Implied Contracts Arise From

question 233

Multiple Choice

Implied contracts arise from:

• A) the actions rather than the expressions of the parties
• B) the expressions rather than the actions of the parties
• C) the intentions rather than the actions of the parties
• D) the consequences of the actions of the parties
• E) none of the other choices are correct

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, leading to net income or loss.

Insurance Expense

The amount a company spends on insurance policies to cover various risks, recorded as an expense in the accounting period in which it is incurred.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account.

Credit

In accounting, it refers to the entry that decreases assets or increases liabilities and equity on the company's balance sheet.