Kent Corp. (KC), a general contractor building a new dorm at a university, contracted with Fine Rugs Inc. (FRI) to have a certain grade of industrial rugs installed in the dorm. The contract price was $180,000. After the rugs were installed, KC was dissatisfied with the rug quality. FRI insisted that the rugs installed were appropriate to the contract specifications and demanded full payment. KC sends FRI a check for $120,000, which KC believes is the proper value for the rugs installed, and marks the check "Paid in Full." FRI writes "Under Protest" on the check and deposits it. FRI may now, in most states, successfully sue KC for the balance of $60,000.
a. True
b. False
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Kent Corp. (KC), a general contractor building a new dorm at a university, contracted with Fine Rugs Inc. (FRI) to have a certain grade of ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
KING company wants to issue new 10-years bonds to finance some needed expansion. The company currently has an 8 percent coupon bond ($1,000 par value) on the market that sell for $1,080, make semiannual payments and mature in 10 years.
Answers (2)
Zink Company uses the weighted average method for process costing. The cost per equivalent unit for direct materials is $5.00. The cost per equivalent unit for conversion cost is $3.00. The company completed and transferred out is 40,000 units.
Answers (1)
Who puts the federal budget together?
Answers (1)
Purple Consulting has five consultants in the firm. The company's annual revenue is around $500,000. Income is distributed among all consultants, and each is personally liable for claims if the company goes under. What type of business is this?
Answers (1)
Sam agrees to sell ten tons of steel bars to Bill. The agreement states nothing about the place of delivery. The place of delivery is
Answers (1)
New Questions in Business
Sand, Inc. has outstanding $5,000,000, 10%, 20-year bonds. The bonds are callable at 104 on any interest date. The bonds were issued at par and mature in 10 years.
Answers (1)
During the month of february, victor services had cash receipts of $7,500 and cash disbursements of $8,600. the february 28 cash balance was $1,800. what was the february 1 beginning cash balance
Answers (1)
A personnel manager is concerned about absenteeism. She decides to sample employee records to determine if absenteeism is distributed evenly throughout the six-day workweek.
Answers (1)
Which type of promotion happens in informal conversations?
Answers (1)
Which of the following is an example of a cost that varies in total as the number of units produced changes? a. salary of a production supervisor b. straight-line depreciation on factory equipment c. direct materials cost d.
Answers (1)