Which of the Following Is Correct with Respect to Election

question 13

Multiple Choice

Which of the following is correct with respect to election of remedies?

• A) The Code follows the doctrine of election of remedies with respect to contracts for the sale of goods.
• B) The remedy of specific performance is consistent with that of restitution.
• C) A person who seeks an injunction may also seek incidental damages for the breach.
• D) All of these are correct.

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Definitions:

Total Liabilities

The aggregate of all debts and financial obligations a company owes to outside parties.

Adjusting Journal Entries

Entries made in accounting records at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Unearned Revenue

Income received by a business for goods or services yet to be provided, recorded as a liability on the balance sheet.

Fees Earned

Revenue generated from services provided or work completed.