Which of the following statements regarding contracts is incorrect? a. a contract must be written to be valid. b. for a business that provides services, the performance obligation is generally satisfied when the service provider has substantially completed the service for the customer. c. identifying the contract with the customer is the first step of the revenue recognition model. d. a contract is an agreement between two parties that creates enforceable rights or performance obligations.

An insurance company estimates the probability of an earthquake in the next year to be 0.0015. the average damage done to a house by an earthquake it estimates to be $90,000. if the company offers earthquake insurance for $150, what is company`s expected value of the policy? hint: think, is it profitable for the insurance company or not? will they gain (positive expected value) or lose (negative expected value)? if the expected value is negative, remember to show "-" sign. no "+" sign needed for the positive expected value

True or false entrepreneurs try to meet the needs of the marketplace by supplying a service or product

In a transportation minimization problem, the negative improvement index associated with a cell indicates that reallocating units to that cell would lower costs. truefalse