A Contract for a Sale of Land from Evergreen Properties,Inc

question 9

Multiple Choice

A contract for a sale of land from Evergreen Properties,Inc. ,to Longlife Investment Corporation contains an erroneous legal description.The most appropriate remedy for these parties is

• A)quasi-contractual recovery.
• B)reformation.
• C)rescission.
• D)specific performance.

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Definitions:

Raw Materials Inventory

The total cost of all components and materials stored that are intended to be used in production.

Accounts Payable

Accounts payable represents the company's obligation to pay off a short-term debt to its creditors or suppliers.

Conversion

The process of changing an asset or security into another form, such as converting preferred stock into common stock or converting currencies.

Weighted-Average Method

An inventory costing approach that calculates the cost of goods sold and ending inventory based on the average cost of all items.