On October 1 of This Year, SBX Construction Contracted to Build

question 27

True/False

On October 1 of this year, SBX Construction contracted to build the new Fourth National Bank office tower.The company began work on October 15 and is expected to finish construction in 30 months.The company must use the percentage of completion method in accounting for the contract.

Identify and explain the elements and requirements for forming a valid contract.

Analyze situations for potential breaches of contract and understand the consequences.

Evaluate the principles of consideration and how they apply to contract modifications.

Distinguish between valid, void, and voidable contracts.