Bob,an Attorney,purchased Licensed Software from Bill Able Inc

question 5

Multiple Choice

Bob,an attorney,purchased licensed software from Bill Able Inc.to prepare his clients' invoices online.The shrinkwrap packaging for the program disks and the software manuals contained a limitations of remedies clause which limited the buyer's remedies to the $50.00 purchase price of the software.Bob later discovered that his invoices for the past year were too low due to a malfunction in the software,costing him over $10,000 in lost revenue.Bob sues Bill Able Inc.for breach of warranty.What is the likely result?

• A) Bob wins because he has equal bargaining power with Bill Able,Inc.
• B) Bob wins because such shrinkwrap limitations of remedies clauses are generally unenforceable.
• C) Bob loses because the court will likely view the limitations of remedies clause as conscionable and enforceable.
• D) Bob loses because the disclaimer is effective.

Explain the relationship between opportunity costs, time, and decision-making.

Understand the influence of economic incentives on individual's choices, including work, education, and consumption.

Understand the historical trends in federal spending on defense and healthcare.

Comprehend the total government spending as a percentage of the U.S. economy.

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Definitions:

Wages Payable

Wages payable are the amounts owed to employees for work performed that have not yet been paid; it is a liability on the company's balance sheet.

Office Equipment

The tools, devices, or machinery used in an office setting to assist with day-to-day operations, including computers, printers, and furniture.

Credit Entry

An accounting entry that increases a liability or equity account, or decreases an asset or expense account, recorded on the right side of an account.

Asset Accounts

Accounts on a balance sheet that represent the resources owned by a company, which have value and can provide future benefits.