James Does Some Work for Jim

question 28

Multiple Choice

James does some work for Jim.Jim refuses to pay on the grounds that not all the work was done.Jack takes Jim to court and the judge says Jack is entitled to a quantum meruit.This means that

• A)the parties will agree on the appropriate price.
• B)a dispute regarding the price should be resolved by arbitration.
• C)Jim must pay a reasonable amount for the services rendered.
• D)a price will be fixed for the work done.
• E)Jack is entitled to his expenses.

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Definitions:

Petty Cash

A small amount of cash kept on hand in a business for making everyday, minor expenditures.

Cash Reserve

Funds that a company sets aside to meet short-term and emergency funding needs.

Right of Return

A policy allowing customers to return purchased goods within a certain period, usually with conditions attached.

Sales Assistance

Support activities provided to help in the selling of products or services, including marketing, promotional efforts, and customer service.