Under the Second Restatement, Except in Cases of Death or Incapacity

question 78

Multiple Choice

Under the Second Restatement, except in cases of death or incapacity, or where the performance of an authorized act becomes impossible, actual notice of termination of agency is required to the third party if she is one:

• A) with whom the agent has dealt on credit.
• B) to whom the agent has been specially accredited.
• C) with whom the agent has begun to deal, as the principal should know.
• D) All of these.

Calculate the net income and gross profit from given financial data.

Recognize the terms related to title passage between buyer and seller, including FOB shipping point and FOB destination.

Understand the effects of sales discounts, returns, and freight costs on transactions.

Compute adjustments for inventory shrinkage and the cost of merchandise purchased.

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