The Receivable That Is Usually Evidenced by a Formal Instrument

question 258

Multiple Choice

The receivable that is usually evidenced by a formal instrument of credit is a(n)

• A) trade receivable.
• B) notes receivable.
• C) accounts receivable.
• D) income tax receivable.

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Definitions:

Indefinite Proposal

An offer in a contract that lacks specific, clear, and definite terms, making it unenforceable.

Offer

A proposal presented by one party to another as a basis for negotiations to form a contract, requiring clear terms that can be accepted.

24-Hour Schedule

A rotation or work schedule that covers all hours of the day across a team or installation, ensuring operations or service availability around the clock.

Output Contract

An agreement between a seller and a buyer where the seller agrees to sell all the production to the buyer, who in turn agrees to purchase the entire output.