Which of the Following Is Not a Type of Mistake

question 31

Multiple Choice

Which of the following is not a type of mistake that will make a contract unenforceable?

• A)Unilateral mistake by one party that the other party knows of and takes advantage of.
• B)Common mistake by both parties.
• C)Mutual mistake by both parties.
• D)A mistake as to the market value of the property that is the subject of the contract.

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Definitions:

Adjusting Entry

Documentation produced at a period's end within accounting to properly allocate profits and outlays to the actual period they happened.

Closing Entry

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby preparing the books for the next accounting period.

Post-Closing Trial Balance

A list of all account balances after the closing entries have been made, ensuring the accuracy of the ledger.

Fees Earned

Revenue recognized by a company for services provided during a specific period, even if not yet received in cash.