Under the Uniform Commercial Code, a Contract Cannot Be Formed

question 20

True/False

Under the Uniform Commercial Code, a contract cannot be formed if terms are missing.

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Definitions:

Increase Side

In double-entry bookkeeping, the side (debit or credit) of an account that is used to record increases in the account's balance, which varies depending on the account type.

Posting

The act of recording financial transactions in the ledger of a company as part of the accounting process.

Journal

A book or digital record where financial transactions are initially recorded in chronological order.

Ledger Accounts

Records that summarize all the transactions related to a particular aspect of a business's finances, such as assets, liabilities, equity, revenue, and expenses.