A General Rule to Use in Assessing the Average Collection

question 127

Multiple Choice

A general rule to use in assessing the average collection period is that it

• A)should not exceed 30 days.
• B)can be any length as long as the customer eventually pays his account.
• C)should not greatly exceed the discount period.
• D)should not greatly exceed the credit period.

Recognize the role of secondary obligations and guarantees in the enforcement of contracts.

Explain the principles of promissory estoppel and how it affects contract enforceability.

Understand exceptions to the statute of frauds, including partial performance and admission.

Identify and explain the exceptions to the parol evidence rule.

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Definitions:

Cognitive Readiness

The mental preparation and ability to learn or adapt to situations effectively.

Vocational Choices

Refers to the selection of occupations or professions based on individual preferences, skills, and interests.

Educational Choices

Decisions related to the pursuit of learning, including the selection of courses, programs, institutions, and modes of study.

Holland's Personality Types

A theory that categorizes people into six personality types—Realistic, Investigative, Artistic, Social, Enterprising, and Conventional—to help explain career choices.