To Enforce a Contractual Promise, There Must Be an Exchange

question 58

True/False

To enforce a contractual promise, there must be an exchange of consideration underlying the bargain.

---

Definitions:

Interest Income

Earnings generated from assets that pay interest, such as savings accounts, bonds, and loans.

Tax Paid

The total amount of federal, state, or local taxes remitted by individuals, corporations, or other entities to tax authorities.

Retained Earnings

The portion of a company's profit that is held or retained and saved for future use, reinvestment, or to pay debt, rather than being distributed to shareholders as dividends.