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Allen Calls PepsiCo,the Makers of Pepsi Cola Saying That He's

question 65

True/False

Allen calls PepsiCo,the makers of Pepsi Cola saying that he's an employee of Coca-Cola and he has the Coca-Cola secret recipe.The recipe is legendary as a closely guarded secret supposedly known to only a handful of people in the world.They arrange a meeting.Allen begins the meeting by stating that he acquired the recipe legally and the PepsiCo representative says that they believe him and they will buy it.Allen in fact stole the recipe.Since PepsiCo does not know specifically that the recipe was acquired improperly by Allen,they cannot be guilty of misappropriation.

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Definitions:

Promissory Note

A fiscal device comprising a binding commitment from one party to another to remit a precise sum of money, which can be demanded anytime or on a predetermined date.

Merchandise

Goods that are bought and sold in business.

Sales Transaction

An exchange in which goods, services, or assets are sold and transferred from a seller to a buyer.

Percent of Receivables Method

An accounting method used to estimate the amount of a company's receivables that will not be collected.

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