Which of the Following Refers to a Direct Contractual Relation

question 73

Multiple Choice

Which of the following refers to a direct contractual relation?

• A)Privity of contract
• B)Cognizance
• C)Connivance
• D)Tacit agreement

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Definitions:

Expense Accounts

Accounts used in accounting to record all expenses transactions made by a business.

Abbreviations

Shortened forms of words or phrases used for convenience.

Debit

An entry on the left side of an account record, used to increase an asset or expense or decrease a liability, equity, or revenue.

Credit

An accounting entry that increases the balance of liabilities and equity accounts, and decreases the balance of an asset or expense account.