A Unilateral Promise to Pay a Sum of Money or to Give

question 12

True/False

A unilateral promise to pay a sum of money or to give property in consideration of a promise to marry must be in writing.

---

Definitions:

Average Inventory

The average value of a company's inventory over a specific period, calculated by adding the beginning and ending inventory and dividing by two.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated before the next period's beginning.

Perpetual LIFO

A method of inventory valuation that continuously updates the inventory balance using the Last In, First Out (LIFO) principle.

Ending Inventory

The total value of all unsold goods that a company has in its possession at the end of a financial period.