Contracts Binding Without Consideration Include Promises to Pay Debts Barred

question 57

True/False

Contracts binding without consideration include promises to pay debts barred by a statute of limitations and debts discharged in bankruptcy.

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Definitions:

Investment Center

A division or unit within an organization that is responsible for its own revenue, expenses, and investments, and is evaluated on its profitability.

Profit Center

A profit center is a segment or area of a business that is responsible for generating its own revenues and hence directly contributes to the company's overall profit.

Indirect Expenses

Costs that are not directly attributable to a specific product or service but are necessary for the operation of a business, such as utilities or rent.

Gross Profit Ratio

Gross profit ratio is a financial metric that represents the proportion of money left over from revenues after accounting for the cost of goods sold.