What Is Required for a Contract to Be an Express

question 22

Multiple Choice

What is required for a contract to be an express contract?

• A) It is stated in words.
• B) It is written.
• C) It is written and signed.
• D) It is performed immediately after formation.
• E) It is performed for mutual benefit.

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Definitions:

Retrospective Adjustment

An accounting practice where prior period financial statements are adjusted to reflect changes in accounting policies or correction of errors as if the new policy had always been applied.

Financial Statements

Reports that provide an overview of a company's financial condition, performance, and cash flows.

Cumulative Effect

The total change in financial statement results over a period of time due to an accounting principle change or correction of an error.