The Term ________ Refers to a Doctrine That States That

question 19

Multiple Choice

The term ________ refers to a doctrine that states that the courts will refuse to enforce or rescind an illegal contract and will leave the parties where it finds them.

• A) disaffirmance
• B) exculpatory clause
• C) emancipation
• D) effect of illegality

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Definitions:

Activity-Based Budgeting

A budgeting approach that considers the underlying activities and costs as the bases for budgets, focusing on cost drivers.

Non-Value-Added Activities

Processes or actions that do not add value to the product or service from the customer's perspective, potentially leading to unnecessary costs.

Rolling Budgets

A financial planning method that continuously updates by adding a new budget period as the current period is completed, ensuring a constant planning horizon.

Continuous Budgeting

A method of budgeting that continuously updates the financial budgets by adding a new period (month, quarter, etc.) as the current period is completed, allowing for near continuous financial planning.