For a Contract to Exist All of the Following Criteria

question 14

Multiple Choice

For a contract to exist all of the following criteria must be met,except for

• A)it has been approved and the parties are committed to their obligations
• B)a contractual commitment in the form of a deposit
• C)it must have commercial substance
• D)it is legally enforceable

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Definitions:

Revamping

The process of redesigning or restructuring something to improve its appearance, efficiency, or effectiveness.

Trialability

The extent to which a potential customer can examine the merits of a new product without having to spend a lot of money or time doing so.

Return-On-Investment

A financial metric used to measure the likelihood of gaining a return from an investment relative to its cost.

Time Constraints

The limitations on the amount of time available to complete a task or project.