Which of the Following Is the False Statement

question 85

Multiple Choice

Which of the following is the false statement?

• A) Purely mechanical duties are not delegable.
• B) In order for a novation agreement to be valid, all three (3) parties involved must agree to the substitution.
• C) A legal right arising from a breach of contract may be assigned.
• D) There is a guarantor in a delegation.
• E) The same right can be assigned more than once.

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Definitions:

Net Income

The total profit of a company after all expenses and taxes have been deducted from revenue, indicating its financial health over a specific period.

Lower-of-Cost-Or-Market

An accounting principle that dictates inventory should be recorded at either its historical cost or its current market price, whichever is lower.

Net Income

The amount of money that remains from revenues after all expenses, taxes, and costs have been subtracted; a crucial indicator of a company's profitability.

Ending Inventory

The value of goods available for sale at the end of an accounting period.