In March,Kemal Entered into an Agreement with Bernadette Whereby Kemal

question 75

True/False

In March,Kemal entered into an agreement with Bernadette whereby Kemal would rent Bernadette his cottage for one week in July.In May that same year,Kemal negligently caused significant fire damage to the cottage while roasting marshmallows over a roaring fire in the cottage fireplace.As a result,the cottage was inhabitable for six months.Kemal can successfully assert that this agreement is frustrated.

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Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within a year or within the operating cycle of a business.

Fixed Assets

Long-term tangible assets used in the operations of a business and not expected to be converted to cash in the near term.

Times Interest Earned

Times Interest Earned is a financial ratio that measures a company's ability to meet its debt obligations based on its current earnings before interest and taxes (EBIT).

Days' Sales in Inventory

A financial metric that shows the average duration it takes for a company to turn its inventory into sales.