Which One of the Following Does Not Terminate a Contract

question 127

Multiple Choice

Which one of the following does not terminate a contract?

• A) The buyer and seller agree orally to cancel their contract when neither one has performed his obligations under it.
• B) Minnie and Mickey agree that Minnie will take less than the amount Mickey owes as full payment of his debt, and Mickey will pay her two days early.
• C) Twain had contracted to build a model of a proposed building for architects who were to meet with their clients on March 10. The model was destroyed the night of March 9 when a car left the road and crashed into the workshop and destroyed the model.
• D) Fred no longer wants to honour his contract to sell Mitra his printer but tells Mitra he'll substitute a $500 boat. Mitra agrees.
• E) When Ben's new car is delivered, the seats are cloth rather than leather as ordered.

Understand and describe various ownership structures and their implications on consolidation accounting.

Understand the accounting treatment of intra-entity dividends for both financial reporting and tax accounting.

Identify the criteria for filing consolidated income tax returns among entities.

Analyze the impact of ownership percentage on the ability to file consolidated income tax returns.

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Definitions:

December 2001

A specific time referencing notable events or conditions during that month and year.

War

Organized, armed conflict between groups, such as nations or parties, characterized by hostility and violence aimed at achieving political, economic, or social objectives.

General Intelligence

A theoretical measure of an individual's overall mental capability as opposed to specific abilities or skills.