Lexington company borrows $10,000 from a bank by signing a promissory note. Increased assets and increased liabilities are the effects of this transaction on the accounting equation.
A company is a legal entity or legal entity established under the Companies Act. It may be a limited or unlimited company, a private or public company, a limited liability company or company with share capital, or a company of common interest. A legal entity is a type of legal entity structure that is a separate legal entity from its owner. This is a complex business structure, with additional reporting requirements and invalid legal obligations making it expensive to set up and manage.
A corporation is a legal entity distinct from its owners, managers, operators, employees, and agents. Legal entities have the same powers as individuals, including the right to own and dispose of property, the power to sue and be sued, and the power to contract for a profit. A business example is an agriculture. An example transaction is the sale of a home.
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Answer:
True
Explanation:
A channel of distribution is a series of firms or individuals that facilitate the movement of the product from the producer to the final consumer is a true statement.
A distribution channel consists of vendors, producers, out sourcing firms, logistic providers, sales persons, retailers, and finally consumers. Different companies have different channels of distributions based on their product needs and their market demand and expansion.
A product has to go through several processes in order to reach the consumer.
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If the insurer takes the policy as applied for the coverage will take effect when the conditions of the receipt are met and from the date of the application or medical exam. The two types of conditional receipts are insurability and approval. The insurability receipt provides interim coverage as the applicant is insurable while the approval receipt will not begin until the insurer will approve the claim. However, conditional receipts will provide the coverage if the applicant is insurable as applied for and coverage will not be delivered until the applicant accepts the coverage if the insurer concerns a counter-offer because the applicant is substandard risk.
Answer: No, Paul has not breached a contract.
Explanation: To answer this, we must first we must define what a contract is.
A contract is an agreement between two or more people that is legally binding, and which guides or governs the actions or conducts of the parties involved.
A quality that makes a contract legally binding is that it is enforceable by law.
In the scenario given in the question above, Paul has not breached any contract because there isn't one. The promise to buy dinner has not been legally bound, therefore, it is not enforceable by law, in essence, it is not qualified to be called a contract.
