To Qualify as a Contract,a Set of Promises Must Be

question 90

Multiple Choice

To qualify as a contract,a set of promises must be based on a voluntary agreement,which is made up of an offer and a(n) ________ of that offer.

• A)understanding
• B)writing
• C)assumption
• D)acceptance

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Definitions:

Pre-Specified Number

A fixed number that has been determined beforehand, often used in contracts, agreements, or computational formulas.

Investment Acceptance

The approval process for allocating resources or capital into investments, projects, or financial assets.

Payback Period

is the duration needed to recoup the cost of an investment, calculating the time it takes for returns to cover costs.

Average Accounting Return

A financial ratio that compares the average net income to the average investment made in a company.