Phil Enters into a Contract with Quality Resorts,Inc

question 2

Multiple Choice

Phil enters into a contract with Quality Resorts,Inc.,to work as a chef.Under the plain meaning rule,the meaning of this contract must be de?ter?mined by reference to

• A)any available evidence.
• B)any relevant extrinsic evidence.
• C)the face of the instrument.
• D)the later testimony of the parties.

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Definitions:

Operating Activities

Generally speaking, activities that affect current assets, current liabilities, or net income.

Investing Activities

Transactions involving the purchase and sale of long-term assets and other investments not considered cash equivalents.

Cash Flow

The total amount of money being transferred into and out of a business, representing the operational, investing, and financing activities over a period.

Long-term Debt

Financial obligations or loans that are due for repayment beyond a period of one year.