As Long as Some of the Duties Under a Contract

question 57

Multiple Choice

As long as some of the duties under a contract have not yet been performed,the contract is considered ________.

• A)executory
• B)executed
• C)implied-in-law
• D)implied-in-fact
• E)illusory

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Definitions:

Voting Stock

Shares that give the shareholder the right to vote on matters of corporate policy and the election of the board of directors.

Equity Changes

Refers to variations in the owners' equity in a business over time due to earned income, distribution of profits, investments, and withdrawals.

Trading Securities

Financial instruments that are purchased and held primarily for sale in the short term to generate income on short-term price differences.

Balance Sheet

A financial statement that presents a company's assets, liabilities, and stockholders' equity at a specific point in time.