Where the Parties to a Contract Wish to Cancel Their

question 53

Multiple Choice

Where the parties to a contract wish to cancel their contract and be in the same position as they were prior to forming the contract,they should seek to obtain a(n) _____.

• A) rescission
• B) novation
• C) accord and satisfaction
• D) revocation

Know the importance of promptness and clarity in delivering bad news.

Grasp the effectiveness of different communication mediums for delivering sensitive news.

Understand the significance of offering apologies and explanations in business communications.

Learn to view challenges as opportunities for organizational improvement.

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Definitions:

Consumer Surplus

The offset between the potential total payment by consumers for a good or service and the actual amount remitted.

Tax Revenue

The fiscal earnings that are accumulated by governments through taxation.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive, representing profit or gains from trade.

Tax

A mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures.