Implied-In-Law Contracts Are Not Actually Contracts but Are to Help

question 11

True/False

Implied-in-law contracts are not actually contracts but are to help prevent unjust enrichment.

---

Definitions:

Expense Recognition

The principle that expenses are recognized when they contribute to the generation of revenue, not necessarily when the cash is paid.

Systematic Allocation

The process of methodically spreading costs or revenues over a specific period of time or among different departments or products.

Appraised Value

An estimation of the fair market value of a property, often conducted by a professional appraiser.

Balance Sheet

A financial statement that shows a company's financial position at a specific point in time, including assets, liabilities, and shareholders' equity.