An Obligation Imposed by Law Where There Has Been No

question 58

Multiple Choice

An obligation imposed by law where there has been no agreement or expression of assent by word or act on the part of either party involved is a(n) :

• A) implied in fact contract.
• B) express contract.
• C) void contract.
• D) quasi contract.

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Definitions:

Notes Payable

Liabilities representing amounts borrowed by a company that must be repaid, often with interest, as evidenced by a promissory note.

Notes Payable

A financial obligation represented by a written promise to pay a certain amount on a specific future date or dates, typically encompassing loans or credit extended by one party to another.

Contra Account

An account that is used to offset another account on the balance sheet, such as accumulated depreciation for fixed assets.

Legal Liability

The responsibility imposed by law to compensate for or rectify any harm, loss, or damage one's actions or decisions have caused to others.