Q1. Bob, a security officer had previously arranged a fire insurance policy for his employer, Cilli...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Q1. Bob, a security officer had previously arranged a fire insurance policy for his employer, Cilli Bhd. Three days before the policy was due to expire, Bob renewed it on their behalf even though he had not received any instruction from them. A week later Cilli Bhd was burnt to the ground. Cilli Bhd wished to ratify the insurance contract which was renewed by Bob and submit their claim to the insurance company. Advise Cilli Bhd. Q1. Bob, a security officer had previously arranged a fire insurance policy for his employer, Cilli Bhd. Three days before the policy was due to expire, Bob renewed it on their behalf even though he had not received any instruction from them. A week later Cilli Bhd was burnt to the ground. Cilli Bhd wished to ratify the insurance contract which was renewed by Bob and submit their claim to the insurance company. Advise Cilli Bhd.
Expert Answer:
Answer rating: 100% (QA)
In this scenario the situation falls under the legal concept of Ratification Ratification refers to ... View the full answer
Related Book For
Cost Management Accounting and Control
ISBN: 978-0324559675
6th Edition
Authors: Don R. Hansen, Maryanne M. Mowen, Liming Guan
Posted Date:
Students also viewed these general management questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The Commerce Department reported that in December 2015, retail sales rose by 0.2, net exports decreased, inventories held by businesses rose by 0.1 percent, and total sales by businesses fell by 0.6...
-
What factors shift the short-run aggregate supply curve? Do any of these factors shift the long-run aggregate supply curve? Why?
-
The yield of a chemical process is being studied. The two factors of interest are temperature and pressure. Three levels of each factor are selected; however, only nine runs can be made in one day....
-
While the electromagnetic interaction between the photons and the charged electrons and positrons kept them in equilibrium with each other during the early universe, show that the direct...
-
The following material relates to Darrow Company: Required Place an X in the appropriate columns for each of thesituations. Cash Flows Classification Noncash Effect on Cash Operating Investing...
-
(b) If the game below is repeated twice, the following strategies form an SPNE when = 1: Strategies Player 1 period 1: Play C period 2: Play B if (C,Y) in stage 1. Play A otherwise. Player 2 period...
-
Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $5.10 per pound) Direct labor (8 hours @ $14 per hour) Variable overhead (8 hours@ $6 per...
-
a) Determine the degree-of-freedom of mechanism b) Write the closure loop equation(s) and define the position variables c) Perform a complete position analysis for posture shown in figure d) Write...
-
A pendulum is in the position shown. The vertical of the tension is 38N. Determine all component unknowns. tension: horizontal tension component: vertical tension component: 33 X 45.3 Z Z N 31.9 N 38...
-
4. In the space at right, draw the force diagram for a bear climbing a hill at constant speed. 17 Pone a. Write the equation that describes the forces that act parallel to the ramp. b. Write the...
-
If I add a second bulb to a single light bulb as shown on the right (and assuming they have the same resistance), what will happen to the voltage across bulb A and the current through bulb A? BATTERY...
-
Stunning Bhd, an established manufacturer in the textile industry since year 2005. The company had successfully invested in few companies in recent years under its business strategic plan. The...
-
The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers it uses in its budgeting and performance reports-the number of courses and the...
-
ABC Ltd has introduced a new workplace agreement providing employees with 10 days sick leave per year. Based on past experience, ABC Ltd has ascertained that, across each staff level, 60% of staff...
-
(a) Bright Sdn Bhd (BSB) is a tax resident manufacturing company in Johor, which involves in ceramic tiles. Currently, BSBs annual sales turnover has been forecasted to be around RM 300,000 for the...
-
Lampe Hearing Clinic is considering an investment that requires an outlay of $370,000 and promises a net cash inflow one year from now of $450,000. Assume the cost of capital is 12 percent. Required:...
-
Explain how access to local information can improve decision making.
-
McCawl Company produces two products and uses a predetermined overhead rate to apply overhead. McCawl currently applies overhead using a plantwide rate based on direct labor hours. Consideration is...
-
A firm in Saudi Arabia uses capital and labor in its production process. The hourly cost of labor is SR30 and the initial rental rate of capital is SR60 per hour. What is the firm's isocost line? How...
-
Canada removed all duties and quotas on imports from Bangladesh in 2003. Since that time, Bangladesh has become the second largest source (after India) of Canadian merchandise imports from South...
-
A firm has the cost curve \(C(q)=100+150 q-\) \(46 q^{2}+5 q^{3}\). What are the equations of the firm's marginal cost, average variable cost, and average cost curves? What are the minimum values of...
Study smarter with the SolutionInn App