In a Unilateral Contract,a Promise Is Given in Exchange for Another

question 6

True/False

In a unilateral contract,a promise is given in exchange for another promise.

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Definitions:

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, including balance sheet, income statement, and cash flow statement.

Real Estate Sale

A financial transaction in which the ownership of property or buildings is transferred from one party to another, often involving negotiation and legal processes.

Revenue Recognition

This is an accounting principle that outlines the specific conditions under which revenue is recognized and determines how it is reported on the financial statements.

Completed Contract

An accounting method that recognizes revenue and expenses only when a contract is completed, not progressively over the life of the project.