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aalyn [17]
3 years ago
10

A(n) __________ contract is a contract in which one or both parties has the ability to either withdraw from or enforce the contr

act.
Business
2 answers:
Lera25 [3.4K]3 years ago
8 0

Answer:

Voidable Contract

Explanation:

Voidable Contract

This is a type of contract or legal agreement in which any of the parties involved or the both parties may chose to render it unenforceable for a given number of reasons. This type us different from a void contract in that, it is a valid contract which may either be affirmed or rejected by both or either parties.

Some reasons that may lead to the withdrawal of the contract are misinterpretation, coercion and fraud etc.

It is a valid contract that can be declared invalid. It is different from VOID as earlier pointed out as a void contract cannot be enforced by either party. Examples of voidable contract are found in real estate contract, lawyer contract and so on.

Oksanka [162]3 years ago
6 0

Answer:

voidable contract

Explanation:

A voidable contract is a contract that is considered valid until it is voided by one of the parties involved. The main difference with a void contract, is that a void contract is never a valid contract.

For example, I purchase a PS4 from my nephew who is a minor and I sell it to my neighbor, and my neighbor purchased it on good faith. My nephew can decide to void the contract because he was a minor, but since I passed good title to my neighbor while the contract was valid, my neighbor doesn't have to return the PS4.

On the other hand, if I had stolen the PS4, I would never have good title over it, and I sell it to my neighbor. The rightful owner of the PS4 can claim it back and my neighbor must return it because the contract was void since I never had good title on the PS4.

A voidable contact can be voided for a number of reasons, but unless sit is voided it remains as a good contract, and all transaction carried out while the contract is good are considered valid and good transactions.

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Answer:

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Explanation:

The closing entries are recorded to close the current year's income statement  to the retained earnings account,

According to the data in the question, the revenue is closed to the credit of the income Summary  of $ 68,000 and the expenses are closed to the debit of the Income Summary of $ 45,000. This leaves a credit balance of $ 23,000 in the income summary account which is closed by debiting the income summary account and crediting the retained earnings account.

Since the revenue exceeded the expenses, the result ia  a profir which should increase the retained earnings account, which would be the case by a credit to the retained earnings account.

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2 years ago
What effects did the Embargo Act of 1807 have on American industry? increased international competition forced U.S. to become mo
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forced U.S. to become more self-reliant

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The 1807 Embargo Act in the short run resulted in very serious negative effects, but in the long run it helped the American economy to be more self-reliant.

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As a very positive effect, specially on the long run, it increased reliance on domestic manufacturing .

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Investment in human capital can take the form of education or training.

The theory suggest that those that invest in human capital earn higher income

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