Examlex
Which of the following is a pervasive constraint under the "original" qualitative characteristics of accounting, pre-SFAC No. 8? It is an entity-specific constraint post SFAC No. 8.
Past Consideration
Something of value that has been given or promised in the past and cannot serve as consideration for a current contract due to its occurrence before the contract was made.
Present Promise
A vow or commitment to take action or uphold terms at the current time.
Moral Obligation
A duty or responsibility that is perceived as ethically required, even though it is not legally enforceable.
Requirements Contract
A contractual agreement in which one party agrees to supply as much of a product or service as the other party needs during a specified period.
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