Jill Enters into a Contract to Buy a Certain Office

question 19

Multiple Choice

Jill enters into a contract to buy a certain office building from Kim.At the closing,Kim refuses to transfer title.In a suit for breach,Jill should seek specific performance to

• A) return the parties to the positions they occupied before the contract.
• B) obtain the exact bargain promised in the contract.
• C) reform the contract to reflect the parties' true intentions.
• D) make the terms reasonable and enforce the contract as reformed.

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Definitions:

Perpetual Inventory System

An inventory management method that continuously updates the count and value of inventory, reflecting additions and subtractions in real-time.

FOB Shipping Point

An Incoterm indicating that the buyer assumes ownership and risk for goods at the point of departure from the seller's shipping location.

Credit Memo

A credit memo is a document issued by a seller to a buyer, reducing the amount that the buyer owes to the seller under previous transactions, often due to a return or a mistake.

Periodic Inventory System

An inventory tracking method where physical counts are performed at specific intervals to determine the cost of goods sold and ending inventory.