For a Binding Contract to Exist, Not Only Must There

question 13

Short Answer

For a binding contract to exist, not only must there be agreement but the agreement must be supported by ___________.

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Definitions:

Supplies Expense

The cost associated with consumable supplies used during an accounting period in the operation of a business.

Supplies

Items used in the day-to-day operations of a business, such as office supplies, which are essential for conducting business activities.

Inventory

The cumulative inventory of products and materials retained by a business for selling or for use in manufacturing.

Unearned Rent Revenue

Represents income received by a property owner for which the services (rental period) have not yet been provided.