Vernon Claims That His Contract with Ulani Is Voidable

question 12

Multiple Choice

Vernon claims that his contract with Ulani is voidable.If their contract is avoided

• A)both parties are released from it.
• B)both parties must fully perform their obligations under it.
• C)a wholly different contract is agreed to.
• D)a wholly different contract is imposed "as if" the parties had agreed.

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Definitions:

401k

An employer-backed retirement investment program that permits workers to allocate a part of their earnings for savings before any tax deductions.

403b Plan

A 403b plan is a tax-advantaged retirement savings plan available to employees of public education organizations, some non-profit employers, and certain ministers, similar to a 401(k) plan.

Municipal Bond

A debt security issued by a city, municipality, or county to finance its capital expenditures, typically offering tax-exempt interest payments.

Corporate Bond

A debt security issued by corporations to finance their operations, which promises to pay the holder a specified rate of interest and return the principal at maturity.