A Contract Is ________ If the Offeror's Promise Is Answered

question 95

Multiple Choice

A contract is ________ if the offeror's promise is answered with the offeree's promise of acceptance.

• A) executory contract
• B) executed contract
• C) unilateral contract
• D) bilateral contract

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Definitions:

Net Income

The total profit of a company after all revenues and gains are added together and all expenses and losses are subtracted.

FOB Shipping Point

A term indicating that the buyer assumes responsibility for the goods once the seller ships them.

Net Income

The total earnings of a company after subtracting all costs and expenses, including taxes and interest, from its total revenues.

Physical Inventory

A process of counting and verifying the actual items of inventory on hand, typically conducted at the end of a fiscal period.