If the Performance of a Contract That Was Legal When

question 55

True/False

If the performance of a contract that was legal when formed becomes illegal because of a subsequently enacted law, the duty of performance is discharged.

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Definitions:

Dividends

Payments made by a corporation to its shareholders, typically from earnings, as a distribution of profits.

Dividends

Payments made by a corporation to its shareholder members, usually derived from the company's earnings.

Consolidated Statement of Retained Earnings

A financial statement that shows the changes in a corporation's retained earnings over a specific period, combining the retained earnings of the parent company with those of its subsidiaries.

FVE Method

Refers to the Fair Value Evaluation method, a technique for assessing an asset's worth at its current market value.