Rescission Is an Equitable Remedy Granted to a Plaintiff as a Nominal

question 96

True/False

Rescission is an equitable remedy granted to a plaintiff as a nominal amount when the plaintiff does not incur any financial damage as a result of breach of contract.

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Definitions:

Discount on Bonds Payable

The difference between the face value of a bond and its selling price, when sold for less than its face value.

Amortization

The process of spreading out a loan or intangible asset cost over a specific period of time for accounting and taxation purposes.

Generally Accepted Accounting Principles

A collection of commonly-followed accounting rules and standards for financial reporting.