(Consider This) Which of the Following Statements Is True About

question 47

Multiple Choice

(Consider This) Which of the following statements is true about U.S.firms?

• A)Over half are bankrupt within the first two years after starting up.
• B)Over half are bankrupt within the first five years after starting up.
• C)Nearly 65 percent last 10 years or more.
• D)The life expectancy of a U.S.firm is approximately 22 years.

---

Definitions:

Unforeseen Circumstances

Events or situations that could not have been predicted and often cause a change in plans or necessitate a response.

Illusory Promise

An illusory promise is a statement that resembles a promise but does not actually commit the speaker to any action or obligation, making it unenforceable as a contract.

Preexisting Duty

An obligation that a party is already legally required to perform, which cannot serve as valid consideration for a new contract.

Valid Consideration

Something of value exchanged between parties in a contract, which is necessary for the contract to be legally enforceable.