The Common Characteristic Possessed by All Assets Is

question 92

Multiple Choice

The common characteristic possessed by all assets is

• A) long life.
• B) great monetary value.
• C) tangible nature.
• D) future economic benefit.

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Definitions:

Illusory Promise

A statement or promise that appears to assure a commitment but, upon closer inspection, lacks the necessary binding effect to be considered legally enforceable.

Breach Of Contract

A situation where one party fails to fulfill their obligations under a contract.

Adequacy Of Consideration

The fairness of the value exchanged in a contract, though not necessarily equal in monetary terms.

Court

An institution established by the government to settle disputes through a legal process, providing a forum where evidence is presented and legal judgments are made.