A Contract Is a Promise That Is Enforceable by Law

question 167

True/False

A contract is a promise that is enforceable by law.

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Definitions:

Infrastructure Assets

Long-term physical assets that are critical for providing public services, including roads, bridges, and water supply systems.

Maintenance Costs

Expenses incurred to keep an asset in working order or restore it to proper condition; does not improve upon the original asset.

Government-Wide Financial Statements

Comprehensive reports that provide an overview of a government entity’s financial activities and balances, including both governmental and business-type activities.

Rare Painting

Describes a unique or scarce artwork that is often highly valued due to its rarity, artist, historical significance, or aesthetics.