Billy Kroghmen Is the Son of a Very Prominent Fortune

question 75

Multiple Choice

Billy Kroghmen is the son of a very prominent Fortune 500 CEO. Billy has had troubles. He failed out of multiple colleges, universities, and correspondence schools. He finally received his undergraduate degree from a university with only a post office box for an address. He then enrolled in the school's combined graduate accounting and law school programs, graduating with honor with degrees in both areas. After graduation, he twice failed both the CPA and bar exams, managing to set record low scores on the ethics portions of both. Despite these academic setbacks, Billy's career now seems to be thriving. He has been appointed to a number of "blue ribbon" government committees, is on the board of directors of two corporations and one prestigious not-for-profit organization. In at least one instance, a donor credited Billy with the idea for making a large contribution to the not-for-profit. Widespread speculation is that his career advancement is based largely on social relationships through friends and family. We would classify Billy as ____ on ____ capital, and ____ on ____ capital.

• A) high; social; low; human
• B) high; human; high; social
• C) high; human; low; social
• D) none of the above are correct.

Grasp the effects of non-compliance with the statute of limitations under the Uniform Commercial Code on warranty rights.

Recognize the necessary conditions for the implied warranty of merchantability and fitness for a particular purpose.

Identify how express warranties operate under common law and the Uniform Commercial Code.

Learn about remedies available for breach of contract, including damages for lost profits and the concept of cover.

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Definitions:

Classroom Training

A traditional form of instruction in which a teacher provides lessons to students in a classroom setting.