The following information has been condensed from the December 31 balance sheets of Gabriel Co.:
Round your answers to two decimal places.
Definitions:
Valid Acceptance
In contract law, a manifestation of assent to the terms of an offer in a manner invited or required by the offer, constituting a binding legal agreement.
Unilateral Contract
A contract in which one party makes a promise in exchange for the other's performance, which constitutes acceptance of the offer, focusing on acted-upon promises rather than exchanges of promises.
Full Performance
The complete fulfillment of all terms and obligations specified within a contract, leading to its termination upon satisfactory execution by all parties involved.
Bilateral Contract
A contractual agreement involving two parties where each promises to perform an act in exchange for the other's act, with mutual obligations binding both parties.
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