An Unforeseen Difficulty Arising After a Contract Is Made May

question 21

Multiple Choice

An unforeseen difficulty arising after a contract is made may be resolved by a(n) _____.

• A) composition agreement
• B) promissory estoppel with detrimental reliance
• C) needs contract
• D) accord and satisfaction
• E) reservation of rights

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Definitions:

Cash

Money in the form of currency that can include coins, currency notes, and sight deposits at financial institutions.

Sarbanes-Oxley

A U.S. law passed in 2002 to protect investors from fraudulent financial reporting by corporations.

Internal Controls

Procedures and mechanisms implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Fraud

Intentional deception made for personal gain or to damage another individual.