A Tailor Agrees to Sew a Suit for Bryan,who Promises

question 13

Multiple Choice

A tailor agrees to sew a suit for Bryan,who promises in return to pay $1,200 for the suit if he is satisfied with it.The tailor completes the suit,which fits Bryan perfectly.Nevertheless,he says that he is not satisfied and refuses to accept or pay for it.Bryan is honest in his dissatisfaction,but gives no reasonable objections.In this case:

• A) Bryan must pay for the suit even if he is dissatisfied.
• B) this is an illusory contract,because only the tailor is bound.
• C) Bryan's approval is an objective standard.
• D) the tailor has no recourse,because he agreed to the subjective standard.

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Definitions:

Depreciation Expense

The distribution of a tangible asset's cost over its lifespan, treating it as an expenditure.

Double Declining-balance

A method of accelerated depreciation that doubles the straight-line depreciation rate.

Depreciation Expense

This refers to the allocation of the cost of a tangible asset over its useful life, representing how much of the asset's value has been used up during a fiscal period.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against an asset since it was put into service.