When a Written Contract Does Not Correctly State the Agreement

question 48

Multiple Choice

When a written contract does not correctly state the agreement already made but the parties either party make seek a(n) :

• A) rescission
• B) injunction
• C) reformation of the contract
• D) action for specific performance

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Definitions:

Sales Budget

A financial plan that forecasts the sales revenue, including the volume of sales and the unit prices, for a specific period.

Rolling Budgets

Budgets that are continuously updated by adding a new budget period as the current period is completed, extending the budget into the future.

Retained Earnings

The portion of a company's profits that is kept or retained and not paid out as dividends to shareholders.

Dividends

Payments made by a corporation to its shareholders, often as a distribution of profits.