To Rescind a Contract, the Parties Must Make a Second

question 43

True/False

To rescind a contract, the parties must make a second agreement that includes consideration.

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Definitions:

Profit and Loss

Profit and Loss, often referred to as P&L, is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, usually a fiscal quarter or year.

Accounting Reports

Documents that give insights into the financial performance of a business, including trial balances, profit and loss statements, and balance sheets.

List Management

The organization, maintenance, and manipulation of lists within software applications, such as customer lists, inventory lists, or account lists.

Merging

The process of combining two or more accounts, items, or entities into one within a financial or accounting system.