The Constructive Receipt Doctrine

question 136

Multiple Choice

The constructive receipt doctrine:

• A)is particularly restrictive for accrual-basis taxpayers.
• B)causes income to be recognized before it is actually received.
• C)causes income to be recognized after it is actually received.
• D)applies equally to income and expenses.
• E)None of the choices are correct.

Analyze the concept and purpose of the parol evidence rule.

Understand the practical applications and exceptions to the parol evidence rule.

Identify and explain the roles of admissions, partial performance, and promissory estoppel in contract law.

Recognize the significance of the incorporation of land in contracts and its relevance in statute of frauds.

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Definitions:

LAC Curve

Long-Run Average Cost curve, a graphical representation showing the minimum average cost of production at different levels of output when input prices and technology remain constant.

Constant-Cost Industry

A constant-cost industry is an industry where the costs of production, including inputs, do not change as the industry's output changes.

Demand Shift

Occurs when the entire demand curve moves due to changes in factors other than the price of the good, such as consumer preferences or income.

Supply Increase

A situation where the quantity of a good or service that is available to consumers rises.