Jerry Offers to Shovel the Snow from Ben's Driveway for $35.Ben

question 23

Multiple Choice

Jerry offers to shovel the snow from Ben's driveway for $35.Ben grabs his shovel and begins to work.This is an example of:

• A)an implied, unilateral contract.
• B)an express, unilateral contract.
• C)an implied, bilateral contract.
• D)an express, bilateral contract.

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of goods sold by a company, including materials and labor.

Contra-Asset

An account on a company's balance sheet that reduces the value of an asset, often used for accumulated depreciation.

Current Asset

Any asset that is expected to be converted into cash within one year or within the normal operating cycle of a business.

Expense

Costs incurred in the process of earning revenue, representing outflows of assets or incurrence of liabilities.