To Be Legally Sufficient, Consideration Must Be Something of Value

question 49

True/False

To be legally sufficient, consideration must be something of value in the eyes of the law.

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Definitions:

Segregation of Duties

A key internal control mechanism that involves dividing responsibilities within an organization to reduce the risk of fraud or error.

Warehouse Custodian

An individual responsible for overseeing the storage and security of goods in a warehouse, ensuring proper inventory management and control.

Accounting Record

Documentation and books kept for the purpose of recording all financial transactions of an entity.

Natural Disasters

Natural disasters are severe, sudden events caused by environmental factors that can cause significant damage, loss, or changes to life, property, and the economy, including hurricanes, earthquakes, and floods.