Current Assets and Current Liabilities Are Expected to Be Used

question 168

True/False

Current assets and current liabilities are expected to be used up or come due within one year or the company's operating cycle whichever is longer.

Understand the legal grounds for avoiding a contract due to mistake, fraud, or misrepresentation.

Identify the difference between rescinding and ratifying a contract.

Recognize the implications of undue influence and duress in contract law.

Distinguish between innocent, fraudulent, and nonintentional misrepresentations.