"Specific Performance" Is

question 52

Multiple Choice

"Specific performance" is

• A)an order requiring the defendant to undertake a specified task, usually to complete a transaction;
• B)an order for rectification of the contract.
• C)an order for pecuniary damages to be paid by the defendant
• D)an order instructing one party to halt a particular process or action
• E)an order for a defendant to pay damages equal to business losses

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Definitions:

Assets Sold

Items of value or resources owned by a company that have been disposed of or sold to another party.

Deficit

Amount by which net income falls short of salary and interest allowance. Also an abnormal, or debit, balance in a partner’s capital account.

Post-closing Account Balances

The financial position of accounts after all adjustments, including closing entries, have been made at the end of an accounting period.

Non-cash Assets

Items of value that a company owns but cannot be easily converted to cash, such as real estate, equipment, and patents.