A Packaged Fruit Juice Manufacturer Contracts with Several Farmers to Buy

question 18

True/False

A packaged fruit juice manufacturer contracts with several farmers to buy their orchards to support a new production facility.However, a particular orchard owner later refuses to sell his farm at the price in their contract.In such a case the court will order a liquidated damage.

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Definitions:

Account Receivable

Money owed to a company by its clients or customers for goods or services delivered or used but not yet paid for.

Internal Control

Methods and rules a company adopts to maintain the accuracy of financial and accounting data, encourage responsibility, and stop fraudulent activities.

Establishing Control Procedures

The process of implementing policies and procedures to ensure that an organization's objectives are achieved efficiently and effectively, reducing the risk of fraud or error.