Ramon Contracts in Writing to Sell His Little Shop of Bagels

question 35

Multiple Choice

Ramon contracts in writing to sell his Little Shop of Bagels to Suni.When Suni discovers that the kitchen equipment has been removed,she files a suit against Ramon.The court decides that the written contract includes everything that the parties intended.An agreement about the kitchen equipment may be admissible if it is

• A)a previous agreement.
• B)not otherwise contained in the parties' contract.
• C)a subsequent modification of the parties' contract.
• D)under no circumstances.

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Definitions:

Basic Format

Basic Format in the context of accounting and finance often refers to a standard or simplified way of presenting financial statements or data.

Journal Entries

The recordings of transactions in the accounting journals, which form the basis for all financial reporting and analysis.

Deferred Revenues

Deferred revenues represent income received by a company for goods or services yet to be delivered or performed, also known as unearned revenue.

Financial Position

This term describes the status of a person's or entity's financial health, determined by their assets, liabilities, and equity.