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Lucy Morton Opened an Engineering Office and Titled the Business

question 177

Multiple Choice

Lucy Morton opened an engineering office and titled the business Engineering Enterprises P.C. During its first month of operations, it completed the following transactions: I. Lucy invested $30,000 in the business, which in turn issued common stock to her.
II. The business purchased equipment on account for $6,000.
II. The business provided engineering services on account, $10,000.
III. The business paid salaries to the receptionist, $1,000.
IV. The business received cash from a customer as payment on account $6,000.
V. The business borrowed $8,000 from the bank, issuing a note payable.
Total assets would be:

Differentiate between the requirements and exceptions of the statute of frauds in the U.S. and England.

Understand the concept of performance and its effect on the statute of frauds.

Recognize the implications of oral modifications on written contracts.

Analyze the relationship between written contracts and dispute resolution.

Definitions:

Violent Criminal

An individual who commits crimes that involve the use or threat of physical force against others.

Mental Illness

A broad range of conditions that affect mood, thinking, and behavior, often diagnosed by a medical professional.

Tarasoff V. Regents

A legal case that established the duty of mental health professionals to warn identifiable victims when their client poses a risk of serious harm.

Duty To Warn

A legal or ethical obligation to notify potential victims or authorities if an individual poses a serious and foreseeable risk of harming themselves or others.