Parties Can Form a Contract Without Putting the Terms in Writing

question 39

True/False

Parties can form a contract without putting the terms in writing.

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Definitions:

Economic Benefit

The advantage or gain received by individuals or businesses, often used in the context of employee compensation, taxation, and public policy.

Recognize Income

The process of reporting income on the tax return in the year it is received or accrued, according to IRS rules.

Tax Purposes

This encompasses reasons or considerations related to the assessment, computation, and payment of taxes.

Employer-Paid Premiums

Premiums paid by employers for employee benefits like health insurance, usually not taxable income for the employee.