Contract Law Is Significant in That It Is Basic to Other

question 13

Multiple Choice

Contract law is significant in that it is basic to other fields of law such as:

• A)sales of personal property.
• B)commercial paper.
• C)secured transactions.
• D)All of the above.

---

Definitions:

Financial Reporting

The method of generating reports that reveal a company's financial condition to its managers, investors, and governmental agencies.

GAAP

Generally Accepted Accounting Principles; a collection of commonly-followed accounting rules and standards for financial reporting.

Operating Segment

A distinct part of a business that engages in business activities which earn revenues, incur expenses, and is regularly reviewed by management.

Chief Operating Officer

A senior executive tasked with overseeing the day-to-day administrative and operational functions of a company.