A Promise Made in Return for an Act or Event

question 58

True/False

A promise made in return for an act or event that has not yet taken place is unenforceable.

---

Definitions:

Straight Voting

A voting system for electing directors where shareholders must vote for each board position individually, allowing majority shareholders to dominate elections.

Cumulative Voting

Cumulative Voting is a voting system that allows shareholders to allocate their votes in a flexible manner among one or more candidates during the election of a company's directors, enhancing minority shareholders' representation.

Growing Perpetuity

A constant stream of cash flows without end that is expected to rise indefinitely.