures are indicated in the sectionsthat follow:Product SafetyAs far as product safety is concerned, J&J ensures that every product that the company sells mustmeet their high standards of quality, safety and efficacy. Safety professionals at J&J companiesconduct through safety assessments as part of the detailed testing of quality, safety and effectivenessbefore any new product is introduced to the market. These professionals make assessments of eachraw material, to identify safe and effective ingredients, and the finished product, to ensure it worksthe way that it is intended to work. J&J also assesses their products after they have reached theirmarket in order to identify any safety issue that may occur.Ingredient safetyThe J&J companies buy and manufacture an array of raw materials, active…Johnson and JohnsonThe company introduced various product safety, ingredient safety and product quality and safetymeasures to prevent the repetition of such an event. These measures are indicated in the sectionsthat follow:Product SafetyAs far as product safety is concerned, J&J ensures that every product that the company sells mustmeet their high standards of quality, safety and efficacy. Safety professionals at J&J companiesconduct through safety assessments as part of the detailed testing of quality, safety and effectivenessbefore any new product is introduced to the market. These professionals make assessments of eachraw material, to identify safe and effective ingredients, and the finished product, to ensure it worksthe way that it is intended to work. J&J also assesses their products after they have reached theirmarket in order to identify any safety issue that may occur.Ingredient safetyThe J&J companies buy and manufacture an array of raw materials, active…
