A Contract Must Be in a Special Form or Be

question 12

Multiple Choice

A contract must be in a special form or be created in a certain way.

• A)formal
• B)implied
• C)sealed
• D)simple

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Definitions:

Owner's Equity

The portion of a company's total value that belongs to its owners or shareholders, calculated as the company's total assets minus its total liabilities.

Liabilities

Obligations or debts that a company owes to others, typically the sums of money due to creditors, suppliers, or tax departments.

Acquisition Value

The total cost incurred to acquire an asset, including the purchase price and all other expenses directly tied to the acquisition process.