Which of the Following Constitute Essential Criteria for the Successful

question 6

Multiple Choice

Which of the following constitute essential criteria for the successful establishment of a rectification claim on the basis of common mistake? Please select all that apply.

• A) The existence of a prior agreement between the parties
• B) A continuing common intention up until the time the written contract was signed
• C) Failure of the written contract to reflect what the parties agreed
• D) Rectification would enable the written instrument to carry out the agreement which both parties intended

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Definitions:

Accounts Receivable

Sums due to a firm by its patrons for the delivery of goods or services on credit.

Internal Control

Procedures and measures adopted within an organization to safeguard its assets, ensure accurate and reliable financial reporting, and comply with laws and regulations.

Bank Reconciliation

The process of comparing and adjusting the balance of an account as reported by a bank with the balance in the company’s records.

Internal Control

Processes designed to ensure the reliability of financial reporting, effectiveness and efficiency of operations, and compliance with laws and regulations.