Leo and Mona Enter into a Contract

question 48

Multiple Choice

Leo and Mona enter into a contract. A dispute later arises over a particu?lar term. The law governing contracts requires that for that term to be given effect, both Leo and Mona must have read

• A) all of the terms.
• B) at least the term in dispute.
• C) most of the terms, including the term in dispute.
• D) none of the terms.

---

Definitions:

Tax Standpoint

A perspective or consideration related to tax implications, obligations, or benefits in financial planning and decision making.

Net Assets

The difference between total assets and total liabilities, representing the owner's or shareholders' equity in a company.

Ownership

The legal right of possessing, using, and disposing of something, especially property or goods.

Voting Shares

Shares that give the shareholder the right to vote on company matters, such as electing directors and approving major company decisions.