A Promise to Make a Gift Is Not Binding as a Contract

question 84

True/False

A promise to make a gift is not binding as a contract because no bargained-for consideration supports the promise.

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Definitions:

Statement of Income

A financial document that reports a company's financial performance over a specific period, detailing revenues, expenses, and profits.

Depreciable Amount

The total cost of a tangible fixed asset minus its expected residual value at the end of its useful life.