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Which of the following statements correctly applies to a typical statute of limitations?

Which of the following statements correctly applies to a typical statute of limitations? 14. A.The statute limits the right of a party to recover damages for misrepresentation unless the false statements were intentionally made. B.The statute prohibits the admission into evidence of proof of oral statements about the meaning of a written contract. C.The statute provides that only the party against whom enforcement of a contract is sought must have signed the contract. D.The statute requires that a legal action for
breach of contract be commenced within a certain period of time after the breach occurs.

A CPA was engaged by Jackson & Wilcox, a small retail partnership, to audit its financial statements. The CPA discovered that, because of other commitments, the engagement could not be completed on time. The CPA therefore unilaterally delegated the duty to Vincent, an equally competent CPA. Under these circumstances, which of the following is correct? 15. A.Jackson & Wilcox must accept the delegation if Vincent is equally competent. B.The duty to perform the audit engagement is nondelegable, and Jackson & Wilcox need not accept Vincent as a substitute. C.If Jackson & Wilcox refuses to accept Vincent because one of the partners personally dislikes Vincent, Jackson & Wilcox has breached the contract. D.The duty to perform is delegable in that it is determined by an objective standard.

All of the following are effective methods of ratifying a contract entered into by a minor except 16. A.Impliedly ratifying the contract after reaching the age of majority. B.Ratifying the contract before reaching the age of majority. C.Failing to disaffirm the contract within a reasonable time after reaching the age of majority. D.Expressly ratifying the contract after reaching the age of majority.

When there has been no performance by either party, which of the following events generally will result in the discharge of a party’s obligation to perform as required under the original contract? 20. } Accord and satisfaction Mutual rescission A. No No B. Yes Yes C. No Yes D. Yes No

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