Which of the following is true of discharge of performance by agreement?
A) A partially executed contract cannot be rescinded.
B) Mutual rescission requires parties to enter into a second agreement that expressly terminates the first one.
C) A party is allowed to rescind a contract without the consent of the other party.
D) Unilateral rescission is not regarded as breach of contract.
B
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The story goes that a young George Washington cut down his father's cherry tree with a hatchet. Young Washington was then asked who might have committed this act
Even though the boy feared punishment, George replied, "I cannot tell a lie; I cut down the cherry tree." This story has taken on mythical proportions in the United States. Which of the follow functions does the myth best match? A) Metaphysical B) Cosmological C) Psychological D) Anthropological
A defense to a civil action brought under Section 10(b) and Rule 10b-5 of the 1934 Act would be:
a. that the statute of frauds was not observed. b. that the seller of the securities was not in privity of contract with the plaintiffs. c. that the sellers did not intentionally or recklessly make a false representation. d. All of the above.
Which statement is not true of state and local taxes?
A) They do not vary much from one part of the country to another. B) Most of the states have state income taxes. C) Most of the states have state sales taxes. D) Most local governments rely upon property taxes for most of their tax revenues.
For tax purposes, name the three conditions that a transaction must meet for income recognition.
What will be an ideal response?