Craft Engineering,Inc

question 43

Multiple Choice

Craft Engineering,Inc.,contracts for a sale of technical instruments to Detail Design Company.Before the date on which performance is due,Craft notifies Detail that it will not perform.This is

• A)anticipatory repudiation.
• B)perfect tender.
• C)rejection of performance.
• D)revocation of acceptance.

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Definitions:

Tax Authority

A Tax Authority is an entity responsible for administering the tax law, including collecting taxes and enforcing tax regulations.

Judicial Sources

Legal documents, court decisions, and laws that provide the authority or basis for legal interpretations and decisions.

Form 1040EZ

A simplified tax form for individuals with straightforward tax situations, no longer in use as of 2019.

Taxable Income

The amount of income that is used to determine how much tax an individual or a business owes to the government.