A Major Source of Contract Law Is the ________,Which Developed

question 16

Multiple Choice

A major source of contract law is the ________,which developed from early court decisions that became precedent for later decisions.

• A) civil law
• B) the Restatement of the Law of Contracts
• C) Uniform Commercial Code
• D) common law of contracts

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Definitions:

Sole Proprietorship

A business structure where a single individual owns, manages, and is personally responsible for all aspects of the business.

Corporation

A legal entity that is separate from its owners, offering limited liability protection to its shareholders, and having the ability to raise funds by selling stock.

Balance Sheet Accounts

Accounts found on the balance sheet that include assets, liabilities, and equity, detailing the financial position of a company at a specific point in time.

Permanent Accounts

Accounts that are not closed at the end of the accounting period, such as assets, liabilities, and equity accounts.