Philip Promises to Tutor Erin for $25 an Hour

question 51

Multiple Choice

Philip promises to tutor Erin for $25 an hour. Philip has tutored Erin but she has not paid. This contract is ________.

• A) executory
• B) void
• C) voidable
• D) unenforceable
• E) executed

Understand the calculation and implication of financial ratios such as total asset turnover and earnings per share.

Identify the requirements for preparing an adjusted trial balance and its significance in the accounting process.

Apply knowledge of accounting principles to prepare adjusting entries for accrued and deferred amounts.

Understand the concept of unearned revenue and its treatment in financial statements.

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Definitions:

Trademark Infringement

The unauthorized use of a trademark or service mark on or in connection with goods and/or services in a manner that is likely to cause confusion, deception, or mistake about the source of the goods and/or services.

Likelihood of Confusion

This refers to a standard used in trademark law to assess whether the similarity between two marks is likely to confuse consumers about the source of the products or services.

Trade Secret

A form of intellectual property comprising confidential information that provides a business with a competitive edge.

Sufficient Value

A concept in contract law that refers to the necessity of both parties exchanging something of value for a contract to be considered valid.