A Bilateral Contract Consists of A

question 42

Multiple Choice

A bilateral contract consists of a:

• A) promise for an act.
• B) promise for refraining from acting.
• C) promise for a promise.
• D) promise to contract.

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Definitions:

Voting Stock

Shares of a corporation that give the shareholder the right to vote on matters of corporate policy and on the selection of the board of directors.

Cash Dividend

A disbursement from a corporation to its stockholders, typically coming from its earnings.

Net Income

The ultimate earnings of a company, arrived at by reducing its revenues by all incurred expenses and taxes.

Nonvoting Preferred Stock

A type of preferred stock that does not grant the holder voting rights at the corporation’s shareholders' meetings.