INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 36

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select
-A liability would be listed on a balance sheet as the [amount originally borrowed | amount of the next loan payment to be made | none of these].

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Fraud in the Inducement

A deceitful practice where one party intentionally misleads another to enter into a contract, thereby causing harm.

Unilateral Mistake

A situation in contract law where only one party to a contract is mistaken about the terms or conditions contained in the contract agreement.

Contract Term

A specific duration or period during which an agreement is effective and enforceable by law.

Mistake

An error in understanding or judgment that can affect the terms or validity of a contract.