Chapter 8-9 Contract Law
Chapter 8- Contract formation
o Contract = promise that are enforceable with predictable consequences for for performance
o Decided under:
Common Law- Law by state, rules of constitution
CHAPTER 5: COST VOLUME PROFIT
CONTRIBUTION MARGIN INCOME STATEMENT
Contribution Margin CM
Breakeven Point BEP
CONTRIBUTION MARGIN RATIO
COST VOLUME PROFIT AFFECTS NET INCOME THROUGH CHANGES IN:
Change in FC
Lecture Outline for Chapter 11 Accounting 208
Responsibility Accounting: A quick review
Investment Center Evaluation: Handout 1
Return on Investment (ROI)
II. Manufacturing Cycle Efficiency: MCE:
Chapter 3 Job Order Costing Accounting 208
What do we already know about Job Costing?
Review Product Costs and what is Normal Costing?
APPLIED OH ON A JOB = ACTUAL COST
Lecture Outline for Accounting 208 Chapter 9: Flexible Budgets and Performance Analysis
Planning Budget (Ch 8)
Flexible Budget (Ch 9)
B. Variances: What are they?
C. First Step: Create the Flexible Budget
D. Second Step: Compute R
In. 2014, Gurney Construction Companj
1318-15 (Recognition of Profit, Percentage~of~ompletion)
he information relating to the costs ant
agreed to construct an apartment building at a price of $1,200,000. T
billings for this contract is shown below.
Instructor: Virgil Alexander
How to Prepare a Case Brief
A case brief is a summary of a case. It briefly describes:
1. The parties (Plaintiff and Defendant) in the case = the persons or
2. The facts of the case = What happened
Read the case 42.6 on page 724. Research and identify another
case on ethical behavior in business wi
Unit 3 Homework (Chapters 21, 25, 28-31, 37, 39, and 40)
Question # 1 at the end of Chapter 21
Yes, a creditor can obtain execution against the property because the creditor is of both
the husband and wife. A creditor of o
Following decades of financial frauds and scandals involving directors
and officers at some of the largest companies in the United States,
Congress enacted the Sarbanes-Oxley Act of 2002
Research and provide an example of a corporation that violated
Read Case 10.3 on page 211
Do you think there was a contract between the Mesaros and the
United States? Why or why not describe the elements that were
or were not present?
I do not believe there was a binding legal contract between the
Mesaros and the Uni
Joan and James must follow a set of rules when filing for bankruptcy.
According to Cheeseman, An individual debtor must submit the following
schedules on filing a voluntary petition: a list of secured and unsecured
creditors, with addresses; a list of all
Research and identify a breach of contract business case within
the last 12 months that would be regulated by the UCC
Analyze the facts of the case in conjunction with the weeks
Signature Bank, a New York based commercial bank that serves
After taking the Cosmetics Quiz at the FDA site, please
evaluate your answers
identify another consumer product that is regulated (it does not have to be
regulated by the FDA)
what similarities or inconsistencies are there between the two products
Unit 1 Homework (Chapters 1-5, 8 & 9)
(1) Question # 8 at the end of Chapter 1.
I do not agree with Professor Phelps saying that reading his email was a breach of his
privacy. In sending that email to Professor Marlin Jones, t
25 June 2012
CHRISTOPHER et al. v. SMITHKLINE BEECHAM CORP., dba GLAXOSMITHKLINE
The following case summary details a recent court opinion of the U.S.
Supreme Court. The case relates to business law because it invo
Unit 2 Homework (Chapters 12-17, 19-20, 26-27)
CPA question #1 at the end of Chapter 12
d. Quasi Contract.
CPA questions # 2 and 3 at the and of Chapter 13
2. b. No, because Foxs letter was a counteroffer.
3. c. Peters
Contract: an exchange of promises with legal consequences based on local
jurisdiction and state common law
Treatise: restatement of contracts, explains the Common Law principle
Uniform Commercial Code/Statutes: each state has the same code that deals with
Law: made up of rules that are laid down by the state and backed up by enforcement
with the purpose of keeping the peace, hearing and deciding cases, facilitating
planning, and promoting social justice by protecting the disadvantaged
Rule of Law: laws mad
US Constitution- drafted in 1787 and eventually ratified by the 13 states in 1789;
provides legal framework of the government the authority it has to regulate
Article 1- establishes the legislative branch of congress (the House of
1. Define Litigation process?
A method for settling disputes in a court of law using a vehicle called a trial.
2. What is a complaint?
Filed by plaintiff to initiate the lawsuit
3. What is a summons?
Issued by the court when the Complaint is filed to noti
1. Who are the parties to a lawsuit?
Plaintiff and Defendant
2. What is the role of the jury?
Decide the case. As a juror it will be your duty to decide, based on the evidence presented
here in this courtroom, whether or not the state has proved beyond a
1. Hertz Corp. v. Friend:
a. The plaintiff is Melinda Friend and John Nhieu. The Defendant is
b. Facts: Hertz Corp. was against the employee laws in California. The
employees Friend and Nhieu claimed that the company violate
1. What is defamation?
False statements stated as facts that injure an individuals reputation or character
2. What are the 2 types of defamation? Describe them.
i. Slander Oral defamatory statements
ii. Libel Written defamatory statements
3. What must a p
Chapter 12 Hand out
The Delta Company has the capacity to produce 30,000 units of Part X. The denominator level, however, is
24,000 units. At this denominator level, annual costs are as follows:
$9 per unit
A) Compute Job Totals, Determine Location of Jobs and Unit Costs of Completed Jobs
1. Job Totals
650 (Material Used)
# of Units Completed
Examples for Chapter 12: Accounting 208
Our company needs 20,000 units of Part X each year. Currently, the company produces
Part X internally and charges $25.50 in production cost to each part. This $25.50
consists of $8 for direct materials,
COST FLOWS IN A MANUFACTURING ENVIRONMENT
Beg. Materials Inventory
Less: Ending Materials Inventory
On Balance Sheet
Finished Goods Warehouse