In a Legal Context, 'Consideration' Is

question 46

Multiple Choice

In a legal context, 'consideration' is:

• A)the price paid or promise made by each of the parties to a contract.
• B)the terms of agreement between the parties.
• C)the agreement of the parties to be legally bound.
• D)the subject matter of a contract.

---

Definitions:

Diversification

A risk management strategy that mixes a wide variety of investments within a portfolio or a company's product line to minimize risks.

Alternative Accounting Policies

Different methods that an organization can use for reporting similar transactions or economic events in financial statements, based on accepted accounting principles.

Discontinued Operations

Components of a business that have been sold or otherwise disposed of, or will be disposing of, which are reported separately in financial statements.

Major Geographical Area

A significant region or territory within which a company operates and reports financial performance.