Which One of the Following Is a Criterion for Identifying

question 27

Multiple Choice

Which one of the following is a criterion for identifying a primary government?

• A) it has an appointed board of directors.
• B) it is fiscally dependent.
• C) it is a local government.
• D) it has a separately elected governing board.
• E) it must prepare financial statements.

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Definitions:

Illusory Promise

An agreement that fails to bind the promisor since it lacks the definiteness or the possibility of performance, making it unenforceable.

Pre-existing Duty Rule

A legal principle stating that a party's promise to perform a duty that is already owed under a contract does not constitute valid consideration for a new agreement.

Synthetic Fuel Oil

A liquid fuel produced from coal, natural gas, or biomass through chemical processes rather than by natural geological processes.

Legal Terminology

The specialized language used that relates to laws or the legal process, including terms of art, phrases, and concepts.