________ Is a Term That Denotes the Return of Goods

question 11

Multiple Choice

________ is a term that denotes the return of goods or property received from the other party to undo a contract.

• A) Rescission
• B) Recession
• C) Restitution
• D) Retribution

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Definitions:

Horizontal Equity

The principle of tax fairness that states individuals with similar income and ability to pay should be taxed at the same rate.

Federal Income Tax

A tax levied by the federal government on the annual income of individuals, corporations, trusts, and other legal entities.

Regressive Tax

A tax system where the tax rate decreases as the taxable amount increases, imposing a heavier burden on lower-income individuals.

Proportional Tax

A tax system where the tax rate is fixed and applied uniformly to all taxpayers, regardless of income level.