Scot Enters into a Contract with Tiffany That Later Proves

question 29

Multiple Choice

Scot enters into a contract with Tiffany that later proves voidable at Tiffany's option.If she elects to avoid any duty to perform under the contract

• A)both parties are released from it.
• B)neither party is released from it.
• C)only Scot is released from it.
• D)only Tiffany is released from it.

---

Definitions:

Gross Margin

A financial metric indicating the difference between revenue and the cost of goods sold, divided by revenue, often expressed as a percentage.

Inventory Account

An account in the financial statements that reflects the value of a company's goods that are available for sale or in the process of being produced for sale.

Consolidated Statement

A financial statement that includes all assets, liabilities, equity, income, expenses, and cash flows of a parent company and its subsidiaries.

Cost Of Goods Sold

Direct costs attributable to the production of goods sold by a company, including material and labor.