Consideration Required in an Enforceable Contract Can Take Various Forms

question 34

True/False

Consideration required in an enforceable contract can take various forms such as exchange of promises, forbearance, and pledges or subscriptions.

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Definitions:

Accounting Cycle

The process of recording, classifying, summarizing, and interpreting financial transactions over a fiscal period, culminating in the preparation of financial statements.

Purchasing Cycle

A series of steps that a company goes through to acquire goods or services, from the identification of a need to the approval of the invoice for payment.

Operating Cycle

The period of time it takes for a business to acquire inventory, sell it, and convert the sale into cash.