Which of the Following Is True of Consideration

question 55

Multiple Choice

Which of the following is true of consideration?

• A)A promise cannot be deemed a consideration in a bilateral contract.
• B)The legal value of a consideration must be equal to the actual value in a consideration.
• C)Gross inadequacy of consideration can give rise to an inference of fraud for setting aside a contract.
• D)A preexisting moral obligation is deemed a consideration.

Utilize interest calculations for notes payable and receivable to determine proceeds and payments.

Differentiate between various financial metrics (current ratio, working capital, quick ratio) and their calculation.

Understand the concepts and applications of various ratios in financial analysis.

Comprehend the journalizing of transactions related to notes payable and payroll.

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Definitions:

Contextual Approach

A contextual approach involves understanding behaviors, thoughts, and emotions within the environmental, social, and cultural contexts in which they occur.

Temporal Variables

Factors or aspects of time that influence the outcome of a study or experiment, such as duration, frequency, or timing of events.

Ecological Variables

Factors in the environment that can influence organisms and their habitats, playing a crucial role in ecological studies.

Capability Dimension

Refers to the various capabilities or abilities individuals have or need to perform certain tasks or to function in particular areas of life.