Which of the Following Is an Example of Current Liability

question 7

Multiple Choice

Which of the following is an example of current liability?

• A) Accounts payable
• B) Prepaid expenses
• C) Inventory
• D) Mortgage payable

Understand how the power of avoidance in a contract can be lost and the legal effects.

Identify the circumstances under which specific performance and injunctions might be awarded.

Know the legal consequences of failing to perform contractual obligations as agreed.

Understand how the statute of frauds and the rule in Hadley v. Baxendale influence contract enforcement and remedy availability.