There Are Certain Transactions That Are Enforceable Without Consideration

question 86

Multiple Choice

There are certain transactions that are enforceable without consideration.These include:

• A) promises to pay a debt barred by the statute of limitations.
• B) a promise to pay a debt that has been discharged in bankruptcy if certain requirements are met.
• C) a new promise to perform a voidable obligation that has not previously been avoided.
• D) All of these.

Describe the role of behavioral sciences in understanding organizational behavior.

Explain the relationship between positive organizational behavior and high-involvement management, and the aspects of human capital critical for competitive advantage.

Understand the impact of work habits on productivity and personal life.

Recognize the benefits of overcoming procrastination and effective strategies for doing so.

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Definitions:

Gross Profit

The difference between revenue and the cost of goods sold, indicating the amount before deducting operating expenses.

Cost Of Merchandise Sold

The total expense incurred by a business to purchase or manufacture the goods sold during a period.

Merchandise Inventory

The total cost of all goods held by a company that are available for sale to customers, part of current assets on the balance sheet.

Accumulated Depreciation

The contra asset account credited when recording the depreciation of a fixed asset.