OACETT IEPPE Exam With Confidence Using Practice Dumps

Amistake of lawgenerallydoes not allow a contract to be set aside, becauseparties are expected to know the law.

Step-by-Step Explanation:

Types of Mistakes in Contracts:

Mistake of fact– Canvoid a contractif fundamental.

Mistake of law–Does not usually void a contract.

Why Option B Is Correct:

Courts assume thatindividuals understand the law before signing a contract.

Why Other Options Are Incorrect:

A, C, D – Mistakes of factcan void contracts.

1. What is Short-Term vs. Long-Term Time Orientation?

Time orientation refers to how a culture values and prioritizes time-related goals and planning.

Short-term cultures focus on immediate results, whereas long-term cultures prioritize future goals.

2. Characteristics of Short-Term Time-Oriented Cultures:

✅Focus on immediate rewards and quick results.✅Preference for traditions and current social norms.✅Lower willingness to invest in long-term planning.

3. Examples of Short-Term vs. Long-Term Time Orientation:

Short-term cultures→ United States, Canada, Mexico.

Long-term cultures→ Japan, China, Germany (prioritize investments and future stability).

4. Why Option C is Correct:

Short-term time orientation means a focus on the present and immediate outcomes.

5. Why Other Options Are Incorrect:

A (Being on time)– Punctualityis not a defining factor in time orientation.

B (Focus on the past)– Past-oriented culturesvalue tradition but may also be long-term thinkers.

D (Focus on the future)– Long-term culturesprioritize future growth and investments.

Acorporationoffers the best flexibility forwithdrawing profits while keeping the business stable.

Step-by-Step Explanation:

Ways to Withdraw Money from a Business:

Salary– Owners canpay themselves wagesas employees.

Dividends– Corporations candistribute profits to shareholderswithout affecting operations.

Selling Shares– Owners cansell shares to raise personal funds.

Why a Corporation is the Best Choice:

Allows selling shares without disrupting business operations.

Offers tax advantagesfor business owners.

Profits can be withdrawn as dividends or salaries.

Why Option B Is Correct:

Corporations provide multiple ways to withdraw profits without affecting the company’s stability.

Why Other Options Are Incorrect:

A (Partnerships)– Cannot sell shares; mustdissolve the business to withdraw capital.

C (Sole Proprietorships)–Cannot sell shares or pay dividends.

D (Joint Venture)–Temporary business structure; not designed for long-term profitability.