Felicity Featherstone Is Appointed by Giovanni, the Owner of the Restaurant

question 66

Multiple Choice

Felicity Featherstone is appointed by Giovanni, the owner of the restaurant The Purple Palace ('TPP') , to arrange cleaning contractors to clean TPP.Before she has had a chance to take any step toward hiring cleaners, TPP is totally destroyed by flood.What is the effect, in law, of this event on the agency agreement between Felicity Featherstone and Giovanni?

• A)That is something for Felicity and Giovanni to decide.
• B)The agreement has been repudiated.
• C)The agreement has been frustrated.
• D)There has been a fundamental breach of the agreement

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Definitions:

Basic Earnings

The income earned by a company divided by the total number of shares outstanding; a measure of the company's profitability.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is globally accepted for financial reporting.

Noncash Consideration

Payment made in a form other than cash, such as property, goods, or services, during transactions.

Dividends Payable

Refers to the amount of dividends that a company has declared to pay out to its shareholders but has not yet distributed.