Which of the Following Is Not One of the Basic

question 46

Multiple Choice

Which of the following is not one of the basic elements for formation of a valid contract?

• A) Consideration
• B) Promissory estoppel
• C) An offer and acceptance
• D) A legal purpose

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Definitions:

Cash Receipts Journal

A specialized accounting journal used to record all cash inflows or receipts into a business.

Sales Journal

A book or digital record used in accounting to record all sales transactions of a company.

Cash Payments Journal

A financial journal that records all cash outflows or payments made by a business, including expenses and asset purchases.

Purchases Journal

A record keeping document used to note all credit purchases of inventory and other items made by a company.