On May 2,1972,Mix,CPA,entered into an Oral Contract with Dell to Provide

question 63

Multiple Choice

On May 2,1972,Mix,CPA,entered into an oral contract with Dell to provide certain accounting services to Dell.The contract was fully performed by both parties in 1974.On April 25,1988,Dell commenced a breach of contract action against Mix claiming that Mix had improperly performed the accounting services.Mix's best defense to the action would likely be:

• A) Parol evidence rule
• B) Statute of limitations
• C) Statute of frauds
• D) Lack of consideration

---

Definitions:

Bonds Issued

This term refers to the process where an entity, such as a corporation or government, issues debt securities to raise funds from investors.

Cash Received

The total amount of cash received by a company during a specific period of time, from various sources.

Present Value

The current worth of a future sum of money or stream of cash flows given a specified rate of return, often used in investment and financial decision-making.

Compound Interest

Interest accumulation on a loan or deposit which is based on the principal amount as well as on all previously gathered interest from past periods.