Blake agreed to renovate Jane's house, and they drafted a written contract. However, Blake was unable to complete the renovation due to an accident. Blake's friend, Tom, agreed to complete the job, and Jane agreed to release Blake from the contract. The terms of the old contract remained the same. This process of substitution of a contract is known as a(n) _____. ?
A) rescission
B) novation
C) option
D) counteroffer
B
You might also like to view...
Sigma Company develops and markets organic food products to natural foods retailers. The following information is available for the company for the year 20X8: Sales$450,000 Cost of goods sold 275,000 Increase in accounts receivable 25,000 Decrease in inventory 13,000 Decrease in accounts payable 30,000 Based on the preceding information, what amount will be reported by the company as cash flows from operating activities for 20X8?
A. $207,000 B. $133,000 C. $175,000 D. $167,000
For a uniform probability density function, the height of the function _____
a. cannot be larger than1 b. is the same for each value of x c. is different for various values of x d. decreases as x increases
A taxpayer has low AGI this year, but unusually high itemized deductions. The one itemized deduction that is allowed to increase the NOL is
A) state and local income and property taxes. B) home mortgage interest. C) medical expenses. D) federal disaster casualty loss on personal-use assets.
Public sector strikes are often not allowed in part because it is believed that they have the potential to seriously harm the public interest.
Answer the following statement true (T) or false (F)