If Gwen Hands Lisa a Detailed Offer for the Purchase

question 29

Multiple Choice

If Gwen hands Lisa a detailed offer for the purchase of Lisa's pottery wheel and Lisa signs the offer without changing any of its terms:

• A)the parties have created a bilateral contract.
• B)the parties have created a contingent contract.
• C)the parties have created a unilateral contract.
• D)the parties have created a multilateral contract.

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Definitions:

Journal Entry

A record of a business transaction in the accounting books of a company, detailing the financial impact.

Outstanding Liabilities

Financial obligations or debts that a company has yet to pay off. These are recorded on the company's balance sheet.

Net Income and Losses

The total profit or loss a company experiences over a specific period, calculated as total revenues minus total expenses.

Liquidation

The process of winding up a company's financial affairs by selling off its assets to pay off its debts, ultimately leading to the company's dissolution.