L Contracted with M for the Supply and Installation of Building

question 32

Multiple Choice

L contracted with M for the supply and installation of building materials and the renovation of M's property.L made certain payments,but refused to pay the balance because of defects in the workmanship.Evidence indicated that M had substantially completed the contract.In this case

• A)the contract is at an end.
• B)L substantially performed the contract.
• C)M is entitled to damages for breach of contract valued at the cost of remedying the defects in workmanship.
• D)the contract is an entire contract.
• E)all of the above

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Definitions:

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance based on accounting rules.

Accounts Payable

Liabilities or amounts owed by a business to its suppliers for goods and services received but not yet paid for.

Accounts Payable

Money owed by a business to its suppliers or creditors for goods and services received but not yet paid for.

Recorded Increases

Entries in financial records that reflect an increase in assets, revenues, or any account that adds to the net worth or net income of a company.