Which of the Following Is True of Additional Exceptions to the Requirement

question 49

Multiple Choice

Which of the following is true of additional exceptions to the requirement of consideration?

• A) Once a bankrupt debtor is granted a discharge, creditors have a legal right to collect the discharged debts.
• B) According to the Uniform Commercial Code, an offer by a merchant in a signed writing to keep an offer open is good only when it has additional consideration.
• C) Charitable subscriptions are unenforceable unless and until the institution to which the promise was made incurs obligations by relying on the promise.
• D) A creditor who fails to file suit to collect a debt within the time limit set by the appropriate statute of limitations has the right to collect it.

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Definitions:

Business Segments

Components of a company that can be separated out for financial analysis because they represent different areas of business activity, having distinct products, services, or markets.

Joint Selling

The practice where two or more entities join together to sell their products or services, often to increase market reach or share costs.

Marketing Expenses

Costs associated with promoting a company's products or services, including advertising, promotional materials, and other activities aimed at increasing sales.

Allocating

The process of assigning or distributing resources, costs, or revenues among various accounts, departments, or entities based on specific criteria or formulas.