Kathleen and Julia Exchange a Promise for a Promise

question 80

Multiple Choice

Kathleen and Julia exchange a promise for a promise. They have created which of the following?

• A) An invalid verbal contract
• B) A unilateral contract
• C) A bilateral contract
• D) A tort contract

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Definitions:

Logical Method

A reasoned, systematic approach to solving problems or making decisions, often based on a sequence of steps or a set of established principles.

Recording Transactions

The process of documenting financial transactions in the company's accounting records, ensuring accurate financial reporting and analysis.

Book Of Original Entry

The book of original entry, also known as the journal, is the first place where transactions are recorded in the accounting system according to the date order.

Journal

A detailed record where all financial transactions of a business are entered chronologically.