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What Would Be the Account Balance in the Service Revenue

question 184

Multiple Choice

What would be the account balance in the Service Revenue account after the following transactions,assuming a zero beginning balance? What would be the account balance in the Service Revenue account after the following transactions,assuming a zero beginning balance?   A) $17,400 B) $10,900 C) $14,400 D) $ 9,000 E) $15,900

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Definitions:

Condition Subsequent

A legal term referring to an event or state of affairs that, if it occurs, will terminate a party's rights under a contract.

Repudiation

The rejection or denial of the validity of a contract, claim, or other obligations, implying an intent not to fulfill the terms.

Breach of Contract

The failure, without legal excuse, to perform any promise or obligation stated in a contract, which may entitle the other party to legal remedies such as damages.

Hochster v. De La Tour

A landmark English contract law case establishing that a party may sue for anticipatory breach as soon as the other party unequivocally indicates that they will not perform the contract.

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