​ Which of the Following Conditions Is a Prerequisite for Any

question 8

Multiple Choice

​ Which of the following conditions is a prerequisite for any agreement to be legally enforceable?

• A)The parties entering into the agreement must be over the age of thirty-five.
• B)The agreement must be made in a court of law.
• C)The parties entering into the agreement must have the mental capacity to contract.
• D)The agreement must be signed in the presence of a third party who witnessed the proceedings.

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Definitions:

Land Held

Real estate owned by a person or entity, typically recorded as an asset on the balance sheet.

Corporate Headquarters

The main office or central administration location of a company where key managerial functions are coordinated.

Impaired

A term indicating that an asset's market value has decreased below its book value on the balance sheet, potentially indicating a loss of future benefits or productivity from that asset.

Long-Lived Asset

Assets that are expected to provide economic benefits to a company for a period longer than one year, such as buildings, machinery, and equipment.