When is parol evidence admitted in court?
What will be an ideal response?
Parol evidence may be admitted in court if it:
1. shows that a contract is void or voidable (e.g., evidence that the contract was induced by fraud, misrepresentation, duress, undue influence, or mistake).
2. explains ambiguous language.
3. concerns a prior course of dealing or course of performance between the parties or a usage of trade.
4. fills in the gaps in a contract (e.g., if a price term or time of performance term is omitted from a written contract, the court can hear parol evidence to imply the reasonable price or time of performance under the contract).
5. corrects an obvious clerical or typographical error. The court can reform the contract to reflect the correction.
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How many members are typically on a top-management team?
-Three to five -Ten or more -Seven to ten -Five to seven
Which of the following statements about finance, accounting, and financial management is most correct?
a. Accounting is of no value in decision making. b. Accounting provides the theory and concepts necessary to help managers make better decisions. c. Financial management involves the measurement, in financial terms, of operational events that affect the resources and financing of an organization. d. The primary role of finance is to plan for, acquire, and use resources to maximize the efficiency (and value) of the enterprise. e. Financial management is of no value in decision making.