Paul, a Contractor, Has a Contract to Build a New

question 71

Multiple Choice

Paul, a contractor, has a contract to build a new office building for Bill. The contract contains a provision requiring Paul to furnish a certificate of occupancy from the building inspector before Bill is required to pay. This provision is:

• A) an express condition.
• B) an implied-in-fact condition.
• C) an implied-in-law condition.
• D) a condition subsequent.

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Definitions:

Prime

In finance, often refers to the prime rate, which is the interest rate banks charge their most creditworthy customers. In manufacturing, can also mean prime costs, which are direct costs of production.

Environmental Management Accounting

The integration of environmental and financial decision-making processes to improve environmental and economic performance.

Traditional Management Accounting

An accounting approach focused on financial information, cost control, and budgeting techniques within an organization, traditionally emphasizing internal reporting.

Environmental Cost Data

Information related to the expenses incurred by a company due to environmental protection, pollution control, and the sustainable use of resources.