Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Under the UCC, a firm offer only applies to
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- Describe the primary methods for discharging a contract.arrow_forwardGamestop Corp. said the following about its gift card sales in its most recent (2019) annual report:“We establish a liability upon the issuance of merchandise credits and the sale of gift cards. Revenue is subsequently recognized when the credits and gift cards are redeemed.”When Gamestop sells merchandise to a customer who is using a Gamestop gift card to purchase the merchandise, what is the impact on Gamestop’s financial statements? (Ignore any inventory effects) Liabilities decrease and cash decreases Liabilities increase and the Income Statement decreases Liabilities decrease and the Income Statement increases Liabilities decrease and cash decreases No effect because the transaction was already booked when the customer purchased the gift cardarrow_forwardHow is an offer accepted? Describe the rules for the manner of acceptance and its communiarrow_forward
- Under the UCC, a firm offer only applies to Group of answer choices merchants. merchants and nonmerchants. nonmerchants. option contracts.arrow_forwardWhat are the terms used for the parties involved in the offers and negotiations leading up to the final contract? offeree and counteror offeror and recipient offeror and counteror offeror and offereearrow_forwardExplain the purpose of developing an OHS policy.arrow_forward
- True or false? The lessee is the party who holds himself or herself out as having knowledge or skill peculiar to the goods involved in the transaction.arrow_forward10arrow_forwardThe sale or transfer of a partner's transferable interest is a(n) act of the partner. Multiple Choice involuntary state-mandated voluntary federally mandatedarrow_forward
- Miss Cora Cruz would like to buy products from the company of Aurora P. Tan. To make sure that the supplier will not commit a mistake in the delivery of the said product/products, she specifically mentioned the details in her letter. If you are to be asked, what kind of business letter you will use for this particular purpose? Direction: Write a business letter intended for this transaction. Assume that you are Miss Cora, and the reader is : Dr. Lorna R. Dimatatac, President, TIP Teachers and Employees Credit and Savings Cooperative, 938 Aurora Blvd, Cubao, Quezon City. The following should be considered in your letter: 1. Name of the Articles ordered 2. Description of each item, giving size, style, quality, quantity, material, weight, or whatever will help in identifying the article wanted 3. Catalog number of the item if it available, if not, the page number of the catalog 4. Quantity of each item wanted 5. Price of each item, and the total price of the order 6. Method of…arrow_forwardIn many states, including New York, an operating agreement is required for a limited liability company to exist. True Falsearrow_forwardGive a detailed explanation of whether the following statements are true or false. • The buyer of an option has an obligation to purchase the underlying asset in the case of a call, or sell in the case of a put, which the seller of an option has the right to deliver in the case of a call, or take delivery in the case of a put. • Call-put parity implies that currency puts and calls written with exercise prices at the forward rate will have different values because, if the foreign interest rate exceeds the domestic rate, the forward rate is at a discount; therefore, the exchange rate is expected to depreciate, making the put more valuablearrow_forward
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