The Ability of a Corporation to Enter into Contracts Is

question 27

Multiple Choice

The ability of a corporation to enter into contracts is limited by __________.

• A) its powers as contained in or inferred from its articles of incorporation
• B) approval requirements
• C) ratification
• D) agents

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Definitions:

Social Security Benefits

Payments made to eligible individuals from the government, intended to support retirees, disabled persons, and survivors of deceased workers.

Taxability

The condition of being subject to taxes; applicable to income, goods, services, and transactions that can be taxed.

NonTaxable Income

Income that is not subject to taxation by the IRS or state tax authorities; examples include certain gifts, inheritances, and some types of insurance payouts.

Compensation

This represents payment or benefits provided to an employee or executive by an employer for services rendered.