Bagels Bakery Enters into a Contract with Cineplex for Discounted

question 68

Multiple Choice

Bagels Bakery enters into a contract with Cineplex for discounted tickets for Bagels's employees. When Cineplex does not provide the tickets, Bagels enters into a contract with DigiMovies for the same service at a lower price. In a suit for breach, Bagels might be awarded nominal damages to

• A)establish, as a matter of principle, that Cineplex acted wrongfully.
• B)provide Bagels with funds for a foreseeable loss beyond the contract.
• C)provide Bagels with funds for its loss of the bargain.
• D)punish Cineplex and set an example to deter others from similar acts.

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Definitions:

FIFO

First In, First Out (FIFO) is an inventory valuation method where the costs of the oldest items are the first to be expensed, used to calculate cost of goods sold.

Cost Of Goods Sold

The specific costs involved in producing goods for sale by a company, covering materials and labor.

LIFO Method

"Last In, First Out," an inventory costing method where the most recently produced or purchased items are recorded as sold first.

Year-End Inventory

The total value of a company's merchandise, raw materials, and finished and unfinished products which have not yet been sold, at the end of the fiscal year.