The Most Important Element in Determining Whether a Sales Contract

question 23

Multiple Choice

The most important element in determining whether a sales contract has been made is the:

• A) language of the contract.
• B) fact that the terms of the offer and acceptance are exactly alike.
• C) number of open terms.
• D) intent of the parties to make a contract.

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Definitions:

Pension Expense

The total cost incurred by an employer to provide pension benefits to its employees, recognized during the period the employees provide services.

Amortization

The gradual reduction of a debt over a period through regular payments covering interest and principal components.

Deferred Loss

A loss that has been incurred but is not immediately recorded in the financial statements.

Plan Assets

Assets that are held by a retirement or pension plan for the exclusive purpose of paying benefits to participants as they become due.