Rectification Will Be Ordered Where

question 42

Multiple Choice

Rectification will be ordered where

• A)there is a complete unambiguous agreement that was recorded incorrectly.
• B)the parties wish to change certain terms in the contract.
• C)one of the parties to the contract lacks legal capacity.
• D)the offeror misrepresented certain facts.
• E)the wrong party performs the contract.

---

Definitions:

Federal Income Taxes

The taxes levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.

Operating Cycle

The average time period between purchasing or acquiring inventory and receiving cash from sales of the inventory.

Existing Current Assets

Current assets that have been on a company's balance sheet for an extended period and include cash, accounts receivable, inventory, and other short-term assets.

Voluntary Deductions

Optional deductions from an employee's paycheck, such as for health insurance or retirement savings plans.