Which of the following is true regarding a mistake of judgment?
a. It is a valid defense to enforcement of a contract.
b. It is not a valid defense to enforcement of a contract.
c. Whether it is a valid defense to enforcement of a contract depends upon the substantiality of the mistake.
d. Whether it is a defense to enforcement of a contract depends upon: (1) the substantiality of the mistake, (2) whether the risks were allocated, and (3) timing.
b
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The calendar year-end adjusted trial balance for Blessinger Co. follows:BLESSINGER CO.Adjusted Trial BalanceDecember 31Cash$ 112,000?Accounts receivable27,000?Prepaid rent15,000?Prepaid Insurance9,000?Office supplies3,300?Office equipment38,000?Accumulated depreciation-Equipment?$3,200Building288,000?Accumulated depreciation-Building?42,000Land700,000?Accounts payable?25,800Salaries payable?14,500Interest payable?2,500Long-term note payable?72,000Common stock?200,000Retained earnings?710,000Dividends200,500?Service fees earned?430,800Salaries expense90,000?Insurance expense5,200?Rent expense5,000?Depreciation expense-Equipment800?Depreciation expense-Building7,000?Totals$1,500,800$1,500,800Required:(a) Determine the amounts of current assets
and current liabilities. (Note: A $9,000 installment on the long-term note payable is due within one year.)(b) Calculate the current ratio. Comment on the ability of Blessinger Co. to meets its short-term debts. What will be an ideal response?
Inventories and accounts receivable are the assets most commonly used as collateral for short-term financing.
Answer the following statement true (T) or false (F)
The oldest method for building information systems is:
A) JAD. B) prototyping. C) object-oriented development. D) the systems development lifecycle. E) RAD.
In which role might the accountant help meet the organization's AIS needs by selecting the final system for purchase?
A. consultant B. internal auditor C. external auditor D. none of the choices are correct