If a Person Says That He Had Not Intended to Be

question 60

True/False

If a person says that he had not intended to be bound by an agreement when he entered it, there can be no contract.

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Definitions:

Physical Inventory

A process of counting all the physical goods and inventory in a store or warehouse at a specific point in time.

Merchandise Sold

The total quantity of goods that have been sold by a business within a particular period.

Understated Inventory

A situation where the recorded amount of inventory is less than the actual inventory on hand, leading to distorted financial statements.

Net Income

The company's total earnings following the deduction of all costs, taxes, and expenses from the overall revenue.