Rescission Is Remedy That Is Not Available Where the Breach

question 25

Multiple Choice

Rescission is remedy that is not available where the breach of contract involves:

• A)complete non-performance.
• B)breach of a condition.
• C)anticipatory breach.
• D)breach of a warranty.

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Definitions:

Overapplied

A situation where the allocated or applied costs in cost accounting exceed the actual costs incurred.

Underapplied

A term used in accounting when the allocated costs are less than the actual costs incurred.

Manufacturing Overhead

All indirect costs associated with the production process, including but not limited to utilities, maintenance, and depreciation on equipment.

Actually Incurred

Costs or expenses that have been realized or expended, as opposed to estimated or projected costs.