The Legal Environment of Business: Text and Cases (MindTap Course List)
10th Edition
ISBN: 9781305967304
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
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Chapter 11, Problem 1IS
Summary Introduction
Case summary: The Ecuadoran firm C contracted to sell the coffee beans to a US firm D. Upon receiving the shipment, the firm D defaulted on making the payment. The firm C sued the firm D for the breach of the contract. The Ecuadoran court awarded the firm C to collect for damages but the firm D’s assets were in United States.
To find : Condition under which the U.S. court can enforce judgment of the Ecuadoran court.
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Bell Inc. took a physical inventory at the end of the year and determined that $840,000 of goods were on hand. In addition, Bell, Inc. determined that $60,000 of goods that were in transit and were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $95,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year?
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The Legal Environment of Business: Text and Cases (MindTap Course List)
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