Which of the Following Is True About Rescission and Restitution

question 13

Multiple Choice

Which of the following is true about rescission and restitution?

• A) Rescission and restitution are designed to give the nonbreaching party the benefit of the bargain.
• B) Rescission and restitution are the primary and most common remedies for breach of contract.
• C) Rescission and restitution can occur separately,but they usually occur together.
• D) Rescission and restitution are available only when the subject matter of the contract is unique.

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Definitions:

Note Receivable

A financial asset representing a promise to receive a specific amount of money, plus interest, from another party within a defined time frame.

Return

In finance, it refers to the profit or loss made on an investment over a specified period, expressed as a percentage of the initial investment.

Common Stockholders' Equity

The portion of a company's equity that is attributable to common stockholders, calculated as total assets minus total liabilities minus preferred stock equity.

Inventory Turnover

Inventory turnover is a measure of how frequently a company sells and replaces its stock of goods within a certain period, indicating the efficiency of inventory management.