An Implied in Fact Contract Is Formed by Conduct

question 5

True/False

An implied in fact contract is formed by conduct.

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Definitions:

Statement of Changes

Often refers to the statement of changes in equity or financial position, showing how equity values change over a period.

Statement of Income

A financial statement that shows a company's revenues and expenses over a specific period, resulting in a net income or net loss.

Equity

The value of ownership interest in the firm, calculated as total assets minus total liabilities.

Account Payable

Liabilities of a company that are owed to creditors or suppliers for purchases made on credit.