Ranjit and Samantha,who Are Both Business Students,entered into a Contract

question 32

Multiple Choice

Ranjit and Samantha,who are both business students,entered into a contract.He promised to tutor her in the law of negotiable instruments,and she promised to type his handwritten notes for him after each class.The contract was to start on September 1 and was to last for one academic year.Before the beginning of September,however,Samantha learned that she was enrolled in a course on mortgages,rather than a course on negotiable instruments.Furthermore,Ranjit received a laptop computer as a present from his parents.Ranjit and Samantha therefore have agreed that the original terms of their contract no longer make much sense.They also agree that it would be preferable if he tutored her in the law of mortgages and she designed a database that will allow him to most effectively use the lectures notes that he types for himself in class.Which of the following processes would best suit the parties' needs?

• A)rescission
• B)variation
• C)accord and satisfaction
• D)release
• E)waiver

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Definitions:

Ex-dividend Date

The specific date on which a stock trades without its dividend, meaning that if you purchase the stock on or after this date, you will not receive the next dividend payment.

Date Of Record

Date on which holders of record are designated to receive a dividend.

Excess Cash

The amount of cash holdings that exceeds what a business requires for its immediate operational needs.

Share Repurchase

A corporate action in which a company buys back its own shares from the marketplace, which can reduce the number of outstanding shares and often increase the value of remaining shares.