A seller who receives the inspection notice must agree to the requested repairs or terminate the offer.

You have started working for a company that manufactures lawn mowers

These mowers carry a warranty that will replace defective parts for one year. The corporate president feels that an expense should be recorded when the defective parts are replaced. Explain the proper accounting treatment to the corporate president. What will be an ideal response

Which of the following statements about the process of replacement is incorrect?

A. The replacing insurer must notify the original insurer within 3 days of the potential replacement. B. The agent and the applicant must sign a statement as to whether replacement will be involved in the transaction. C. A copy of the signed replacement disclosure statement must be left with the applicant. D. Copies of any written illustration or comparisons used in the process of making the replacement do not need to be included with the submitted application.