In Most States,a Contract Under Seal Is Binding Without Consideration

question 77

True/False

In most states,a contract under seal is binding without consideration.

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Definitions:

Break-Even Point

The sales volume at which net income is zero; the intersection of the total cost and total revenue lines on a break-even chart.

Break-Even Point

The point at which costs or expenses and revenue are equal, resulting in no net loss or gain from a business or investment.

Variable Cost

Variable cost is the cost that changes in direct proportion to the volume of output or activity in production, services, or other cost-incurred activities.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.