A legal action brought in court to compel a party to fulfill the terms of a contract because the land is unique and money damages would not adequately compensate the party victimized by a breach is called a/an:
A. partition action
B. suit for specific performance
C. quiet title action
D. injunction
Answer: B. suit for specific performance
The legal premise that no two properties are alike is the basis for a suit for specific performance, which asks the court to order someone who has breached to actually perform the contract as agreed (deliver the deed to the buyer), rather than simply pay money damages.
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Which concept helps explain why a company can earn a higher return using debt than without debt?
A. Leverage B. Default risk C. Arbitrage D. Convertibility
When a company assigns the costs of direct materials, direct labor, and both variable and fixed manufacturing overhead to products, that company is using
a. operations costing. b. absorption costing. c. variable costing. d. product costing.