A Good or Service Must Be Explicitly Identified in a Contract

question 143

True/False

A good or service must be explicitly identified in a contract in order to identify a performance obligation.

---

Definitions:

Articles of Confederation

The first constitution of the United States, ratified in 1781, which established a loose federation of states with limited central government power, eventually replaced by the U.S. Constitution due to its inefficacy.

Governmental Concepts

Fundamental ideas or principles that form the basis of a government's structure, function, and approach to governance, such as democracy, federalism, and separation of powers.

Revolutionary Military Strategies

Revolutionary military strategies are innovative and unconventional tactics employed during warfare, aimed at overcoming more powerful adversaries through guerrilla warfare, psychological operations, and leveraging terrain advantages.

Treaty of Paris

An agreement signed in 1783 that ended the American Revolutionary War and recognized American independence from Britain.