In the Case of Scrivener's Errors,a Court Will Usually

question 12

Multiple Choice

In the case of scrivener's errors,a court will usually

• A)reform the contract if it is clear that the mistake is not what the parties intended.
• B)instruct the parties to rewrite the contract without the errors.
• C)enforce the contract as written.
• D)throw out the contract completely.

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Definitions:

General Ledger

The comprehensive set of accounts that summarizes all transactions occurring within an organization, serving as the foundation for financial reporting.

Subsidiary Ledger

A detailed ledger that contains the individual accounts supporting a specific general ledger summary account.

Sales Returns and Allowances

Accounts that reduce total sales revenues on the income statement due to returned or damaged goods, or price allowances granted to customers.

Contra-Revenue Account

An account in the general ledger that reduces the total gross revenues reported by the business, including returns, allowances, and discounts.