Match Each Statement with the Correct Term Below

question 87

Multiple Choice

Match each statement with the correct term below.
-voidable contract

• A)A contract by which an offeror is bound to keep an offer open for a specified period of time.
• B)Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will.
• C)Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence.
• D)A contract in which only one party makes a promise.
• E)A failure to properly perform contractual promises.
• F)A contract that has not been fully performed.
• G)A provision excusing one party from fault or liability.
• H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
• I)A contract in which both parties exchange promises.
• J)An event that must or must not occur before performance is due under a contract.
• K)Transfer of a contractual obligation to a third party.
• L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
• M)A promise that imposes no obligation on the promisor.
• N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
• O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
• P)A substituted contract involving a new third-party promisor or promisee.
• Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
• R)Voluntary transfer of contractual rights to a third party.
• S)Affirmation of the entire contract.
• T)Specifies contracts that must be in writing to be enforceable.
• U)A party owing a duty under a contract.
• V)A formal court order prohibiting a party from doing a specific act.
• W)Approval based on whether a reasonable person would be satisfied.
• X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
• Y)An agreement of a buyer to purchase the entire production of a particular seller.
• Z)Knowledge of falsity and intention to deceive.

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Definitions:

Cost of Goods Sold

Costs directly linked to creating goods for sale within a business, such as labor and materials.

Net Income

The profit of a company after all expenses and taxes have been deducted from total revenue.

Perpetual Inventory System

An inventory management system where inventory levels are updated in real-time with each sale or purchase, providing a continuous record of inventory counts.

Periodic Inventory System

An inventory system that updates inventory balances after a set period by taking a physical inventory count.