To Transfer Contract Rights to a Third Party Is

question 284

Multiple Choice

To transfer contract rights to a third party is:

• A) rescission
• B) delegation
• C) repudiation
• D) beneficiary
• E) none of the other choices

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Definitions:

Purchase Discounts Lost

The extra cost incurred by a company for not taking advantage of the discounts offered by suppliers for early payments.

Catalog Price

The price of an item as listed in a catalog, which may be subject to discounts based on various sales promotion strategies.

Perpetual Inventory System

An accounting method where goods are recorded as sold immediately through the use of computer systems, providing a continuous record of inventory.

Gross Price Method

An accounting practice where inventory and purchases are recorded at their full cost without deducting trade discounts.