When a Contract Is Voidable,it May Be ________ or Canceled

question 74

Multiple Choice

When a contract is voidable,it may be ________ or canceled.

• A)rescinded
• B)decertified
• C)void ab initio
• D)antedated
• E)quid pro quo

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Definitions:

Book Value

The value of an asset as recorded in the company's books or financial records, typically reflecting its original cost minus depreciation.

Accumulated Depreciation

Accumulated depreciation is the total depreciation expense that has been recorded for an asset over its life.

Lump-sum Price

This is a total amount agreed upon for a contract that is not itemized or broken down into individual costs or charges.

Relative Market Values

The comparison of an item’s market price to other similar items in the relevant market.