A Void Contract Is

question 58

Multiple Choice

A void contract is:

• A)a contract that one or both parties can cancel at their convenience.
• B)a contract,even though the courts will not enforce it.
• C)an agreement that creates no legal obligations.
• D)created by operation of law rather than by the agreement of the parties.

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Definitions:

FOB Destination

A shipping term where the seller bears shipping costs and retains ownership until the goods reach the buyer's location.

Legal Title

The formal ownership of an asset or property, recognized by law, granting the holder specific rights and responsibilities.

Cost of Goods Available

It represents the total value of inventory available for sale during a period, calculated by adding the cost of goods purchased or manufactured to the opening inventory.

Consignment Arrangement

An agreement where goods are placed in the hands of another party to sell, but the ownership remains with the supplier until the goods are sold.