One of the Elements of a Valid Contract Is a Fair

question 10

True/False

One of the elements of a valid contract is a fair price.

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Definitions:

Subchapter S Corporation

A form of corporation that meets specific Internal Revenue Code requirements, offering the benefits of incorporated status while being taxed as a pass-through entity, avoiding double taxation.

Ordinary Loss

A loss incurred in the normal operation of a business that can be used to offset other types of income for tax purposes.

Interest Income

Earnings from investment in interest-bearing financial instruments, such as savings accounts, CDs, or bonds.

FMV

Fair Market Value (FMV) is the estimated price that an asset would sell for on the open market between a willing buyer and a willing seller.