Which of the Following Is an Example of a Transfer

question 110

Multiple Choice

Which of the following is an example of a transfer payment?

• A) A federal income tax refund
• B) A Social Security payment
• C) The money you send to a friend through Venmo
• D) The taxes corporations pay on profit

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Definitions:

Exchanged Promise

An agreement where two parties make reciprocal promises to perform certain actions or obligations.

Consideration

Consideration is something of value exchanged between parties in a contract that makes the agreement legally binding.

Ethical Obligation

A moral responsibility to act in accordance with ethical principles.

Firm Offer

A legal concept in contract law where an offeror is bound to keep an offer open for a specified period, making it irrevocable even without consideration.