The Ratification of the Sixteenth Amendment to the U

question 156

True/False

The ratification of the Sixteenth Amendment to the U.S.Constitution was necessary to validate the Federal income tax on corporations.

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Definitions:

Novation

The act of replacing an existing contract with a new one, where a different party assumes the rights and obligations of the original party.

Accord

An agreement in contract law where one party agrees to accept something different (often less) than what was initially agreed upon as satisfactory performance.

Satisfaction

The fulfilment of a requirement, obligation, or the to fulfillment of a condition stipulated in a contract.

Deviated Specifications

Instances where the actual specifications of a product or service differ from the initially agreed or standard specifications.