An Obligation to Pay for the Reasonable Value of Services

question 24

Multiple Choice

An obligation to pay for the reasonable value of services rendered when there is no contract would be called:

• A) quasi-contractual.
• B) quasi-enforceable.
• C) semi-lawful.
• D) valid.

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Definitions:

Equity

Ownership interest in a company, often represented by stocks, giving shareholders a claim on assets and earnings.

Credit Purchases

Transactions where goods, services, or assets are bought with the promise of future payment, often involving interest charges over time.

Accounts Receivable

Money owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.

Inventories

The raw materials, work-in-process products, and finished goods considered part of a business's assets that are ready or will be ready for sale.