When One or Both Parties to an Illegal Bargain Are

question 20

Multiple Choice

When one or both parties to an illegal bargain are ignorant of the facts that made the bargain illegal,courts will:

• A)never allow either party to recover damages for breach of the agreement.
• B)allow recovery for performance rendered before the parties learned of the illegality.
• C)declare the bargain unconscionable.
• D)regard the contract a serious threat to public welfare and declare it void.

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Definitions:

Exchange Rates

The rate for transforming one currency into another.

Income Statement

A financial report that shows a company's revenues, expenses, and net income over a specific period of time.

Functional Currency

The primary currency of the primary economic environment in which an entity operates, usually used in its financial reporting.

Sales

The total receipts a company generates from selling its goods or services over a certain period of time; also often referred to as revenue.