An 'Implied Term' Is

question 26

Multiple Choice

An 'implied term' is:

• A)A statement of fact.
• B)A term of a contract explicitly agreed upon by the parties.
• C)A term included in a contract as a result of the operation of a certain legal rule although not necessarily discussed by the parties.
• D)A term incorporated into the contract by the operation of legislation.

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Definitions:

Liabilities

Financial obligations or debts that a company owes, which it must pay back in the future.

Assets

Resources owned by a business or individual that have economic value.

Statement of Cash Flows

A financial report that summarizes the amount of cash and cash equivalents entering and leaving a company, categorized into operating, investing, and financing activities.

Financing Activities

These are transactions and events that relate to how a company finances its operations, including issuing equity, obtaining loans, or paying dividends.