When a Contract Is Authenticated by the Affixing of a Seal

question 1

Multiple Choice

When a contract is authenticated by the affixing of a seal, the contract will be enforceable even when it lacks

• A) an acceptance.
• B) contractual intention.
• C) consideration.
• D) a promissory basis.
• E) an offer.

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Definitions:

Variable Costs

Costs that change when the quantity of output changes.

International Commerce

refers to the trade of goods and services across international boundaries, including the exchange of commodities, capital, and information.

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Banker's Acceptance

A banker's acceptance is a short-term financial instrument issued by a company and guaranteed by a bank, often used in international trade.