Which of the Following Is Not Generally Required in Order

question 8

Multiple Choice

Which of the following is not generally required in order to have a valid contract?

• A) Mutual assent
• B) A lawful purpose
• C) Fairness of the bargain
• D) Parties who have contractual capacity

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Definitions:

Chief Operating Decision Maker

The person or group within an organization responsible for allocating resources and assessing performance of segments, often a top executive like the CEO or COO.

Financial Reporting System

A structured process of collecting, processing, and presenting financial data about an organization, used to produce statements that disclose the company’s financial status to stakeholders.

Applicable Tests

Specific criteria or examinations applied to determine compliance with regulations, standards, or conditions.

Reportable Segments

Components or segments of a business that must be separately disclosed in financial reports because they represent a significant portion of the business's operations or financial outcomes.