The one advantage of the direct write-off method is that it:
a. is simple to apply.
b. requires several calculations to determine.
c. is not required for tax purposes.
d. can be used along with the allowance method.
e. none of the above.
a
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The trust that protects the beneficiary's interest in the subject property from the beneficiary's creditors is?
a. a charitable trust b. an inter vivos trust c. a spendthrift trust d. a testamentary trust
James works for the county fire department and has not had a raise in three years. When he shows up at the mayor's house to put out a fire, he sees the mayor standing outside
James tells the mayor that he will put out the fire only if the mayor agrees to give him a raise. The mayor agrees. In this scenario, which of the following statements is true? A) A valid contract exists because all the elements of a valid contract are present. B) A valid contract does not exist because the value of the consideration for the mayor's promise is inadequate. C) A valid contract exists because of the past consideration rule. D) A valid contract does not exist because of the preexisting duty rule.