Arthur enters into a contract with Brennon as a result of Brennon's fraud in the inducement. Under the contract, Brennon has the right to the payment of $100. Brennon assigns the right to the $100 to Carl. Arthur may assert the defense of fraud in the inducement to avoid paying Carl the $100
Indicate whether the statement is true or false
True
You might also like to view...
If a company uses the completed-contract method of accounting for long-term construction contracts, then during the period of construction, financial information related to a long-term contract will
a. appear on both the income statement and balance sheet during the construction period. b. appear only on the income statement during the period of construction. c. appear only on the balance sheet during the period of construction. d. not appear on the financial statements.
Sales discounts has a normal debit balance because it decreases Sales, which has a normal credit balance.
Answer the following statement true (T) or false (F)
Business literature defines four types of capital.
Answer the following statement true (T) or false (F)
Strods Company reported the following purchases and sales of its only product. Strods uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO.DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory150 units @ $10.00 5Purchase220 units @ $12.00 10Sales 140 units @ $20.0015Purchase100 units @ $13.00 24Sales 90 units @ $21.00
A. $2,460 B. $2,590 C. $2,980 D. $2,850 E. $2,860