Which of the Following Describes a Contract as "A Promise

question 111

Multiple Choice

Which of the following describes a contract as "a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty"?

• A)The Restatement (Second)of Contracts
• B)The Uniform Contracts Code
• C)The United States Constitution
• D)The International Commercial Code
• E)The Restatement of Torts

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Definitions:

Salvage Value

The expected residual worth of an asset upon the conclusion of its effective lifespan.

Net Income

The total profit of a company after all expenses and taxes have been deducted from total revenue.

Incremental Cost Approach

Refers to the analysis of the additional costs that are incurred when making business decisions, focusing on the costs that change with the level of activity.

Discount Rate

The interest rate used to discount future cash flows to their present value, often reflecting the investor's required rate of return.