An Intention to Give Such as Being Named in a Will)

question 72

True/False

An intention to give such as being named in a will) is the same as an unconditional promise to give and can be recorded as revenue when the intention is made known.

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Definitions:

CISG

The United Nations Convention on Contracts for the International Sale of Goods is a treaty designed to provide a standardized framework for international trade.

Written Contract

A legally binding agreement between two or more parties that is put in written form and signed by those involved, specifying the terms and conditions of their arrangement.

Sale of Goods

A transaction between two parties where the seller transfers ownership of tangible personal property to the buyer for a price.

Auction Without Reserve

An auction at which the auctioneer cannot withdraw goods unless no bid is made within a reasonable time.