A Bilateral Contract

question 63

Multiple Choice

A bilateral contract

• A)can occur as a result of a tendering process.
• B)always imposes obligations on only one party.
• C)must always be accepted through spoken words rather than through conduct.
• D)does not require a meeting of the minds.
• E)always starts with an invitation to treat.

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Definitions:

Ledger Accounts

Financial records within a ledger that summarize the transactions related to a company's assets, liabilities, equity, revenues, and expenses.

Trial Balance

A financial spreadsheet where the totals from all accounts are gathered into columns for debits and credits, serving to verify the mathematical accuracy of a firm's accounting records.

Balance Sheet

A financial statement that presents a company's financial position at a specific point in time, including assets, liabilities, and equity.

Ledger

A comprehensive collection of all accounts used by an organization, showing the changes made to each account due to transactions, and the current balance.