Employees Indicate Their Willingness to Be Represented by a Union

question 104

Multiple Choice

Employees indicate their willingness to be represented by a union by signing a(n)

• A)stipulation card.
• B)agreement card.
• C)authorization card.
• D)selection card.

Distinguish between liquidated and unliquidated debts and their implications for consideration.

Understand the legal significance of nominal consideration and its role in contract law.

Assess the legal enforceability of promises in employment contracts and gift promises.

Recognize when consideration is not required for a contract to be legally binding.

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Definitions:

Bankruptcy Petition

A legal document filed by an individual or business entity declaring inability to pay outstanding debts, seeking relief through the judicial system.

Net Realizable Value

The estimated selling price of goods minus the costs of their sale or disposal, used to assess the value of inventory in accounting.

Unsecured Creditors

Creditors who have extended credit without any collateral. In the event of a borrower's bankruptcy, they stand behind secured creditors in the priority of claims.

Liabilities With Priority

Financial obligations that are paid before other liabilities in the event of a liquidation or bankruptcy.