Scot and Tiffany Enter into an Implied Contract

question 56

Multiple Choice

Scot and Tiffany enter into an implied contract.The parties' conduct​

• A)defines the contract's terms.defines the contract's terms.
• B)finds the contract's facts.
• C)terminates any unintended consequences.
• D)undercuts any terms based on the facts.

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Definitions:

Component Disposal

The act of selling or otherwise disposing of a distinct part of a company's assets, often as a part of operational restructuring.

Termination Pay

Compensation given to an employee when their employment ends as per the terms of their work contract, often depending on the duration of employment.

Asset Write-downs

Reductions in the book value of assets when their fair market value falls below the carrying value on the balance sheet.

Revenues and Gains

Measures of income for a business, where revenues come from primary operations and gains from secondary activities or the sale of assets.