Which of the Following Is a Written Promise to Pay

question 94

Multiple Choice

Which of the following is a written promise to pay?

• A)Account receivable
• B)Account payable
• C)Note payable
• D)Dividend payable

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Definitions:

Liability

A legal obligation or responsibility to settle a debt or make good on a promise or contract.

Third Parties

Individuals or entities that are not directly involved in a legal agreement or transaction but may be affected by it.

Actual Notice

Notice of agency termination that is given by directly informing third parties, either orally or in writing.

Agency Termination

The legal ending of an agency relationship, which can occur for various reasons such as the fulfillment of the agency's purpose, mutual agreement, or action by either party.