In Brower V

question 63

Multiple Choice

In Brower v. Gateway, the issue involved the enforcement of a mandatory and binding arbitration agreement pertaining to disputes between Gateway and its customers. With regard to the agreements enforcement, the court determined that:

• A) because the Standard Terms and Conditions Agreement made the arbitration agreement enforceable after the customer retained the computer for 30 days and over 30 days had elapsed, the agreement was considered accepted and enforceable.
• B) because Congress had indicated in the Federal Arbitration Act that arbitration agreements were the preferred method of dispute resolution, the courts were bound and preempted by Congress's stated policy, so the agreement had to be enforced.
• C) because the parties could not agree on a suitable arbitrator, the clause was useless and only litigation before a court could adequately and fairly resolve the dispute.
• D) because the mandatory fee required by the arbitration forum exceeded the cost of most of Gateway's products, the prohibitive cost of arbitration made the arbitration unfair and biased toward Gateway and therefore nullified the arbitration clause.

Calculate cost of goods sold and understand its impact on gross profit.

Understand the significance of nonoperating income and expenses on overall financial performance.

Understand the difference and similarities between perpetual and periodic inventory systems.

Calculate Cost of Goods Sold and Gross Profit for different accounting periods.

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Definitions:

Aviation

The design, development, production, operation, and use of aircraft, especially heavier-than-air aircraft, encompassing both commercial and military aspects.

Spingarn Medal

An award given annually by the NAACP since 1914 to African Americans of distinguished achievement.

NAACP

The National Association for the Advancement of Colored People, a civil rights organization established in 1909 to combat prejudice, lynching, and to promote racial justice and equality.

Jim Crow Military

Refers to the racial segregation policies that were enforced within the U.S. armed forces, paralleling the Jim Crow laws in civilian life.