A Contract May Be Nullified or Cancelled Due To

question 84

Multiple Choice

A contract may be nullified or cancelled due to:

• A)duress
• B)undue influence
• C)negligent misrepresentation
• D)innocent misrepresentation
• E)all of the above

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Definitions:

Merchandising Business

A type of business that purchases goods at wholesale prices and sells them at retail prices to earn a profit.

Account Numbers

A unique identifier assigned to each account in a company's chart of accounts, facilitating organization and tracking of financial transactions.

Normal Debit Balance

The expected positive balance in certain accounts of the accounting ledger, such as assets, expenses, and losses.

Sales Tax Payable

A liability account recorded on the balance sheet that represents the amount of sales tax collected from customers and owed to the government.