The __________ Is an Account in the BOP Statement That

question 39

Short Answer

The __________ is an account in the BOP statement that records the results of transactions involving merchandise,services,and unilateral transfers between countries.

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Definitions:

Mistake

In legal terms, an erroneous belief, at contracting, that certain facts are true.

Fraudulent Misrepresentation

The act of intentionally making false statements to induce another party into a contract, resulting in harm or loss.

Express False Statement

An explicitly communicated untrue assertion, which can be a basis for a claim of deceit or fraud.

Mutual Mistake

An error shared by all parties to a contract, concerning a basic assumption on which the contract was based, that has a material effect on the agreed performance.