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 the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Accounts that are increased with a debit include A : revenue. B : assets. C : equity. D : liability.
Answers (1)
A company reports the following information as of December 31st:Sales revenue $350,000 Cost of goods sold $150,000 Operating expenses $110,000 Foreign currency translation gain $25,000 Ignoring income taxes, what amount should the company report as
Answers (1)
which of the following are the two main roles in a market? a. marketer b. seller c. shareholder d. buyer e. manager
Answers (1)
David is recently divorced and his ex-wife took most of their kitchen equipment when she relocated. He's decided to host a Pampered Chef party and invite friends who enjoy cooking.
Answers (1)
For the years 1995 to 2007, if output per person in the private sector grew 2.7 percent, capital intensity grew 1.1 percent, and labor composistion grew 0.2 percent, what was the growth rate of total factor productivity
Answers (1)
New Questions in Business
What type of investment pays you a dividend?
Answers (1)
A product that effectively increases consumers' incomes when its price decreases.
Answers (1)
The pita pit borrowed $192,000 on november 1, 2018, and signed a six-month note bearing interest at 12%. principal and interest are payable in full at maturity on may 1, 2019.
Answers (1)
Sloan Company receives a $3,000, 3-month, 6% promissory note from Day Company in settlement of an open accounts receivable. What entry will Sloan Company make upon receiving the note? a. Notes Receivable 3,045Accounts Receivable-Day Company 3,045b.
Answers (1)
What will happen when a homeowner renovates an old house and plants a flower garden in the front yard?
Answers (1)