Shannon Signs a Contract with Tevin,an Unlicensed Contractor,to Build a Deck

question 54

Multiple Choice

Shannon signs a contract with Tevin,an unlicensed contractor,to build a deck and gazebo at the rear of her house. This contract is enforceable by

• A)Shannon.
• B)any third party who is not aware that Tevin is not licensed.
• C)Tevin.
• D)no one.

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Definitions:

Balance Sheet

Financial report presenting the total assets, liabilities, and equity of a company at a certain date, used to assess its financial stability and operational efficiency.

Assets

Assets are resources owned by a company that have economic value and can be used to meet debts, commit to investments, or generate income.

Liabilities

Future sacrifices of economic benefits that the entity is presently obliged to make to other entities as a result of past transactions or events.

Income Statement

A financial document that reports a company's financial performance over a specific period, detailing revenues, expenses, and net income or loss.