In Some States, a Contract Under Seal Is Binding Without

question 70

True/False

In some states, a contract under seal is binding without consideration.

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Definitions:

Asset Account

An account on a company's balance sheet that represents a resource with economic value that an entity owns or controls.

Journal

An official financial record in which transactions are recorded in chronological order before they are transferred to accounts in the general ledger.

Ledger Accounts

Records that reflect the financial transactions of a company, organized within a book or a computerized accounting system.