Which of the Following Is NOT a Usual Source of Implied

question 21

Multiple Choice

Which of the following is NOT a usual source of implied terms?

• A)terms that are reasonably necessary,in accordance with the expectation of the parties,to promote business efficacy
• B)long-established customs in particular types of trades
• C)long-established customs in particular types of transactions
• D)what the parties discussed prior to entering the contract
• E)none of the above

Understand the components and exclusions of minimum lease payments.

Analyze the financial statement impacts of recording leases incorrectly.

Differentiate between capital and operating leases.

Identify criteria for classifying leases as capital leases.

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Definitions:

1932 Election

A pivotal U.S. presidential election in which Democrat Franklin D. Roosevelt defeated incumbent Republican Herbert Hoover, marking a profound shift in American politics towards the New Deal era.

Republican Party

One of the two major contemporary political parties in the United States, historically characterized by its advocacy for conservative policies, free-market capitalism, and a limited government role in economic affairs.

New Deal

Public work projects, a series of regulatory actions, and financial reforms implemented in the 1930s in the United States by President Franklin D. Roosevelt to tackle the Great Depression.

Political Group

An organization or a collective of people who come together based on shared political interests, objectives, or ideologies.