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Miko and Gina Enter into a Written Contract

question 6

True/False

Miko and Gina enter into a written contract. If Miko assigns her part of the agreement to Teresa and Teresa tells Gina of the assignment, Miko is bound by an implied warranty that Gina will respect the assignment.


Definitions:

Perpetual Inventory System

An inventory management method where updates are made continually to record each sale or purchase of inventory.

Inventory Ledger

A detailed record maintaining the quantity and value of a company's inventory over time.

Purchases Journal

An accounting ledger in which purchases of goods on credit are recorded.

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