Which Term Below Describes a Contract in Which There Is

question 75

Multiple Choice

Which term below describes a contract in which there is an unequal dollar consideration?

• A) Commutative
• B) Aleatory
• C) Adhesion
• D) Unilateral

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Definitions:

Income Summary

An account used in the closing process that summarizes the results of all revenue and expense accounts.

Capital

The wealth, whether in money or other assets, owned or employed in business by an individual, firm, or corporation.

Withdrawal Account

An account from which funds can be withdrawn by the account holder; in the context of business partnerships, it refers to an account used by an owner or partner to draw funds from the business.

Income Summary

An account used in the closing process that summarizes revenues and expenses for a period before transferring the net income to retained earnings.