Which of the Following Occurs When All the Material Elements

question 26

Multiple Choice

Which of the following occurs when all the material elements of a contract are satisfied even if some nonmaterial requirements may not be satisfied?

• A) Substantial tender
• B) Perfect tender
• C) Substantial performance
• D) Perfect performance
• E) Adequate tender

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Definitions:

Customer Payments

Funds received from customers as payment for goods or services provided.

Credit Sales

Sales made by a business where payment is deferred to a later date, typically documented by an invoice.

Consulting Services

Professional services provided by experts who offer advice and expertise to businesses and individuals to improve their operations, strategy, and performance.

Journal Entry

A record of a transaction in the accounting journal that details which accounts are affected and in what way.