In some states, the courts will examine the amount of consideration and will allow a party to avoid a contract where the consideration is so inadequate that it "shocks the conscience" of the court.

The change in the LIFO Reserve from one period to the next is recorded as an adjustment to Cost of Goods Sold.

a. true b. false

The text discusses the evolution of business through five "eras." Which of the following is not one of these eras?

A) Diversification era B) Sales era C) Production era D) Marketing company era E) Simple trade era