QUESTION: 81

According to CIMA, what is accountability?

Being responsible to someone and for something or action
Being able to explain the actions that one has taken
An important aspect of the profession and of leadership in the wider business environment
All of the above

Answer(s): D

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QUESTION: 82

What is the purpose of the equitable remedy of rescission?

To place the parties in their pre-contract position.
To force the party in breach to carry out the contract.
To prevent a party from acting in breach of contract.
To ensure that the innocent party is adequately compensated.

Answer(s): A

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QUESTION: 83

Which of the following is incorrect in relation to the remedy of damages?

A victim of a breach of contract may be unable to recover damages if he has failed to mitigate his loss.
Mitigation and remoteness of damage are irrelevant where a creditor is suing to recover an agreed debt.
A penalty clause in a contract cannot be enforced.
Damages cannot be claimed for a breach of a contract to provide personal services.

Answer(s): D

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Which of the following is correct?

(i) A contract of guarantee is unenforceable unless it is evidenced in writing.

(ii) A contract to sell land must be in writing.

(iii) A contract of employment must be in writing.

(i) and (ii) only
(i) and (iii) only
(ii) and (iii) only
(i), (ii) and (iii).

Answer(s): A

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QUESTION: 81

QUESTION: 82

QUESTION: 83

QUESTION: 84