In Phillips V Brooks [1919] 2 KB 243 Which of the Various

question 34

Multiple Choice

In Phillips v Brooks [1919] 2 KB 243 which of the various parties was successful in establishing that the contract was not void for mistake?

• A)The pawnbroker.
• B)The jeweller.
• C)The plaintiff.
• D)Sir George Bullough.

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Definitions:

Retained Earnings

The portion of net earnings not paid out as dividends but retained by the company to be reinvested in its core business or to pay debt.

Net Income Column

A financial statement element that shows the difference between total revenues and total expenses of a company.

Balance Sheet

A report detailing a company's assets, liabilities, and owners' equity at a certain moment.

Manufacturing Overhead

Indirect costs associated with manufacturing, such as the maintenance and operation of machines and facilities, not directly tied to specific products.