The Right Side of a T-Account Is Always The

question 51

Multiple Choice

The right side of a T-account is always the:

• A) increase side
• B) credit side
• C) debit side
• D) decrease side

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Definitions:

Consideration

In contract law, it refers to something of value exchanged between parties as part of an agreement.

Legally Sufficient Value

A value, consideration, or benefit that is recognized by law as adequate to support a binding contract.

Preexisting Duty

An obligation or duty that already exists under a contract, and performing it, therefore, does not constitute consideration for a new promise.

Law

Rules devised and applied by institutions of society or the government to modulate behavior.