Measures the extent to which demand for a product changes due to a change in its price.
Answer:
c. the agency is irrevocable without the consent of the agent.
Explanation:
An agency is a fiduciary relationship in which an individual is appointed as the agent to act for a specific purpose or reason on behalf of another, who is the principal. Basically, in agency the agent is typically acting under the influence or control of his or her principal and as such can be a notable representative of the principal in any capacity deemed fit legally.
Also, the principal could be a corporation, an organization or a limited liability company (LLC) and not necessarily a single individual.
An agency coupled with an interest means the agency is irrevocable without the consent of the agent because the relationship that exists between them is a contractual one.
Hence, the agency is irrevocable before its expiration or without the consent of the agent.
Additionally, death, bankruptcy, and mismanagement by the principal cannot end or terminate an agency coupled with an interest until the agent is able to realize his or her legal interest.
Answer:
Year 1 ending inventory is overstated and year 1 cost of goods sold is understated
Explanation:
The amount of ending inventory is increased by $ 5000 so the ending inventory is overstated and the cost of goods sold is understated as an amount of additional $ 5000 is deducted from it. For better understanding we consider the following
Opening Inventory $ 15000
Purchases $ 50,000
<u>Ending Inventory $ 20,000</u>
Cost Of Goods Sold = $ 45,000
Suppose we write $ 20,000 as $ 25,000 we get
Opening Inventory $ 15000
Purchases $ 50,000
<u>Ending Inventory $ 25,000</u>
Cost Of Goods Sold = $ 40,000
So we see that Year 1 ending inventory is overstated and year 1 cost of goods sold is understated by an amount of $ 5000
Answer:
Explanation:
This incident occurred as a result of natural disaster which was beyond the control of the parties involved. Moreover , this incident would have been covered by so many news media and channels which would serve as evidences to buttress their claim.
Therefore , it is easier to make a defense in the fact that the breach occurred due to the natural disaster that was neither forseen nor could be prevented by their effort.