Multiple Choice
Which of the following types of accounting focuses primarily on providing information to internal management for decision-making purposes?
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1. Introduction to Accounting
Types of Accounting
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Which of the following is a possible remedy if one party fails to follow the terms of a contract?
A
The contract is considered void from inception.
B
The contract is automatically renewed.
C
The non-breaching party may sue for damages.
D
The breaching party is awarded additional compensation.
Verified step by step guidance1
Step 1: Understand the concept of contract breach. A breach of contract occurs when one party fails to fulfill their obligations as outlined in the agreement.
Step 2: Review the remedies available for a breach of contract. Common remedies include suing for damages, specific performance, rescission, or restitution.
Step 3: Analyze the options provided in the question. Determine which remedy aligns with standard legal practices for addressing contract breaches.
Step 4: Eliminate incorrect options. For example, a contract is not automatically renewed or voided from inception due to a breach, and the breaching party is not awarded additional compensation.
Step 5: Identify the correct remedy. The non-breaching party may sue for damages, which is a standard legal recourse to recover losses caused by the breach.
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