If There Is a Statute That Prohibits a Certain Action,a

question 36

True/False

If there is a statute that prohibits a certain action,a contract to do it is unenforceable.

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Definitions:

Assets

Resources owned by a business with future economic value that can be measured and expressed in dollars.

Equities

Financial securities representing ownership interest in a company, typically in the form of shares of stock.

Monetary Unit Assumption

An accounting principle that assumes transactions can be recorded in a stable currency that is the most relevant to the company.

Unit Of Measure

A standard quantity used to express an amount of a physical property, financial item, or activity, facilitating comparisons and calculations.