Which of the Following Elements Are Required to Create an 'Apparent

question 2

Multiple Choice

Which of the following elements are required to create an 'apparent' simple contract?

• A)intention,agreement and consideration.
• B)intention,agreement and capacity.
• C)capacity,legality and intention.
• D)intention,consideration and genuine consent.
• E)agreement,genuine consent and capacity.

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Definitions:

Inventory Method

An approach or system used to value and manage inventory, such as FIFO (First In, First Out), LIFO (Last In, First Out), or weighted average cost.

Lower Of Cost

Lower of cost or market is an accounting principle where inventory is recorded at either its historical cost or market value, whichever is lower, to reflect potential losses.

Inventory Item

Goods or materials that a business holds for the ultimate purpose of resale or use in production.

Inventory Value

The total cost or market value of all the goods held by a company intended for sale or for use in producing goods for sale.