Choose the Word or Phrase in [ ] Which Will

question 96

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-There is a [5% | 10%] federal income tax penalty for pension plan withdrawals before age 59 1/2.

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Definitions:

Give Consideration

In contract law, the act of offering something of value, required by both parties for a contract to be legally binding.

Promissory Estoppel

A legal principle that prevents a person from going back on a promise even when a legal contract does not exist.

Unilateral Contract

An agreement in which one party makes a promise in exchange for an act performed by another party.

Consideration

In contract law, a crucial element that refers to something of value promised to another when making a contract.