Which of the Following Are NOT Presumed to Be Binding

question 39

Multiple Choice

Which of the following are NOT presumed to be binding?

• A) Agreements between suppliers and manufacturers
• B) Agreements between family members for the purchase of a business
• C) Agreements between strangers
• D) Agreements between family members to cook a birthday dinner
• E) Agreements between banks and their customers

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Definitions:

Bank Reconciliation

The process of comparing a company's bank account balance with its financial records to identify any discrepancies.

Service Charges

Fees charged by a company for providing a particular service to its customers.

Note Collected

Refers to the receipt or collection of the amount due from a note receivable.

NSF Check

A check that has been returned by a bank because of insufficient funds in the account to cover the amount written on the check.