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Title transfers under UCC Article 2

What are the different ways that title transfers under UCC Article 2? Which party bears the risk? What distinguishes a sale on approval, sale on consignment, and sale or return under UCC Article 2? What are the remedies for contract breach available under UCC Article 2? What are the types of warranties available under

Legal Aspects of Business Decisions: Infringement or Request for Revocation?

In 1985, Dr. Klutz Bumpkin of State X discovered a nitrogen-phosphate compound that was inexpensive to manufacture and served as a superior fertilizer for legumes. Dr. Bumpkin's discovery, however, was never patented in State X. Instead, information about the compound, which came to be called Nitrophos, was published in a variet

Description of the Functions of Law.

The four of the main functions of law described; discussed; with examples and opinions as to whether or not the each function of the law fullfills its purpose

Arbitration and Negotiation Differences

Select a contract dispute. Compare and contrast two forms of contract dispute resolution, such as mediation, arbitration, negotiation, peer-review, and mediation-arbitration. Of these two alternative dispute resolution techniques, which would be the preferred vehicle for resolution? Provide your rationale.

Corliss vs. Wenner and Anderson Case

Describe the following: The parties (Who is the plaintiff? The defendant? The appellant? The appellee?) The history of the case (Who won at trial court? Who won at the lower appellate level? Who won in this decision?) The facts (What happened that caused the plaintiff to sue?) The plaintiff's theory (Why he thinks he i

Legal Compliance Issues in Managerial Accountability

In the concept of managerial accountability, what legal compliance issues could come up?    What is agency theory?  Give an example.   What ethical issues could come up in a finance and accounting department?  Give an example of these issues, especially if you have witnessed any unethical practices where you have worked

In the novelist John Grisham's work "Testament," the decedant, a reclusive industrial billionaire disinherits all of his children, except for one daughter who is a medical missionary in Brasil. Some cultures, ours included, allow the decedent to disinherit any or all of his/her children. Other cultures and legal systems absolutely refuse to allow a decendant, man or woman, to disinherit a child, minor or adult. Which system resonates with you personally?

In the novelist John Grisham's work "Testament," the decedant, a reclusive industrial billionaire disinherits all of his children, except for one daughter who is a medical missionary in Brasil. Some cultures, ours included, allow the decedent to disinherit any or all of his/her children. Other cultures and legal systems absolute

Personal Negotiation Style

Question 1 Describe your personal negotiation style and why it is good to understand a best alternative to a negotiated agreement (BATNA) concept? Question2 Define ethics. Why do ethics matter in negotiation? Describe a time during negotiation when you either engaged in or observed unethical or borderline unethical behavior

Material & Nonmaterial Breach of Contract

What is the difference between a material breach of contract and a nonmaterial breach of contract? What are some examples of legal and equitable remedies available for breach of contracts? What are some legal excuses for nonperformance or other grounds for discharge of contracts? Provide examples.

Law of Sales and the Uniform Commercial Code

The ultimate goal is to gain a better understanding and appreciation of the laws that govern individuals and other entities in their business transactions. Share a 'blank' contract for Hewlett Packard auditing. Explain if the contract comes under the jurisdiction of article 2 of the UCC. If you do not have access to a 'bl

Croskey vs. BMW of North America

Brief Croskey v. BMW of North America. Include the people involved, the case's history, the plaintiff's claims, the defendant's claims, the issue being disputed and the holding of the court. In your opinion, was the case decided correctly?

Ries and Trout

Now that you have had time to read and consider the "Immutable Laws of Marketing," what are your thoughts on the opinions and positions of Ries and Trout? Do their laws still apply? Considering how we communicate and respond in the 21st century, do basic laws of marketing change over time?

Dracca, Inc

Dracca, Inc. ("Dracca") is a publicly-traded U.S. corporation that manufactures and distributes baby equipment in seven countries. It is based in St. Louis, MO, but has manufacturing facilities in Philadelphia, Sacramento, and Indonesia. Key products include: â?¢ Strollers â?¢ High Chairs â?¢ Cribs â?¢ Pack-n-Play

Long-term assets are defined as assets that extend benefits beyond the coming fiscal year or operating cycle only tangible assets that extend benefits beyond the coming year or operating cycle, whichever is longer assets that are depreciated for a maximum of 40 years assets that extend no future benefits to a company 2. On January 1, 2007 a Medical Testing Laboratory acquired new blood processing equipment costing $400,000. The equipment has an estimated useful life of 10 years and an estimated residual value of $50,000. After making all necessary calculations and entries on December 31, 2008, what is the accumulated depreciation to date and book value of the equipment? (Assume the straight-line method is used.) Accumulated Depreciation Book Value as of as of December 31, 2008 December 31, 2008 $70,000 $330,000 $70,000 $280,000 $35,000 $365,000 $35,000 $315,000 3. When companies have a temporary surplus of cash, they often invest it in short-term marketable securities long-term marketable securities intangible assets property, plant, and equipment 4. A bond is purchased at a discount. What will happen to the net carrying value of the bond on the balance sheet as its maturity date approaches? stays the same increases decreases cannot be determined from the data given 5. Which of the following are included as part of the cost of plant assets? amount paid for the asset only the cost of site preparation and installation of the asset only construction costs to make assets usable all of the above are included as part of the cost of plant assets 6. Marbella Company has an investment in stock, classified as available-for-sale, with the following information at December 31, 2007: Cost = $240,000 Market value = $280,000 How would Marbella report this information? unrealized holding gain of $40,000 added to stockholders' equity realized gain added to the income statement of $40,000 unrealized holding gain deducted from stockholders' equity of $40,000 unrealized holding gain added to the income statement of $40,000 7. Intangible assets would include patents, copyrights, trademarks, and goodwill. True False 8. Which of the following statements is correct concerning investing activities? they involve obtaining and managing financial resources they use financial resources to acquire items to sell in the normal course of activities they use financial resources to acquire assets a company needs to produce and sell its products they involve buying and selling a company's own stock 9. Assume a building was purchased for $250,000 and used for four of its estimated 10-year life. It has residual value of $50,000 and the straight-line method is used for depreciating the building. The book value of the building after the four years' of usage would be reported on the balance sheet at $20,000 $80,000 $120,000 $170,000 10. Cash received from the sale of long-term assets is reported as an operating activity a financing activity an adjustment to stockholders' equity an investing activity 11. Depreciation and amortization reduce net income and cash flow from operating activities reduce net income but increase cash flow from operating activities reduce net income but have no direct effect on cash flow from operating activities have no direct effect on net income or cash flow from operating activities 12. Which of the following is NOT true? the source of financing for plant assets does not affect the way assets are reported on the balance sheet intangible assets provide legal rights or benefits to a company one of the four categories of assets on the balance sheet includes the value of management and employee skills long-term investments are investments in the debt or equity securities of other companies 13. The excess of the purchase price of a company over the fair market value of its net assets is known as surplus amortization goodwill capital 14. Accelerated depreciation results in lower net income in earlier years and higher net income in later years is used more often on the income statement than is the straight-line method leads to higher book values for depreciable assets than does the straight-line method allocates larger portions of cost to later periods than to earlier 15. Emergent Markets Corporation purchased a machine for $200,000 on January 1, 2007. The estimated life is 10 years. What is the book value on the December 31, 2009 balance sheet assuming straight-line depreciation is used and estimated residual value is zero? $180,000 $160,000 $140,000 $ 60,000 16. Which of the following would NOT be included in property, plant, and equipment? inventory land equipment buildings 17. Meteorite Company sells its Available-For-Sale stock investment at a price of $61 per share. It had originally been purchased at $20 per share and its most recent adjustment had been to a market value of $32 per share. What was the per share realized gain or loss on sale? $29 realized gain $41 realized gain $12 realized loss $73 realized gain 18. Plant assets are reported on the balance sheet at their fair market value. True False 19. Murray Company purchased a 5%, $5,000, 10-year bond for $4,800 at the date of issue. The interest revenue shown on Murray's income statements over the life of the bond will total $2,500 $2,700 $2,300 $2,600 20. Quick Freight Trucking owned a truck which cost $30,000 when it was purchased on January 1, 2007. It had accumulated depreciation of $18,000 at December 31, 2008. The company originally estimated the truck would have a residual value after using it for four years of $3,000. It sold the truck for $22,500 cash on January 1, 2009. The amount of gain (loss) on the sale of the truck was $4,500 gain $19,500 gain $1,500 loss $10,500 gain

1. Long-term assets are defined as assets that extend benefits beyond the coming fiscal year or operating cycle only tangible assets that extend benefits beyond the coming year or operating cycle, whichever is longer assets that are depreciated for a maximum of 40 years assets that extend no futu

What types of intellectual property are used at your organization? How are they protected? What are the advantages and disadvantages of a noncompete clause as opposed to a nondisclosure clause? What privacy and security issues arise when conducting business on the Internet? Provide examples.

What types of intellectual property are used at your organization? How are they protected? What are the advantages and disadvantages of a noncompete clause as opposed to a nondisclosure clause? What privacy and security issues arise when conducting business on the Internet? Provide examples.

Key question a court needs to answer

1. What is the key question a court needs to answer regarding the conduct of the defendant when assessing whether the conduct was the proximate cause of the injuries in the case. 2. The elements required to establish a negligence case are 1) legal duty, 2) breach of duty, 3) proximate cause, and 4) actual harm. True Fa

Foreign Corrupt Practices Act.

1. How does the Foreign Corrupt Practices Act affect supply chain management? 2. How does it facilitate or impede exports and global collaboration?

Stipulations of Government Seizure of Personal Property

Here's a link to a discussion on wikipedia about the case of Kelo v. City of New London: Kelo v City of New London http://en.wikipedia.org/wiki/Kelo_v._City_of_New_London Your reaction to this case: should the government be able to take private property for the sort of purpose involved here? What are the limits on the r

Business Law

5. Five Commerce City police officers were summoned to break up a disturbance at a local party of teenagers. At the party, Ralph Crowe, who had consumed eight cups of beer and three cups of alcoholic punch, became rowdy and had to be detained by the officers. The police released Ralph after receiving the assurances of his brothe