Past Consideration Is Sufficient Consideration to Support a New Contract

question 49

True/False

Past consideration is sufficient consideration to support a new contract.

Identify different analytical tools and their application in marketing strategies.

Understand the process of setting and modifying marketing objectives and budgets.

Comprehend the importance and methods of sales forecasting.

Grasp the role of marketing measurement tools in evaluating marketing strategies.

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Definitions:

Incurred

Expenses, losses, or liabilities that have been suffered or assumed in the course of conducting business.

Matching Principle

An accounting concept that requires expenses to be recorded in the same period as the revenues that are generated as a result of those expenses.

Expenses

It refers to the outflow of cash or other valuable assets from a person or company to another entity as a result of purchasing goods or services.

Related Revenues

Income that is directly connected to the primary operations or activities of a business.