A Completed Gift Promise Cannot Be Rescinded for Lack of Consideration

question 43

True/False

A completed gift promise cannot be rescinded for lack of consideration.

---

Definitions:

Variable Costs

Expenses that fluctuate in direct proportion to the amount of production or the volume of sales, including direct labor costs and raw materials.

High-Low Method

A technique in managerial accounting to estimate fixed and variable costs based on the highest and lowest levels of activity.

Relevant

Pertaining to information or data that is directly related and significant to the decision-making process.

Contribution Margin

the difference between the sales revenue of a product and its variable costs; used to cover fixed costs and generate profit.