If There Is a Conflict Between the Express Terms of the Contract

question 68

Multiple Choice

If there is a conflict between the express terms of the contract and the past course of dealing between the parties,the:

• A)past course of dealing between the parties will prevail.
• B)express terms of the contract prevail.
• C)contract is voided.
• D)seller is excused.

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Definitions:

Normal Balance

The usual balance of an account based on its classification in the accounting system, typically debit for assets and expenses, and credit for liabilities, equity, and revenue.

Financial Statement

Formal records of the financial activities and position of a business, person, or other entity.

Direct Write-off Method

An accounting approach where bad debts are recognized and recorded as an expense directly when they are deemed uncollectible.

General Journal

A fundamental accounting ledger that records all businesses transactions in chronological order, prior to being transferred to specific accounts.