Which of the Following Is True

question 29

Multiple Choice

Which of the following is true?

• A) Past consideration is sufficient legal consideration to enforce an agreement.
• B) Contracts based on a party's past consideration are unenforceable unless some new consideration is given to support the contract.
• C) Contracts based on a party's past consideration are known as illusory contracts.
• D) Contracts based on a party's past consideration are generally enforceable on the grounds of moral obligation.
• E) Contracts based on a party's past consideration are known as quasi-contracts.

Understand the role and impact of intrapreneurs within organizations.

Grasp the significance of technological advancements and their implications for the future workplace.

Acknowledge the challenges and strategies in managing an increasingly diverse workforce.

Recognize the barriers and challenges faced by women and minorities in the workforce.

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Definitions:

Accounts Receivable Subsidiary Ledger

A book or file that contains the individual records, in alphabetical order, of amounts owed by various credit customers.

Accounts Payable Journal

A ledger that records all short-term obligations or debts a company owes to suppliers and creditors.

Sales Journal

A specialized journal used to record all of a company's sales on credit.

Controlling Account

A general ledger account that summarizes the total balances of several subsidiary accounts, providing an overview and facilitating reconciliation.