Which of the Following Statements Best Describes the Restatement of the Law

question 38

Multiple Choice

Which of the following statements best describes the Restatement of the Law of Contracts?

• A) It is the supreme legal authority for contract law.
• B) It is a law which has been adopted, at least in part, by every state.
• C) It is a compilation of contract law principles, as agreed upon by its drafters.
• D) It is a compilation of law pertaining exclusively to the Uniform Commercial Code.

---

Definitions:

Vacation Pay Payable

A liability account representing the amount of vacation pay owed to employees that has not yet been paid.

Current Liability

A financial obligation that a company is required to pay within a year, such as accounts payable, short-term loans, and accrued expenses.

Defined Contribution Plan

A retirement plan in which the employer, employee, or both make contributions on a regular basis, but the future benefit is not predetermined.

Pension Plan

A type of retirement plan that requires an employer to make contributions to a pool of funds set aside for an employee's future benefit.