An Executed Contract Is One That Is Fully Performed

question 75

True/False

An executed contract is one that is fully performed.

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Definitions:

Utility Company

A company that provides essential public services, including electricity, gas, water, and sewage services.

Invoice

A document issued by a seller to a buyer, indicating the products, quantities, and agreed prices for products or services the seller has provided to the buyer.

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities, representing the ownership interest.

Drawing Account

An account used by a sole proprietor to track money withdrawn from the business for personal use.