If Multiple Contracts Are Negotiated as a Package and Have

question 131

Multiple Choice

If multiple contracts are negotiated as a package and have a single commercial objective, the contracts should be combined and accounted for as ________.

• A) multiple contracts
• B) a single contract
• C) assets
• D) liabilities

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Definitions:

Fraud

The tort of intentionally or recklessly misleading another person or making statements without belief in their truth.

Independent Agent

An individual or entity contracted to perform tasks or services for another entity while retaining control over their work methods.

Breach

The violation or non-fulfilment of a legal obligation, contract, or duty.

Fiduciary Duty

The responsibility to act in the best interests of another party, such as in financial matters or care, characterized by trust, reliance, and a duty of care.