Catherine and Jacob Have a Written Contract to Buy and Sell

question 36

Multiple Choice

Catherine and Jacob have a written contract to buy and sell "100 cases of widgets." The 100 cases is a typo,so after signing the contract they orally agree to modify the contract to "1,000 cases of widgets." If later the parties are in litigation concerning the amount of widgets involved in the contract,can evidence of the oral change be introduced into evidence?

• A)No,since this violates the parol evidence rule.
• B)Yes,since both signed the original contract.
• C)Yes,since this is an exception to the parol evidence rule.
• D)No,since this violates the best evidence rule.

Assess compensation strategies in relation to market positioning, including leading, matching, and lagging the market.

Know which workers may be exempt from minimum wage legislation and the rationale behind it.

Differentiate between employees and contractors regarding legal status and protection under employment legislation.

Understand the steps and considerations in formulating a successful compensation strategy, including legal, financial, and strategic aspects.

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Definitions:

Adjusting Process

An analysis and updating of the accounts when financial statements are prepared.

Insurance Expense

The cost associated with premiums paid by a company to insure its property, assets, or operations against loss or damage.

Ledger Accounts

Records within accounting systems that collect data and transactions related to a specific asset, liability, equity, revenue, or expense.

Calendar Year-End

The end of the annual accounting period that coincides with the end of the calendar year, typically December 31.