If There Is Any Misunderstanding or If Any Force or Deception

question 36

True/False

If there is any misunderstanding or if any force or deception is used by either party to obtain the necessary agreement of the other party,the contract is voidable,and may be disaffirmed at the option of the injured party.

---

Definitions:

Push-Down Accounting

A method of accounting used in the financial statements of a subsidiary when its parent company allocates a portion of the purchase price to the subsidiary’s assets and liabilities.

ASPE

Accounting Standards for Private Enterprises; a set of accounting principles in Canada designed for private companies, focusing on simplicity and cost-effectiveness in financial reporting.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is global in scope.

Non-Controlling Interest

The portion of a subsidiary corporation's equity that is not owned by the parent corporation.